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TMI Blog2020 (4) TMI 152X X X X Extracts X X X X X X X X Extracts X X X X ..... e companies is more than ₹ 10 crore. The homebuyers, whose suffering he is talking of, they are not present before this Bench, their names are also not known to these suspended directors. As to Performance Guarantee, it will be dealt with at the time of dealing with the Resolution Plan coming before this Bench for approval. Application dismissed. - MA/1347/2019, CP/628/IB/CB/2017 - - - Dated:- 23-12-2019 - B.S.V. Prakash Kumar, Judicial Member And S. Vijayaraghavan, Technical Member P.R. Raman, C.J. Sathish Kumar, B. Dhanaraj, Ms. Deepa Marriappan, Advs., Ms. Kavitha Surana, Karthik Sheshadri and Ms. B. Nivedita, Advs. for the Appearing Parties. ORDER B.S.V. Prakash Kumar, Heard and dictated in Open Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... material before this Bench in support of the allegations mentioned therein. The document these Applicants relied and placed in an email dated 20-10-2019 stating that Information Memorandum given to M/s. Pelicon Realty is not even half of the details that is required for preparing Information Memorandum. This was sent by these Applicants/Promoter-Directors but no grievance from this M/s. Pelicon Realty before this Bench. 4. As against this application, before going into merit of this application, the RP submits that these two Suspended Directors/Applicants have continuously appeared at every CoC meeting but they have never raised any objection which now they have been raising in this application except the email dated 20-10-2019 stating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny bearing on the Resolution Plan placed by the Resolution Applicant. 8. As to Performance Guarantee, the RP counsel has categorically stated that this Applicant is, indeed, ready to place the Performance Guarantee but the only apprehension lurking in his mind is that these suspended directors for having raised of objections by filing an application like this, in case it is decided or stayed in favour of this Applicant, then the funds of the Resolution Applicant would be stuck in this Plan. 9. As to net worth of the Resolution Applicant company is concerned, its worth is around ₹ 600 crore which is far more than ₹ 10 Crores set out in the EOI. 10. Besides the above contentions raised by the RP counsel, he has also state ..... X X X X Extracts X X X X X X X X Extracts X X X X
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