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TMI Blog2018 (9) TMI 945X X X X Extracts X X X X X X X X Extracts X X X X ..... isted by Mr. Indranil Deshmukh, Mr. Raunak Dhillon, Mr. Animesh Bisht, Mr. George Varghesse, Mr. Sidhant Sharma, Mr. Karan Khanna Advocates and Mr. Satish Kumar Gupta -RP, Mr. Sudipto Sarkar, Senior Advocate assisted by Mr. Sapan Gupta, Mr. Vijayant Paliwal, and Ms. Mrida Lakhmani Advocates, for Committee of Creditors, Dr. Abhishek Manu Singhvi, Mr. S.N. Mukherjee, Mr. Raju Nayor, Senior Advocates assisted by Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Vishal Gehrana, Mr. Anupam Prakash, Mr. Sameen Vyas, Mr. Abhishek Swaroop, Mr. Akhil Anand, Mr. Shubham Saigal, Ms. Misha Chandra, Avishkar Singhvi and Mr. Amit Bhandari, Advocates for Arcelormittal India Pvt. Ltd., Dr. Abhishek Manu Singhvi, Mr. S.N. Mukherjee, Mr. Raju Nayor, Senior Advocates assisted by Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Vishal Gehrana, Mr. Anupam Prakash, Mr. Sameen Vyas, Mr. Abhishek Swaroop, Mr. Akhil Anand, Mr. Shubham Saigal, Ms. Misha Chandra, Avishkar Singhvi and Mr. Amit Bhandari, Advocates for Arcelormittal India Pvt. Ltd. JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. Pursuant to applications under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "I&B Code") file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olution Professional' on 31st October, 2017. 8. After submission of the 'Expression of Interest' of 'Resolution Plan(s)', Section 29A was inserted by the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017, followed by the 'Insolvency and Bankruptcy Code (Amendment) Act, 2017' w.e.f 23rd November, 2017. 9. In view of insertion of Section 29A, the 'Resolution Professional' by an addendum dated 8th February, 2018, asked the 'Resolution Applicants' to submit the 'Resolution Plans'. The 'AM India Ltd.' thereafter, submitted 'Resolution Plan' on 12th February, 2018. 'Numetal' also submitted its 'Resolution Plan' on the same date i.e. 12th February, 2018. 10. On receipt of 'Resolution Plan's', the 'Resolution Professional' explained the eligibility of both the Appellants, after advice of 'Resolution Professionals', Legal Counsel, Cyril Amarchand Mangaldas (CAM), Mr. Darius Khambata, Former Advocate General, Maharashtra and Former Additional Solicitor General, for his opinion as follows: "Numetal Limited As on the Plan Submission Date: (a) Ravi Ruia (who is the father of Rewant Ruia (who is one of the ultimate beneficiaries and owners of a shareholder of Numetal through ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cordingly, KSS Petron was not a ground for disqualifying AM India. On account of above two views, CAM recommended to the RP to take the opinion of Mr. Darius Khambata and rely on his advice. Relying on Mr. Khambata's view, the RP stated that ArcelorMittal cannot be said to be in control of KSS Petron and hence KSS Petron was not a ground for disqualifying AM India. As regards Uttam Galva, Both CAM and Mr. Darius Khambhata were of the view that positive control (of the nature which AM Netherlands had in relation to Uttam Galva) constituted control for the purposes of Section 29A(c) of the IBC. Further, the RP informed the COC that: (i) in CAM's view, since AM Netherlands exercised positive control over Uttam Galva, merely divesting the shareholding prior to submission of the resolution plan by AM India could not remote the disqualification of AM Netherlands under Section 29A(c) of the IBC unless cured by payment of the overdue amounts as mentioned in the proviso to Section 29A (c); and (ii) in Mr. Khambata's view, AM Netherlands has legitimately divested its shareholding in Uttam Galva and completed all legal and regulatory formalities relating to decla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Initiate a new process of inviting bids from all interested parties (Starting with issuance of a new Expression of Interest) and follow the entire process as per new request for proposals approved by the 'Committee of Creditors' ('Option 1'); or ii. Extend the due date for submission of 'Resolution Plans' (as defined in the request for proposals) and permit all the potential 'Resolution Applicants' (as defined in the request for proposal, along with its new addendum) to submit their new 'Resolution Plans' in respect of the 'Corporate Debtor' ('Option 2'). 