9911796707
TMI Blog2018 (5) TMI 1833X X X X Extracts X X X X X X X X Extracts X X X X ..... R. (JUDICIAL MEMBER) .- 1. This application has been filed by the applicant, namely, Arun Kumar Jagatramka under sections 230 to 232 of the Companies Act, 2013, for obtaining sanction of this Tribunal regarding scheme of compromise and arrangement between the petitioner and the secured/unsecured creditors, foreign currency convertible bonds (FCCBs) and shareholders of Gujarat NRE Coke Ltd. (in liquidation) (hereinafter referred to as a company). 2. The company, is one of the largest metallurgical coke producer in the country having an installed capacity of 1.2 MTPA. It is listed in Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The Dharwad plant of the company at Karnataka is presently operating at around 70 per ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the company turned into NPA. As such the CDR failed. 5. Subsequently, a debt realignment scheme (DRS) was submitted by the company, but the lenders did not arrive to any conclusion. 6. The company thereafter filed an application under section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) for its revival and to maximize the value of its assets by way of restructuring of their debt through viable resolution plan in a time bound manner and the said application was admitted by this Tribunal on April 7, 2017 and that Mr. Sumit Binani was appointed as the interim resolution professional (IRP) and he was later confirmed and appointed as resolution professional ( RP ) by the committee of creditors (CoC). 7. The CoC confirmed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted a comprehensive resolution plan to the resolution professional on December 30, 2017 which again could not be deliberated upon and considered due to paucity of time under the CIRP which ultimately expired on January 1, 2018 and this Tribunal passed a liquidation order on January 11, 2018. 12. In the order dated January 11, 2018 this Tribunal directed Mr. Sumit Binani, as the liquidator, to dispose of the company as a going concern within three months of the order after publication of a notice in newspaper and that if the process of sale as a going concern fails during this period, then the process of sale of the company will be done as per regulation 33 of Chapter VI of the Insolvency and Bankruptcy Board of India (Liquidation Proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arrangement ; (d) Let the meeting of the secured creditors be convened on July 16, 2018 at Merchants' Chamber of Commerce and Industry, 15B, Hemanta Basu Sarani, Kolkata-700 001 at 3.30 p.m. for the purpose of considering and if thought fit, approving with or without modification, a scheme of compromise and arrangement ; (e) That at least twenty-one clear days before the meetings to be held as aforesaid, a notice convening the said meetings at the place and time as aforesaid together with a copy of the said scheme of compromise and arrangement, a copy of the statement required to be sent under section 230(3) of the Companies Act, 2013 and the prescribed form of proxy be served by registered post and/or electronic mail and/or by co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cants, having jurisdiction over the GNCL and such other relevant sectoral regulators/authorities, if applicable, which are likely to be affected by the proposed scheme, by sending the same by hand delivery through special messenger or by registered post or speed post or by courier within 14 days from the date of this order for filing their representation, if any, within 30 days from the date of notice. The notice shall specify that representation, if any, should be filed before this Tribunal within 30 days of the date of receipt of the notice with a copy of such representation being sent simultaneously to the applicants and/or their advocates. If no such representation is received by the Tribunal within the said period, it shall be presumed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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