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2019 (4) TMI 2046 - AT - Insolvency and BankruptcyAmount due to one or the other Financial Creditor or the Operational Creditor - HELD THAT - The Appellate Tribunal wanted to understand with regard to each Amber Entity the amount due to one or the other Financial Creditor or the Operational Creditor . The learned Counsel will handover the same on 16.04.2019 at least with regard to the four Amber Entities in question. They will also try to prepare a similar chart with regard to rest of the nine Amber Entities by the same date. The Financial Creditor and the Operational Creditor of these four companies will also handover their respective charts showing the amount payable and matured and the amount, if any, they have generated from Provident Fund or Pension Fund or any other Fund, e.g. Gratuity Fund or Superannuation Fund etc. by the same date, i.e., 16.04.2019 along with relevant provisions of the contract, which should not be more than two pages. With regard to the rest of the companies, if any other company has been declared as Green Entity or Amber Entity or Red Entity , the Appellant Union of India will also file an affidavit in regard to such company. Post these Appeals for orders on 16.04.2019 at 04 00 PM.
Issues:
1. Compliance with filing format of supplementary affidavit by the Appellant - Union of India. 2. Clarity on amounts due to 'Financial Creditor' or 'Operational Creditor' for Amber Entities. 3. Preparation of charts by Financial and Operational Creditors for all Amber Entities. 4. Submission of relevant provisions of the contract by Financial and Operational Creditors. 5. Filing of affidavit for any other companies declared as 'Green Entity', 'Amber Entity', or 'Red Entity'. 6. Stay on National Highway Authority of India from canceling agreements with the companies in question. Analysis: 1. The Appellant - Union of India filed a supplementary affidavit, but it did not meet the required format specified by the Appellate Tribunal. The Tribunal directed the learned Counsel to submit a detailed chart by a specific date for the Amber Entities, outlining the amounts due to 'Financial Creditor' or 'Operational Creditor'. 2. The Tribunal instructed the 'Financial Creditor' and 'Operational Creditor' of the four Amber Entities to provide charts showing the amounts payable, matured, and any funds generated from Provident Fund, Pension Fund, Gratuity Fund, or Superannuation Fund by the given deadline. Similar charts were requested for the remaining nine Amber Entities. 3. Additionally, the Financial and Operational Creditors were asked to submit relevant provisions of the contract, limited to two pages, along with the amount details. The purpose was to gain a clear understanding of the financial obligations and funds available for each entity. 4. For any other companies categorized as 'Green Entity', 'Amber Entity', or 'Red Entity', the Appellant - Union of India was directed to file an affidavit providing necessary information about these entities. 5. The Tribunal scheduled the Appeals 'for orders' on a specific date, emphasizing the importance of the submissions and charts to be provided by the concerned parties. It was crucial for the Tribunal to have comprehensive data before making any decisions. 6. During the interim period, the National Highway Authority of India was restricted from taking any action to cancel agreements with the companies under consideration. This stay order aimed to maintain the status quo until the Tribunal could review the submissions and make informed decisions based on the provided information.
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