2023 (2) TMI 1198 - AT - Companies Law

Return of bank guarantee - HELD THAT - Recording the submission of the IL FS, it is directed that the IL FS to return such bank guarantees to the Bank for which extension is not required. It is also directed that IL FS shall make payment of commission charges with regard to bank guarantees for which extension is now sought for, in the peculiar facts and circumstances of the present case. Application is disposed of accordingly.

Summary

Issues:
1. Impleadment/intervention applications.
2. Prayers made in certain applications post the order dated 12.03.2020.
3. Modification of order dated 15.10.2018.
4. Preferential payments claimed in specific applications.
5. Resolution of entities as per the Resolution Framework.
6. Settlement between parties for specific applicants.
7. Disposal of a previously disposed application.
8. Applications filed by ILFS entities becoming infructuous.
9. Disposal of an application similar to a previously passed order.
10. Disposal of an application already addressed in a prior order.
11. Application by NHAI for bank guarantee invocation.
12. Application for payment of outstanding amounts by Shruthi Total HR Solutions Pvt. Ltd.
13. Application by State Bank of India for various directions regarding bank guarantees.

Impleadment/Intervention Applications:
The Tribunal rejected applications seeking impleadment/intervention, as steps had been taken in the final resolution plan post the order dated 12.03.2020. Applicants were advised to file fresh applications if their grievances persisted.

Post-Order Prayers:
Applications seeking prayers post the order dated 12.03.2020 were closed, with liberty to file fresh applications if grievances remained.

Modification of Order:
Applications requesting modification of the order dated 15.10.2018 were closed as previous orders refused such modifications.

Preferential Payments:
Applications claiming preferential payments were dismissed as they contradicted the Resolution Framework approved by the order dated 12.03.2020.

Resolution of Entities:
Applications related to entities already resolved under the Resolution Framework required no further orders and were closed.

Settlement Between Parties:
Applications where settlements were reached between parties as per the Resolution Framework needed no further orders and were closed.

Disposal of Previous Application:
An application previously disposed of required no further orders and was closed.

Infructuous Applications:
Applications filed by ILFS entities that had become infructuous due to subsequent events were dismissed.

Similar Disposal Order:
An application similar to a previously passed order was disposed of in the same terms.

NHAI Bank Guarantee Invocation:
NHAI's application for bank guarantee invocation was rejected, but the guarantee was extended for six months subject to further orders.

Outstanding Payment Application:
An application for outstanding payments was granted, allowing the applicant to provide details post the cut-off date for payment by the respondent within a month.

State Bank of India Directions Application:
The State Bank of India's application for various directions regarding bank guarantees was disposed of, directing ILFS to return unnecessary bank guarantees and pay commission charges for those requiring extension.