12. After discussions in the meeting of the 'Committee of Creditors' and keeping in view the timelines available in the 'Corporate Insolvency Resolution Process', Option 2 was put to vote and approved by a majority voting rights of the 'Committee of Creditors'. Relevant facts relating to 'Numetal Limited' 13. The 'Corporate Insolvency Resolution Process' relates to 'Essar Steel India Limited ('ESIL') of which Mr. Ravi Ruia (hereinafter referred to as "Mr. Ravi") is the promoter. 14. Mr. Rewant Ruia (hereinafter referred to as "Mr. Rewant") is the son of Mr. Ravi, but does not hold any share in 'ESIL'- ('Corporate Debtor') n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 'AEL' represented the Board of 'Numetal Ltd.'. 18. It is stated that 'VTB Bank' is one of the largest emerging market banking group listed in the 'Moscow Exchange' and 'London Stock Exchange', with total assets of Rs. 14,30,000 crores approximately having a net-worth of Rs. 1,35,000 crores. The main shareholder of 'VTB Bank' is the Russian Government. 19. The other entity i.e. 'TPE', is a wholly owned subsidiary of the Russian State Corporation called Rostec (annual turn-over of approximately US$ 21 Billion i.e. over Rs. 1,30,000 crores) and is a leading Engineering Company which had set up all the earlier Steel Plants in India such as Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited (RINL) and has operations in 30 countries. 20. The third entity, 'Indo' is trading in Steel and Steel related raw materials for the last 15 years and has trading relations with all the major steel manufacturers of the world. 21. 'Numetal Ltd.' has worked out the plan for putting in place a team of eminent experts and former Chairman of SAIL, Mr. Verma to lead the team. 22. Post declaration of ineligibility of 'Numetal Ltd.' and 'Arcellor Mittal', the 'Committee of Credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted'- ('Corporate Debtor'). 30. Following submission was also advanced by learned Senior Counsel for the Appellant: i. A shareholder cannot be said to be acting jointly or in concert with 'Numetal Ltd.' irrespective of its shareholding. In the instant case 'AEL's' shareholding was just 25% with no management or control rights or even a right of negative control. 'Numetal Ltd.' cannot be said to be acting jointly or in concert with any of its shareholders much less with 'AEL'. ii. 'AEL' or Mr. Rewant does not suffer from any ineligibility under clauses (a) to (i) of Section 29A. iii. 'Numetal Ltd.' has no connected person ineligible under clauses (a) to (i) of Section 29A. 31. It was also submitted that the 'Resolution Professional' wrongly held that 'Numetal Limited' is a consortium of four shareholders. Such finding is not based on any evidence. 32. Learned Senior Counsel for the 'Numetal Ltd.' also highlighting the subsequent development and made alternative submission regarding eligibility of 'Numetal Ltd.' on the basis of the following facts: i. The 'Committee of Creditors' its meeting held on 21st March, 2018 decided to invite fresh 'Resolution Plan' from those who ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the European Union has prohibited 'VTB Bank' from all securities trading within the territory of the EU or with companies incorporated under the law of an EU member state with a maturity increasing 90 days. 37. It was also submitted that Article 5(c) further prohibits securities transactions with legal persons acting on behalf of or at the direction of an entity listed in Annex III, therefore, apart from 'VTB Bank', the Resolution applicant itself would be prohibited from trading in securities and accessing the securities market of the EU. For this reason, also, the Applicant is squarely attached with the disability under sub-clause (f) read with sub-clause (i) of Section 29A of the Code. 38. It was further submitted that similar sanctions have been imposed on 'VTB Bank' by the concerned authorities in the USA. Around March 2014 onwards, in the wake of Russia's annexation of Crimea, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) imposed various sanctions against Russia and Russian Entities. As part of the said sanctions, on 12.09.2014, the OFAC identified 'VTB Bank' and prohibited U.S. persons from or U.S. territories being used for, "...transa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debtor under the management or control of such person or of whom such person is a promoter, classified