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TMI Blog2020 (4) TMI 351X X X X Extracts X X X X X X X X Extracts X X X X ..... Ghosh and Mr. Sumit Binani, Advocates for Liquidator. Mr. Pradhuman Gohil, Ms. Ranu Purohit and Mr. Upendra Sai Perala, Advocates for Intervenor. ORDER 1. In all these appeals, as similar order is under challenge and the Appellant- 'Liberty House Group Pte. Ltd.' is the 'Successful Resolution Applicant', they are heard together and disposed of by this common order. 2. The 'State Bank of India'- ('Financial Creditor') filed two separate applications under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short), one against 'M/s. Adhunik Metaliks Limited' ('Corporate Debtor') and another against 'M/s. Zion Steel Limited' (another 'Corporate Debtor'), the subsidiary of 'M/s. Adhunik Metaliks Limited'. 3. In both the 'Corporate Insolvency Resolution Processes', the Appellant- 'Liberty House Group Pte. Ltd.' filed 'Resolution Plans' and became 'Successful Resolution Applicant'. The 'Resolution Plan' submitted by 'Liberty House Group Pte. Ltd.' for 'M/s. Adhunik Metaliks Limited' ('Corporate Debtor') was approved by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, on 17th July, 2018. 4. The 'Resolution Plan' submitted for 'M/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd.' sought for certain clarification for the purpose of implementation of the 'Resolution Plans'. The Adjudicating Authority by impugned order dated 9th July, 2019, rejected the prayer made by the 'Committee of Creditors' and 'Liberty House Group Pte. Ltd.'. 12. By common impugned order dated 9th July, 2019, order for liquidation of 'M/s. Adhunik Metaliks Limited' and 'M/s. Zion Steel Limited' was passed. The Adjudicating Authority also refused to grant further time to the 'Committee of Creditors' to consider the other 'Resolution Plan(s)'. 'Liberty House Group Pte. Ltd.' submitted that it wanted that Rs. 50 Crores already deposited by it, should be adjusted against the upfront payment. On the other hand, the 'Committee of Creditors' was of the view that the said amount should be forfeited. The Adjudicating Authority by impugned order dated 9th July, 2019 rejected the submissions by the 'Committee of Creditors' and held that the said amount cannot be forfeited. Against the refusal of the prayer of 'Committee of Creditors', one appeal has been preferred by the 'State Bank of India' being Company Appeal (AT) (Insolvency) No. 870 of 2019 and with respect to liquidation order of 'M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solution Applicant') and accordingly, I am filing the instant affidavit. 4. I state that the Resolution Plan in the matter of Adhunik Metaliks Ltd. ('Adhunik') and Zion Steel Ltd., ('Zion'), was approved by the Ld. Adjudicating Authority, Kolkata vide its order dated 17.07.2018 and 10.07.2018 respectively, without any modifications. 5. In the matter of Adhunik, the payment to be made to the Financial Creditors is Rs. 410 Crores and in the matter of Zion, the payment to be made to the Financial Creditors is Rs. 15 Crores. 6. The Resolution Applicant has already deposited Rs. 50 Crores for Adhunik and Rs. 5 Crores for Zion in the Bank Account of LHG Metal Two Private Limited maintained with SBI, Kolkata. 7. The proposal for the implementation of the Resolution Plan is hereinbelow: i. Liberty House shall deposit, Rs. 360 crores (Rs. 410 less Rs. 50 crores already deposited) for Adhunik and Rs. 10 Crores (Rs. 15 less 5 crores already deposited) for Zion, as full and final settlement towards all Financial Creditors i.e. lenders as per Resolution Plan, within three weeks of NCLAT Order in a Bank account specified by and under supervision of NCLAT. ii. Liquidator/s of Adhunik ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... House Group Pte. Ltd.' to comply with the proposal as shown at paragraph 7(i) and paragraph 7((vii) as quoted above. The 'Liberty House Group Pte. Ltd.' is directed to deposit Rs. 360 crores (Rupees Three hundred sixty Crores) (Rs. 410 less by Rs. 50 crores already deposited) as per approved 'resolution plan' of 'Adhunik Metaliks Ltd.' and Rs. 10 crores (Rupees Ten Crores) (Rs. 15 Crores less by 5 crores already deposited) as per 'approved resolution plan' of 'Zion Steel Ltd.' as full and final settlement towards the 'Financial Creditors'/'Lenders' of the 'resolution plan(s)' respectively by 14th February, 2020 in the account of the 'State Bank of India', which is the lead bank. 5. The 'Liberty House Group Pte. Ltd.' is also directed to deposit additional Rs. 10 crores (Rupees Ten Crores) in terms of their undertaking as given at paragraph 7(vii) by the same date i.e. 14th February, 2020 in the account of the 'State Bank of India', the lead bank. 6. The 'Liberty House Group Pte. Ltd.' will also deposit the 'corporate insolvency resolution process' cost as per the approved 'resolution plan(s)' of 'Adhunik Metaliks Ltd.' and 'Zion Steel Ltd.' by 14th February, 2020 in the accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore the Learned Special Judge, Cuttack. The Appellant may request the learned Session Judge, High Court of Orissa and the learned Special Judge, Cuttack not to take cognizance of the offence." 16. In view of the fact that both the 'Resolution Plans' submitted by 'Liberty House Group Pte. Ltd.' in respect of 'M/s. Adhunik Metaliks Limited' and 'M/s. Zion Steel Limited' have now been given effect by making full payment of upfront amount, learned counsel appearing on behalf of the 'Committee of Creditors' submits that he has been instructed not to press the appeal preferred by the State Bank of India. 17. Mr. Sumit Binani, the 'Resolution Professional' submitted that for 'M/s. Adhunik Metaliks Limited', cost of the 'Corporate Insolvency Resolution Process' has been partly paid. 18. One Ms. Ranu Purohit, Advocate who appears for Intervenor- 'IFGL Refractoties Limited' submits that the 'Operational Creditor' has not been paid its dues. 19. However, we are not inclined to decide the issue raised by Mr. Sumit Binani in respect of the 'Corporate Insolvency Resolution Process Costs' of 'M/s. Adhunik Metaliks Limited' or the stand taken on behalf of Intervenor- 'IFGL Refractoties Limit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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