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TMI Blog2018 (12) TMI 653X X X X Extracts X X X X X X X X Extracts X X X X ..... o be paid to the financial creditors into the Corporate Debtor Account which will lie in Escrow as Security for performance of the obligations of the Respondents in implementing the approved Resolution Plan and will be adjusted against the total payment of ₹ 1060crore to be paid by R1 within 30 days from 17.09.2018 as per the Resolution Plan, or else, the RP is at liberty to take up further course of action in accordance with law. - MA/578/2018 CP/540/CB/2017 - - - Dated:- 2-11-2018 - MR B.S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) For The Petitioner : S. Sathiyanarayanan, Advocate For The Respondent : Kanagaraj, Advocate ORDER ORDER Per : B.S.V Prakash Kumar, Member (Judicial) On having seen the Resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter more than 20 days of the thirty days time for bringing in upfront payment of ₹ 1060 creores was over, this Bench ordered as follows: To constitute interim Monitoring Committee with the officials of State Bank of India, Union Bank of India, Punjab National Bank, Allahabad Bank and Andhra Bank, thereafter the Resolution Professional shall discharge the functions of the Corporate Debtor as per the instructions of the Monitoring Committee until further orders. 4. The above order was passed by this Bench basing on email dated 10.10.2018 sent by R2 stating that R2 had already sent an email to an official of State Bank of India on 28.09.2018 authorizing them to realise the payments as mentioned in the email sent by the Bank O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he application MA/508/2018 filed by the RP and looking at the e-mail sent by the resolution applicant, gave directions to the Corporate Debtor to take out money from the Debtor Account and meet various requirements. 9. As against these historical facts, now to the surprise of this Bench, one Mr. Venkataseshan, counsel appearing on behalf of the Resolution Applicant has come out with Applications MA575/2018 and MA576/2018 for replacement of the RP and modification of the order dated 10.10.2018 and also seeking time to file reply to this MA, instead of infusing funds into the company as proposed by it in the Resolution Plan approved by the CoC and by this Bench. 10. In fact, the Financial Creditors approved this Resolution Plan believin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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