as non-performing asset in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 and at least a period of one year has lapsed from the date of such classification till the date of commencement of the corporate insolvency resolution process of the corporate debtor: Provided that the person shall be eligible to submit a resolution plan if such person makes payment of all overdue amounts with interest thereon and charges relating to non-performing asset accounts before submission of resolution plan; (d) has been convicted for any offence punishable with imprisonment for two years or more; (e) is disqualified to act as a director under the Companies Act, 2013; (f) is prohibited by the Securities and Exchange Board of India from trading in securities or accessing the securities markets; (g) has been a promoter or in the management or control of a corporate debtor in which a preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction has taken place and in respect of which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quisition process of the assets of a company at the time of liquidation. Concerns have been raised that persons who, with their misconduct contributed to defaults of companies or are otherwise undesirable, may misuse this situation due to lack of prohibition or restrictions to participate in the resolution or liquidation process, and gain or regain control of the corporate debtor. This may undermine the processes laid down in the Code as the unscrupulous person would be seen to be rewarded at the expense of creditors. In addition, in order to check that the undesirable persons who may have submitted their resolution plans in the absence of such a provision, responsibility is also being entrusted on the committee of creditors to give a reasonable period to repay overdue amounts and become eligible." Therefore, it is to be looked into whether the persons who, with their misconduct contributed to defaults of companies'/ undesirable persons have submitted the resolution plan either in person or jointly with another person, or in concert with such person. Therefore, while interpreting Section 29A the statement and object to achieve is required to be noticed. 43. As per Section 29A, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... feror or the offeree company on the basis of an agreement, either express or tacit, either oral or written, aimed either at acquiring control of the offeree company or at frustrating the successful outcome of a bid:" 48. On the other hand Dr. A.M. Singhvi, learned Senior Counsel appearing on behalf of the 'AM India Ltd.' relied on Regulation 2(1)(q) of the 'SEBI (Substantial Acquisition of Share and Takeover) Regulations, 2011' for the purpose of definition of 'person acting in concert', which reads as follows" (q) "persons acting in concert" means,-- (1) persons who, with a common objective or purpose of acquisition of shares or voting rights in, or exercising control over a target company, pursuant to an agreement or understanding, formal or informal, directly or indirectly co-operate for acquisition of shares or voting rights in, or exercise of control over the target company. (2) without prejudice to the generality of the foregoing, the persons falling within the following categories shall be deemed to be persons acting in concert with other persons within the same category, unless the contrary is established,-- (i) a company, its holding company, subsidiary compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... within the meaning of 'person acting in concert'. Mr. Rewant being the 100% shareholder of 'AEL', it is to be held that 'Numetal Ltd.' is 'acting in concert' with immediate relative of the 'Corporate Debtor'. 50. The stand taken by the learned Senior Counsel for the 'Numetal Ltd.' is that Regulation 2(1) (q) cannot be relied upon for the purpose of defining the 'person acting in concert', as mentioned in Section 29A. 51. Sections 3 and 5 of the 'I&B Code' are the definition/provision but do not define the expression 'persons acting in concert'. As per Section 3(37) of the 'I&B Code' meaning of the 'words and expressions' used but not defined in the 'I&B Code' is to be found out from the definition in the Acts as mentioned therein, and reads as under : "3. In this Code, unless the context otherwise requires,- (37) words and expressions used but not defined in this Code but defined in the Indian Contract Act, 1872, the Indian Partnership Act, 1932, the Securities Contact (Regulation) Act, 1956, the Securities Exchange Board of India Act, 1992, the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, the Limited Liability Partnership Act, 2008 and the Companies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that rule or regulation." 