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TMI Blog2019 (3) TMI 1591X X X X Extracts X X X X X X X X Extracts X X X X ..... en Andhra Bank informed the Resolution professional that they will directly address the issue with the Tribunal and did not submit any information to the Resolution professional - It is pertinent to mention that the promoters of the Corporate Debtor are absconder and we often get the news from the newspaper that various Government agencies like Enforcement Directorate, CBI, and other agencies are unable to trace the Promoters of the Corporate Debtor. Notices along with the copy of this order may be given to the concerned authorities within seven days from today, so that if they want to make any representation, they can make the same. Notices to the concerned authorities may be communicated by speed post as well as by way of email - Registry ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncurred for purposes of clauses (c) and (d) of regulation 31 till the date of application. (3) The committee shall consider the application made under subregulation (1) within seven days of its constitution or seven days of receipt of the application, whichever is later. (4) Where the application is approved by the committee with ninety per cent voting share, the resolution professional shall submit the application under sub-regulation (1) to the Adjudicating Authority on behalf of the applicant, within three days of such approval. (5) The Adjudicating Authority may, by order, approve the application submitted under sub regulation (4)" Given the provision of regulation 30A which specifically deals with the procedure for filing wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bt by a letter dated 8.8.2018. The members of the CoC informed the Resolution Professional that they received the OTS offer letter dated 8.8.2018 from the promoters of the Corporate Debtor and the members of the CoC instructed the Resolution Professional to defer the publication of advertisement seeking expression of interests from prospective resolution applicants. On instruction from the members of the CoC, the Resolution Professional filed an Application with this Tribunal under Section 60(5) of the Code on 6.9.2018 to seek an extension for 15 days for the identification of the potential resolution applicants." Regarding OTS, it is mentioned in the progress report that "under 14th CoC meeting, the CoC members accepted with a requisit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it was decided by the CoC that in case the resolution for withdrawal of CIRP of the Corporate Debtor fails. The Resolution Professional would put the resolution plan received from ACG Associated Capsules Pvt Ltd (ACG) to vote. The Resolution Professional was directed by the CoC that in case the resolution for withdrawal of the CRP, as well as the resolution for approval of resolution plan submitted by ACG, fails, then a resolution for the liquidation of the Corporate Debtor be put to the vote. Andhra Bank also submitted a letter of guarantee dated 27.2.2019 undertaking to furnish a bank guarantee of Rupees One Crore towards CIRP costs as provided under Regulation 30A (2)of the CIRP Regulations." It is further stated in the progress report ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the CoC members, and therefore the Resolution Professional was directed by the CoC to put a fresh resolution for withdrawal of CIRP to vote. In relation to the OTS offer, the Resolution Professional asked the CoC members to provide him with details of : (i) the OTS offer; (ii) sources of funds; (iii) timeframe for payments to each lender: and compliance with RBI norms; (iii) and whether the interest of all stakeholders / CoC members have been provided for under the OTS offer. In response, the representative of Andhra Bank stated that regarding the OTS offer, the Resolution Professional has to consider the documents submitted to the NCLT at the hearing held on 26.2.2019, as the OTS offer being currently considered by the CoC an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tinent to mention that the promoters of the Corporate Debtor are absconder and we often get the news from the newspaper that various Government agencies like Enforcement Directorate, CBI, and other agencies are unable to trace the Promoters of the Corporate Debtor. It is also pertinent to mention that in OTS proposal dated 8.8.2018, it is stated that "the group is exploring to raise funds for OTS proposal from some private group of financial/strategic investors. The same will be used to repay as OTS amount to nationalised Banks." It is also important to mention that OTS proposal is attached with this application along with Form FA which shows that OTS proposal is from Mr. Farhad Daruwalla who has signed on behalf of Sandesara Group. It ..... X X X X Extracts X X X X X X X X Extracts X X X X
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