9911796707
TMI Blog2020 (6) TMI 714X X X X Extracts X X X X X X X X Extracts X X X X ..... evive its opportunities with the following objects under the provisions of Sections 230 and other applicable provisions of the Companies Act, 2013: (a) Rationalisation of debt burden of the company to its sustaining level for the purpose of long-term viability of the company. (b) Strengthening of the management setup for capitalising the strength of company's brand and its long-term relationship with all stakeholders in the field of engineering professions, viz., Excellence, Expediency and Economy. (c) Protect employment of the work force by reviving the operations. 3. Learned Senior Counsel for the Applicant Company further submits that the Applicant Company was set up in the year 1983 and is engaged in the business of infrastru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest of all the stakeholders. The scheme of arrangement for financial creditors is based on the scheme under the extant guidelines of RBI under the existing Inter Creditors Agreement however due to covid-19, the regulatory framework for stressed assets have changed and the financial creditors must explore possibilities of bringing these in the resolution plan under the Inter Creditors Agreement or under section 230 of the Companies Act so that the account of the Applicant Company can become standard. In the event of arrangement under the scheme and RBI framework is not harmonious then the financial creditors must consider the resolution of the Applicant Company under the scheme of arrangement under section 230 of the Companies Act. 2. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e event restructuring under the extant guidelines of Reserve Bank of India and under the existing Inter Creditor Agreement is not harmony with scheme of arrangement. Changes if any pursuant to COVID or changes in regulatory framework should also be explored by all the stakeholders. 4. The erstwhile Interim Resolution Professional of the Applicant Company (discharged earlier under IBC proceedings) is present and mentions that the Company has fully paid the CIRP fees and there are no dues remaining of the IRP or IPE. 5. The bench hereby directs that within 60 days from the date of the order the Applicant Company shall hold the meeting of various class of creditors through video conferencing. Further, the uncut recorded video of the meetin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irected to serve the notice upon the concerned Registrar of Companies, pursuant to Section 230(5) of the Companies Act, 2013 as per Rule 8 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. If no response is received by the Tribunal from the Registrar of Companies within 30 days of the date of receipt of the notice it will be presumed that Registrar of Companies has no objection to the proposed Scheme as per Rule 8 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. 10. The Applicant Company are directed to serve notices along with copy of scheme upon the concerned Income Tax Authority enlisted below, within whose jurisdiction respective assessments of the Applicant Companies are made pursua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by all the stakeholders. The bench is of the view that no specific direction is necessary as the creditors are free to consider the scheme and resolution plan under the ICA including changes in the regulatory framework due to Covid 19 as they may deem fit. Thereafter they may submit the suggestions/modifications if any to this Bench after the meetings are concluded which can be incorporated in the scheme if the bench deems fit for resolution and arrangement of the debt of the Applicant Company. 13. The Applicant to file an affidavit of service of the notices issued to Creditors not less than seven days before the date fixed for the holding of the meetings and do report to this Tribunal that the direction regarding the issue of notices hav ..... X X X X Extracts X X X X X X X X Extracts X X X X
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