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TMI Blog2019 (2) TMI 1871X X X X Extracts X X X X X X X X Extracts X X X X ..... Entities , prayer has been made to permit Amber Group Entities to make necessary payments only to maintain and preserve them as Going Concern . Post these appeals for orders on 12 th March, 2019 at 4.00 p.m. - COMPANY APPEAL (AT) NO. 346 OF 2018, 347 of 2018 - - - Dated:- 11-2-2019 - Justice S. J. Mukhopadhaya [Chairperson], Justice Bansi Lal Bhat [Member (Judicial)] For Appellant: Mr. Abhinav Vashisht, Ms. Vanita Bhargava, Mr. Aseem Chaturvedi Ms. Wamika Trehan and Mr. Sharangan A., Mr. Tushar Mehta, Mr. Kanu Agarwal, Mr. Manmohan Juneja, Regional Director, MCA, Mr. Sanjay Shorey, Director (L P), Max Bhupa, Ms. Vanita Bhargava, Mr. Aseem Chaturvedi, Ms. Wamika Trehan, For Respondents: Mr. Ramji Srinivasan, Ms. Ga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication(s) before the next date. The office will accept the same and keep them on record. 2. Learned Senior Counsel for the Union of India along with the counsel for the Infrastructure Leasing Financial Service Limited ( IL FS for short) contacted Hon ble Justice (Retd.) D.K. Jain to seek his consent to supervise the operation of the Resolution Process of the IL FS Group Companies and to discuss the terms and conditions of his Lordship s engagement. Pursuant to the meeting, the Hon ble Justice (Retd.) D.K. Jain has consented and the terms and conditions are mentioned in the affidavit filed today (11th February, 2019). 3. The Union of India has filed a list of 302 IL FS Group Entities at Annexure B; a list of Indian ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. Out of 169 Group Entities incorporated within the territorial jurisdiction of India (Domestic Group Entities) as shown in Annexure C have been marked as (a) Green Entities (b) Amber Entities (c) Red Entities . 8. The stand of the Union of India in regard of those Entities is as follows: 7. Further, as per the order dated February 4, 2019 passed by this Hon ble Tribunal in the present appeal, this Hon ble Tribunal directed the Appellant to give details of: a) Green Entities : Domestic Group Entities which can continue meet all their payment obligation (both financial and operational) as and when they become due; b) Amber Entities : Domestic Group Entities which are not able to meet all their obligations (finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Jain. 13. Taking into consideration the stand taken by Union of India and IL FS , we allow the Board of Directors of IL FS and to permit all Green Entities including the entities which may be declared Green out of the 100 entities to service their debt obligations as per scheduled repayment, which should be within the Resolution Framework as described in the affidavit dated 25th January, 2019 and subject to the supervision of the Hon ble Justice (Retd.) D.K. Jain. 14. In so far 10 Amber Entities , prayer has been made to permit Amber Group Entities to make necessary payments only to maintain and preserve them as Going Concern . 15. Dr. Abhishek Manu Singhvi, learned Senior Counsel appearing on behalf of IndusInd Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titute any Committee of Creditors , as normally done in the case of Corporate Insolvency Resolution Process . They will also give a timeframe for such resolution with regard to the aforesaid Group Companies as the interim order passed on 15th October, 2018 cannot continue for indefinite period. 23. Learned Senior Counsel appearing on behalf of the Union of India referred to Paragraph 11 of the Affidavit dated 11th February, 2019 and alleged that certain lenders of IL FS Group are marking lien on monies and not making Operations and Maintenance payments and other payment, including salary, which are essential for maintaining the Companies going concern . 24. In regard to aforesaid issue, while we are not issuing any specific obs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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