RESOLUTION PROFESSIONAL
CA. DEVENDRA PADAMCHAND JAIN
IP Reg.No. IBBI/IPA-001/IP-P00255/2017-2018/10484
CASE No. 895/I & BP/NCLT/MB/MAH/2017
MINUTES OF THE THIRD MEETING OF COMMITTEE
OF CREDITORS OF CORPORATE DEBTORS
M/S. ROYAL TWINKLE STAR CLUB LTD
DATE: 19TH AUGUST 2017
VENUE: HOTEL CITY POINT
KHODADAD CIRCLE, Dr. AMBEDKAR RD.,
DADAR (EAST) MUMBAI 400014.
CORPORATE DEBTOR
M/S. ROYAL TWINKLE STAR CLUB LTD.
16-19, 1st FLOOR, SHILPIN CENTRE,
40 G.D. AMBEKAR MARG, WADALA, MUMBAI- 400031.
EXTRACTS OF THE MINUTES OF THIRD MEETING OF COMMITTEE OF CREDITORS OF CORPORATE DEBTOR M/S. ROYAL TWINKL STAR CLUB LIMITED, HELD AT HOTEL CITY POINT,KHODADAD CIRCLE,
Dr.B.A.AMBEDKAR RD.,DADAR (EAST) MUMBAI 400014 ON 19TH AUGUST 2017.
Representative from the following members of credit committee (Operational Creditors) were present at the meeting.
S.No. / Name of the Operational Creditors1 / Mr. Bhushan K. Aher
2 / Mr. Clement J.. Pareira
3 / Mr. Ishawar B. Suryavanshi
4 / Mr. Satish P. Thorat
5 / Mr. Pushpak S. Pagar
6 / Mr. Wasim M. Shaikh
7 / Mr. Javed G. Pathan
8 / Mr. Deepak Ganbare
9 / Mr. Mayur M. Rakshe
10 / Mr. Deepak .J. Anantpara
11 / Mr. Manisha .R. Dawoodani
12 / Mr. Pravin V. Oak
13 / Mr. Kamalakar .D. Mhatre
14 / Mr. Popat S. Rokade
15 / Mr. Bhupendra .D.Chaudhari
16 / Mr. Megharaj Anant V.
17 / Mrs. Prema G. Kadam ( Employee Representative)
18 / Mr. Yogendra K. Gahia (Advisory Member)
19 / Mr. Tilakraj Bajalia (Advisory Member)
20 / Mr. Devendra P. Jain
(Insolvency Resolution Professional - IRP)
Representative from the following members of credit committee (Operational Creditors) were absent
S.No. / Name of the Operational Creditors1 / Santosh K. Garate (absent)
2 / Nimi Printers Pvt Ltd (absent)
1) Mr. Devendra Padamchand Jain, being the Resolution Professional had chaired the meeting and welcomed all the members for the third meeting of Committee of Creditors.
2) The leave of absence was granted to Mr.Santosh Garate & M/S Nimi Printers Pvt Ltd.
3) The roll call was taken as per Regulation 24(2) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and he confirmed 82% presence.
4) The required percentage of the quorum to be present should be 33%. Thus, with the presence of 82% the meeting continued.
5) All the members of the creditor’s committee confirmed the Minutes of the Second Creditors Meeting which was held on 06th July 2017.
6) The Agenda for the meeting was placed before the Creditors Committee Members.
a. It is suggested by the committee that extracts of current and previous minutes of meetings of the committee of creditors of corporate debtor of M/S Royal Twinkle Star Limited to be sent to the customer on demand via electronic media. This will enable the customers and agents to acquaint with the affairs of the committee and action plan thereof.
b. The detailed discussion was held in the meeting to sort out the issues relating to management of staff of the corporate debtor and non-payment of the salary, dues, electricity bill and internet bill. The Chairman assured to sort out the issues at the earliest.
c. The Chairman explained about the status of 3 Miscellaneous application filed before Hon’ble NCLT for taking the permission for police protection, Emergency payments and taking back the possession of office premise from the Bank of Baroda. Mr. Jain informed to committee that the hearing on all three cases postponed on 24th August, 2017.
d. Mr. Jain also informed the committee that one intervention application was filed by Mr. Anant Kajare & Others on 26th July ,2017 before Hon’ble NCLT. That application will also be heard on 24-08-2017.
e. The Chairman informed the Committee that Forensic audit is in process and expected result in fifteen days. Report of the forensic report shall be discussed in the next meeting.
f. Chairman urged the Corporate Debtor to submit resolution plan which need to be submitted on or before 30th September 2017 to National Company Law Tribunal. However, members present insisted Chairman to convene the meeting at least 15 days before submission of resolution plan in order to suggest and view of the opinion of committee members. The chairman agreed with the suggestion and informed them that the next meeting of the committee members would be held in 2nd /3rd week of September.
g. It is suggested that, priority to be given for MIP (Monthly Income Plan) Chairman informed the committee members that since insolvency proceedings have started, all payment would be a part of resolution plan and therefore priority would not be possible.
h. It is informed by the committee members that, claims submitted by the customers are being treated as pre-matured after deduction as per the contract terms. Members urged that pre-maturity deduction should not to be made in the current scenario. Chairman agreed that since the claim submitted by the customer are not voluntary submission, therefore no prematurity deduction would be made and assured necessary changes to be incorporate in the software (I.T Program).
The above subjects were discussed elaborately and Mr Gahia and Mr Bajalia also offered their valuable inputs.
The Chairman agreed that the next meeting of the committee members would be held in 2nd/3rd week of September 2017.
The meeting ended with vote of thanks and the next meeting will be communicated shortly.
Enclosures forming part of minutes of the meeting are :-
1] Roll Call Sheet ( 2 Pages )
2] Attendance Sheet ( 1 Page )
Devendra Padamchand Jain Date: 23/08/2017
Insolvency Resolution Professional. Place: Mumbai