Applicant undertaking to make payment of 100% of the amounts due under the category ‘Statutory Dues’, claimed by the Commercial Tax officer, (Audit)- 1.11, DGSTO-1 Bangalore for a sum of Rs. 1,71,071/-, in compliance to the Hon’ble Supreme Court judgment mentioned above. It was explained that this payment shall be made in addition to, and over and above the amounts mentioned in the Resolution Plan. Accordingly the total amount provided in the revised Form-H filed on 08.12.2022 has become Rs 461.71 Lakhs, instead of Rs. 460 Lakhs originally mentioned in the Resolution Plan. It is undertaken that the resolution applicant will make this payment immediately upon approval of the Resolution Plan by this Tribunal. Further it was stated in the affidavit that, applications under Sections 43,45,49,50 and 66 of IBC 2016 are pending before this tribunal and any amounts directed to be paid pursuant to orders on the aforesaid applications shall be distributed as per Clause 11.15.2 of the Resolution Plan. Clause 11.15.2 reiterates that “ any amount realized on account of the Application pursuant to Section 43,45,49,50 and 66, after meeting the litigation cost shall be first utilized towards payment of outstanding due of financial creditors and thereafter distributed in the manner laid out in section 53 of IBC, 2016 ”. Vide dy No.5702 dated 27.12.2022, it was submitted that since the amount realisable under the Resolution Plan dated 10.03.2022 read together with Corrigendum dated 24.03.2022 and Affidavit dated 05.12.2022 is not higher than the liquidation value of the assets of the Corporate Debtor, no payment is required to be made to the Board as a regulatory fee, in accordance with Regulation 31A of the IBBI (CIRP) Regulations.