56. The 'SEBI (Substantial Acquisition of Shares and Takeover) Regulation, 2011' has been approved by both the houses of the Parliament, therefore, it can be said that the Regulations 2011 is part of the self-contained Code, namely- 'Securities and Exchange Board of India Act, 1992'. 57. In "State of U.P. v. Babu Ram Upadhya− (1961) 2 SCR 679", the Hon'ble Supreme Court dealt with the position of rules made under a statute as follows: "23. What then is the effect of the said propositions in their application to the provisions of the Police Act and the rules made thereunder? The Police Act of 1861 continues to be good law under the Constitution. Para 477 of the Police Regulations shows that the rules in Chapter XXXII thereof have been framed under Section 7 of the Police Act. Presumably, they were also made by the Government in exercise of its power under Section 46(2) of the Police Act. Under para 479(a) the Governor's power of punishment with reference to all officers is preserved; that is to say, this provision expressly saves the power of the Governor under Article 310 of the Constitution. "Rules made under a statute must be treated for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the time of submission of 1st Resolution Plan by 'Numetal Ltd.', one of the shareholders being 'AEL', 'Numetal Ltd.' was not eligible to submit 'Resolution Plan' in terms of Section 29A. Position of 'Numetal Ltd.' as on 29th March, 2018 when the subsequent 'Resolution Plan' was submitted by 'Numetal Ltd.'. 63. The 'Committee of Creditors' had extended the period for submitting a fresh 'Resolution Plan' by 2nd April, 2018. 'Numetal Ltd.' filed fresh 'Resolution Plan' on 29th March, 2018. On the said date the 'Numetal Ltd.' consisted of the three shareholders: - (a) 'Crinium Bay' ('VTB')- 40%; (b) 'INDO' - 34.1%; and (c) 'TPE'- 25.9%. 64. As on 29th March, 2018, as the 'AEL' was not the shareholder of 'Numetal Ltd.' and all the three shareholders aforesaid being eligible, we hold that 'Numetal Ltd.' in respect of 'Resolution Plan' dated 29th March, 2018, is eligible and the provision of Section 29A, as on 29th March, 2018 is not attracted to the 'Numetal Ltd.'. For the reasons aforesaid, we are of the view that the 'Resolution Plan' submitted by 'Numetal Ltd.' on 29th March, 2018 is required to be considered by the 'Committee of Creditors' to find out its viability, fea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. 'KSS Petron Private Limited' ("KSS Petron" for short) is a wholly owned subsidiary of 'KazStroy Service Global BV Netherlands' ("KSS Global BV" for short). 'KSS Petron' has a subsidiary company called 'Petron Engineering & Construction Limited' ("Petron Engineering" for short). Pursuant to a Share Purchase Agreement dated 3rd March, 2011, one 'Freseli Investments Sari' ("Fraseli" for short) a company owned and controlled by a company called by 'Mittal Investments Sr' ("Mittal Investments" for short) acquired about one third of the share capital of 'KSS Global BV'. Pursuant to such acquisition, 'Fraseli' acquired control over 'KSS Global BV' which in turn controls 'KSS Petron' and 'Petron Engineering'. 'Mittal Investments' is owned and controlled by LN Mittal Group, the promoters of the 'AM India Pvt. Ltd'. 72. Consequent to such acquisition of control by 'Fraseli', on 23rd May, 2011 a public announcement was made under 'SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997' for the acquisition of shares of 'Petron Engineering' inter alia by 'KSS Global BV' and 'Fraseli'. The public announcement was followed by the mandatory letter of the offer required under t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to sub-section (4) of Section 30 and in no other manner. 