IBC-NCLT Chennai Approves Resolution Plan For Hindustan Photo Films Mfg. Co. Ltd.
Udai Yashvir Singh
29 April 2023 7:30 AM GMT
The NCLT Chennai bench comprising of Shri Ramalingam Sudhakar (Judicial Member) and Shri Sameer Kakar (Technical Member) has approved a Rs. 105.30 crore resolution plan of Mr. M.K. Rajagopalan for Hindustan Photo Films Mfg. Co. Ltd. (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into...
The NCLT Chennai bench comprising of Shri Ramalingam Sudhakar (Judicial Member) and Shri Sameer Kakar (Technical Member) has approved a Rs. 105.30 crore resolution plan of Mr. M.K. Rajagopalan for Hindustan Photo Films Mfg. Co. Ltd. (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”).
The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 07.01.2022. The Resolution Professional initially admitted claims of Rs. 39,274 crores from Secured Financial Creditor, Rs. 2,597 crores from Unsecured Financial Creditors and of Rs. 42.92 lakhs from Operational Creditors
The CoC approved the resolution plan of Mr. M.K. Rajagopalan with a voting share of 77.94% in its 10th meeting held on 11.11.2022.
The final settlement involved sale of assets of the Corporate Debtor through the resolution plan and the remaining assets called the “Leasehold Assets” would undergo Liquidation, which were treated as “Excluded Assets” by the CoC. The Liquidation Value of the assets of the Corporate Debtor was determined to be Rs. 91.87 crores. The Liquidation Value of the Leasehold Land was determined to be Rs. 544.97 crores. The resolution plan offered a 0.0023% recovery of Rs. 39,274 crores to the Secured Financial Creditors amounting to Rs. 100.80 crores. It did not offer any recovery to Unsecured Financial Creditors and Operational Creditors.
The NCLT approved the resolution plan being satisfied that it was in compliance of IBC, 2016 and its various regulations there under.
Hindustan Photo Films Mfg. Co. Ltd. was a public sector manufacturer of photographic filsm, cine films, X-ray films, etc.
Case No: IA(IBC)/99(CHE)/2023 in TPC/1/2021
Case Name:In the matter of CA M. Suresh Kumar (RP of Hindustan Photo Films Mfg. Co. Ltd.)
