2022 (12) TMI 1299 - AT - Insolvency and Bankruptcy

Approval of resolution plan - several applications - HELD THAT - Although we have disposed of several applications today but still there are different I.A.s filed in the IL FS group. These matters pertain to year 2019, 2020, 2021 2022. There being several applications, we request Mr. Raunak Dhillon to prepare details of all applications year wise. It is needless to say that for those applications whose chart is prepared it need not be prepared again - List these applications on 19th and 20th January, 2023 at 02.00 P.M.

Issues Involved:
1. Intervention applications
2. Resolution plan approval
3. Termination of facility agreements
4. Invocation and extension of bank guarantees
5. Claims management
6. Condonation of delay
7. Appropriation of amounts
8. Home-buyers' directions
9. Compilation and preparation of application details

Detailed Analysis:

1. Intervention Applications:
- I.A. No. 735 of 2019: Kudremukh Iron Ore Company Employees Provident Fund Trust is allowed to intervene, as they have subscribed to IL&FS debentures maturing on 30th December 2022.
- I.A. No. 336 of 2022: Kandla Special Economic Zone is permitted to intervene in C.A. (AT) No. 346 of 2018.
- I.A. No. 1745 of 2022: East India Udyog Limited, claiming to be an operational creditor, is allowed to intervene.

2. Resolution Plan Approval:
- I.A. No. 182 & 185 of 2020: Filed by SREI Infrastructure Finance Limited seeking approval for the resolution plan for its group companies. The applications are closed as SREI itself is insolvent by an order dated 8th October 2021.

3. Termination of Facility Agreements:
- I.A. No. 2074-2075 of 2020: Central Bank of India is permitted to terminate the Facility Agreement and Derivative Deals with RMGSL, as IL&FS does not oppose the prayers.

4. Invocation and Extension of Bank Guarantees:
- I.A. No. 1796 of 2020: National Highway Infrastructure Development Corporation Limited is directed to extend the validity of the Bank Guarantee for six months.
- I.A. No. 1628 of 2020: National Highway Authority of India is directed to extend the validity of the Bank Guarantee for six months.
- I.A. No. 4526 of 2022: National Highway Authority of India seeks invocation and extension of the Bank Guarantee. Replies to be filed within three weeks.

5. Claims Management:
- I.A. No. 2104 of 2021: Applicant questioning the rejection of their claim by Claims Management Advisor is advised to file an application before the Adjudicating Authority.
- I.A. No. 706 of 2022: Applicant is granted liberty to file an application before the adjudicating authority for consideration of its claim.

6. Condonation of Delay:
- I.A. 785-786 of 2021: 49 days delay in refiling I.A. No. 785 of 2021 is condoned.

7. Appropriation of Amounts:
- I.A. No. 4009 of 2022: ICICI Bank Limited seeks appropriation of amounts in IL&FS Engineering and Construction Company Limited's current account. Replies to be filed within two weeks.

8. Home-buyers' Directions:
- I.A. No. 3579 of 2022: Home-buyers seek direction to hand over flats. IL&FS to file an affidavit within three weeks.

9. Compilation and Preparation of Application Details:
- Details of 86 applications have been received, and a chart prepared. IL&FS is requested to prepare year-wise details of all applications.
- Pleadings in incomplete applications to be completed before the next hearing date.

Order:
- Several applications are listed for further hearing on 19th January 2023 at 02:00 PM.
- Interim orders to continue for certain applications.
- Specific applications are dismissed as infructuous due to prior orders or resolutions.

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