78. By impugned order, the Adjudicating Authority while held that in order to become eligible, overdue amounts to lenders in both the cases of 'KSS Petron' and 'Uttam Galva Steels Ltd.' should be paid by Arcelor Mittal before being eligible to bid, as provided in Section 29A itself. Further, it was observed that second proviso to sub-section (4) of Section 30 provides that if the 'Resolution Applicant' is held to be ineligible under clause (c) of Section 29A and if 'Resolution Plan' has been submitted prior to coming into force of Section 29A from 23rd November, 2017, the 'Resolution Applicant' should be allowed by the 'Committee of Creditors' such period not exceeding thirty days, to make payment of overdue amounts in accordance with the proviso to clause (c) of Section 29A. The matter was, accordingly, remanded to the 'Committee of Creditors' for giving opportunity to the 'Resolution Applicant' ('AM' India Ltd.) to pay overdue amounts to the lenders. 79. It is informed that in terms of the order of the Adjudicating Authority, 'AM India Ltd.' has kept a sum of Rs. 7000 crores in its 'Escrow account'. The amount has not be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M Netherlands' shareholding becoming zero, the Co-Promotion Agreement dated 4th September, 2009, pursuant to which the status of 'promoter' had been conferred on 'AM Netherlands' in 'Uttam Galva', stood automatically terminated on 7th February, 2018, in terms of clause 21.6 of the said agreement. 85. Subsequent thereto, on 8th February, 2018, 'Uttam Galva' filed Form 'GNL-2' and 'MGT-10' with the concerned Registrar of Companies reflecting the transfers, while also making the necessary disclosures with the 'BSE' and 'NSE' to declassify 'AM Netherlands' as a promoter of 'Uttam Galva'. Necessary disclosures of such transfer were also made by 'AM Netherlands' and 'Sainath Trading Company Private Limited' on 8th February, 2018 with the 'NSE' and 'BSE'. 86. As a consequence of the above, according to learned Senior Counsel, 'AM Netherlands' status as 'promoter' of 'Uttam Galva', de-facto and de-jure, ceased to exist well prior to date of submission of plan. The mere fact that 'NSE' and 'BSE' allowed the request of declassification on 21st March, 2018 and 23rd March, 2018 respectively could not, and in fact did not, change the position that 'AM Netherlands' had ceased to be a 'promoter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nnected persons of 'AM India Ltd.' allegedly divested its shareholding in 'KSS Global BV' (100% owner of 'KSS Petron' an NPA company) on 9th February, 2018 and its nominee Directors also resigned on the same day i.e. 3 days before submission of the 'Expression of Interest' of the 'Resolution Plan' for 'Essar Steel India Limited' on 12th February, 2018. 92. The NPA loans of 'Uttam Galva' and 'KSS Petron' aggregate to approximately Rs. 7,000 Crores as on 31st March, 2017 (with further interest accruing on the loans till repayment is made). 93. Referring to Section 29A, it was submitted that the terminal date to ascertain whether a person is ineligible under Section 29A, is on the date of commencement of the 'Corporate Insolvency Resolution Process' of the 'Corporate Debtor', which in the present case is 2nd August, 2017, and consequently, upon the introduction of the Section 29A on 23rd November, 2017, the stigma of defaulter stood attached to 'AM India Ltd.' regarding its NPA accounts of 'Uttam Galva' and 'KSS Petron'. The only manner provided in the Code for 'AM India Ltd.' to become eligible is through payment of all overdue amounts in accordance with the proviso to Section 29A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; xxx (2) For the purposes of sub-section (1), the resolution professional shall undertake the following actions, namely: - .............. xxx xxx xxx (h) invite prospective resolution applicants, who fulfil such criteria as may be laid down by him with the approval of committee of creditors, having regard to the complexity and scale of operations of the business of the corporate debtor and such other conditions as may be specified by the Board, to submit a resolution plan or plans.". 100. From the aforesaid provision, it is clear that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution applicant shall be allowed by the committee of creditors such period, not exceeding thirty days, to make payment of overdue amounts in accordance with the proviso to clause (c) of section 29A:" 105. The provisions of 'I&B Code', including Sections 25, 29A, 30, talk of 'Resolution Plan' but do not provide submission of any 'Expression of Interest' as was called for by 'Resolution Professional'. The 'Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016' while deals with 'Information Memorandum' (Regulation 36) and 'Resolution Plan' (Regulation 37), 'Mandatory Contents of 'Resolution Plan' (Regulation 38) and 'Approval of 'Resolution Plan' (Regulation 39) no provision has been made therein for submission of 'Expression of Interest'. 