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TMI Blog2019 (4) TMI 734X X X X Extracts X X X X X X X X Extracts X X X X ..... tes, Mr. Ramji Srinivasan, Senior Advocate with Ms. Gauri Rastogi, Mr. Ronak Dhillon Ms. Sylona Mohapatra, Mr.Karan Khanna and Ms. Ananya Dhar Chaudary, Advocates And Mr. Diwakar Singh, Advocate ORDER This appeal has been preferred by 'Srei Equipment Finance Limited'- ('Financial Creditor') against the order dated 7th November, 2017, whereby and whereunder, the 'Resolution Plan' submitted by Mr. Mahesh Kr. Agarwal has been approved by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, on the ground that the 'Resolution Plan' discriminates between two similarly situated 'Financial Creditors'. 2. The appeal was heard on numerous occasions and opportunity was given to the 'Successful Resolution Applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0%) 5,173.00 7 IFCI (Class B) 8,505.00 4,252.50 (50%) 4,252.50 8 KOTAK ARC (Class B) 230.00 115.00 (50%) 115.00 TOTAL 60,731.01 40,778.01 19,953.00 Notes: (1) Interest will be payable to all Financial Creditors on the Settlement amount as per the approved Resolution Plan. 6.1 The settlement amounts payable under the revised Resolution Plan as proposed are as follows: PAYMENTS TO FINANCIAL CREDITORS (REVISED) RS LACS SL. NO. NAME OF THE FINANCIAL CREDITOR PRINCIPAL AMOUNT SETTLEMENT AMOUNT (@ 75%) INT.FREE TERM LOAN (BAL 25%) 1 EDELWEISS 27,811.21 20,858.41 6,952.80 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s. Pegasus', another 'Financial Creditor' submits that the said 'Financial Creditor' having equated with the other 'Financial Creditors' has no objection to the 'Revised Proposed Resolution Plan'. However, objection has been made with regard to Note No.2 below the proposal wherein it is mentioned that the 'M/s. Pegasus' has already received the liquidation value of Rs. 32 lacs and have issued their 'No Due Certificate'. However, the fact being that 'M/s. Pegasus' has already received Rs. 32 lacs, we do not want to interfere with Note-2, as M/s. Pegasus' is entitled for the rest of the amount after adjusting Rs. 32 lacs as per 'Proposed Revised Resolution Plan'. 5. Ms. Kiran Sharma, Company Secretary appearing on behalf of the 3rd Respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xxx xxx "27. In "Central Bank of India Vs. Resolution Professional of the Sirpur Paper Mills Ltd. & Ors.─ Company Appeal (AT) (Insolvency) No. 526 of 2018", this Appellate Tribunal while noticed the provisions of Regulation 38 of the Insolvency a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; xxx xxx "43. From the two 'Resolution Plans', it will be clear that the 'Rajputana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Applicant' which should be treated to be part of the original 'Resolution Plan' as approved by the Adjudicating Authority. The substitution aforesaid is in part and is in addition to the rest of the proposal as made in the main 'Resolution Plan'. 11. We have noticed that the stand taken by the 3rd Respondent- 'Edelweiss Asset Reconstruction Company Limited' that they have moved against the order of adjournment before the Hon'ble Supreme Court. In absence of any order of stay and as the 'Corporate Insolvency Resolution Process' has completed more than 270 days, we decided to dispose of the appeal, to give effect to the approved 'Resolution Plan', not challenged by 'Edelweiss Asset Reconstruction Company Limited'. 12. This apart, we ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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