9911796707
TMI Blog2019 (2) TMI 964X X X X Extracts X X X X X X X X Extracts X X X X ..... ation filed by an unregistered employees union of RTIL Ltd. seeking the following reliefs:- a) The applicants/their representatives be given an opportunity of being heard and to put forth a Resolution Plan for the Corporate Debtor for consideration of the Committee of Creditors, and that no steps be taken towards liquidation of the Corporate debtor without giving an opportunity to the Applicant to present its case; b) That this Hon'ble Tribunal be pleased to permit the Applicant to submit a resolution Plan to the Resolution Professional for consideration by the Committee of Creditors; c) That this Hon'ble Tribunal be pleased to order and direct the Resolution Professional and the Committee of Creditors to consider the Resolution Plan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssociation. It is further submitted that the applicant applied for the registration of the association and the same is pending with the concerned authorities, which will take few more days for registration. 3. The Resolution Professional is also present and submits that the Committee of Creditors in the meeting held on 14.12.2018 decided to liquidate this Company in view of the fact that no resolution plan was submitted by anybody even though Expression of Interest was given by 8 persons. It is also reported that the debt of the Corporate Debtor is around 4000 Crores whereas liquidation value is very meagre; the Company is incurring cash losses even though the Plant is functioning with 20% to 30% of its production capacity. The Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submission of Resolution Plan, the Applicant Association cannot be a Resolution Applicant. Today one Mr. Pankaj Agrawal, Board Member of Silverdale Services Ltd. (subsidiary of S. P. Growth Partners, which has worldwide presence, Unit B, 16/F, JCG Building, 16 Mongkok Road, Kowloon, Hongkong) is present and submits that they have enough financial and technical resources and it will take 4 to 6 weeks to submit a Resolution Plan after the receipt of the Information Memorandum from the Resolution Professional. The Ld. Counsel appearing for one of the CoC member submits that, 4 to 6 weeks is a long time and opposed this application stating that if the Resolution Period is extended, the Corporate Debtor will incur further losses which will be d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ciation to submit the Resolution Plan even at the cost of excluding the time periods that got wasted in waiting for prospective investors, if at all he is eligible and financially sound in accordance with the real spirit of the Code. Accordingly the investor may file an appropriate application on or before 07.01.2019 with details of its net worth so that further directions will be given in this matter in this regard. 8. It is made very clear that the Resolution Plan has to be submitted only by the Investor and not by the Applicant Association. In order to enable the investor to submit the Resolution Plan (if he otherwise eligible), it is necessary that time period has to be either extended or time period from the date of filing of this ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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