106. We have noticed that for inviting prospective resolution plans in terms of clause (h) of sub-section (2) of Section 25, the 'Resolution Professional' has with the approval of 'Committee of Creditors', issued advertisement on 6th October, 2017, relevant of which is as follows: 107. In the present case, the 'Expression of Interest' was submitted by 'AM India Ltd.' on 11th October, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lva' on 7th February, 2018 and by transferring of its entire shareholding of 'Fraseli' in 'KSS Global' on 9th February, 2018 i.e. two to four days prior to the submission of 'Expression of Interest' (first phase of 'Resolution Plan'). 113. Proviso to clause (c) of Section 29A reads as follows: "Provided that the person shall be eligible to submit a resolution plan if such person makes payment of all overdue amounts with interest thereon and charges relating to non-performing asset accounts before submission of resolution plan" 114. The aforesaid proviso to clause (c) makes it clear that the person shall be eligible to submit a 'Resolution Plan' if such person makes payment of all overdue amounts with interest thereon and charges relating to non-performing asset accounts before submission of 'Resolution Plan'. It does not stipulate any other mode to become eligible and thereby does not prescribe any other mode to become ineligible, including by selling the shares thereby existing as a member of the Company whose account has been classified as non-performing asset accounts in accordance with the guidelines of the Reserve Bank of India. 115. Second proviso to sub-section (4) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 'Uttam Galva', but stigma as was attached with it will continue for the purpose of ineligibility under clause (c) of Section 29A, till payment of all overdue amount with interest and charges relating to NPA account of the 'Uttam Galva' is paid. 119. 'AM Netherlands' is 100% subsidiary of 'AMSA' which is a listed company incorporated in Luxemburg. 'AM India Ltd.' is also a subsidiary of 'AMSA' having 99.99% shareholding in it. Accordingly, 'AMSA' is also a promoter, in the management and in control of 'AM India Ltd.'. 'Fraseli' is a company owned and controlled by a company called by 'Mittal Investments' acquired about one third of the share capital of 'KSS Global BV'. Pursuant to such acquisition, 'Fraseli' acquired control over 'KSS Global BV' which in turn controls 'KSS Petron' and 'Petron Engineering'. 'Mittal Investments' is owned and controlled by LN Mittal Group, the promoters of the 'AM India Pvt. Ltd'. 120. 'AM India Ltd.' divested its shareholding in 'KSS Global BV' which is 100% owner of 'KSS Petron' (a Company whose account has been declared as NPA). 'AM India Ltd.' has its control over it will be evident from the fact that it has nominee Directors, who also resigne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Plan' submitted by the 'AM India Ltd.', it may deposit the non-performing assets amount with interest in the respective accounts which were declared as NPA in accordance with the guidelines of the Reserve Bank of India. 125. As we hold that 'AM India Ltd.' is also entitled to the benefit of second proviso to sub-section (4) of Section 30, we give one opportunity to the 'Resolution Applicant'- 'AM India Ltd.' to make payment of all overdue amount with interest thereon and charges relating to Non- Performing Accounts of both the 'Uttam Galva' and the 'KSS Petron' in their respective accounts within three days i.e. by 11th September, 2018. If such amount is deposited in the accounts of both Non-Performing Accounts of 'Uttam Galva' and 'KSS Petron' within time aforesaid and is informed, the 'Committee of Creditors' will consider the 'Resolution Plan' submitted by 'AM India Ltd.' along with other 'Resolution Plans', including the 'Resolution Plan' submitted by the 'Numetal Ltd.' on 29th March, 2018, and if so necessary, may negotiate with the 'Resolution Applicant(s)'. An early decision should be taken by the 'Committee of Creditors' and on approval of the 'Resolution Plan', the 'Res ..... 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