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TMI Blog2020 (6) TMI 714X X X X Extracts X X X X X X X X Extracts X X X X ..... Arrangements and Amalgamations) Rules, 2016 - 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 pursuant to Section 230(5) of the Companies Act, 2013 as per Rule 8 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. 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 have been duly complied with. - CA (CAA)/401/MB.IV/2020 - - - Dated:- 12-6-2020 - Rajasekhar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... financial creditors of the Applicant Company have also shown support to the Applicant Company in overcoming the financial issues. 4. The Counsel for the Applicant Company submits that the financial creditors of the company have already entered into an inter creditors agreement (signed by more than 94% of the lenders by value) in accordance with the RBI circular dated 7th June, 2019 on 'Prudential Framework for Resolution of Stressed Assets', wherein the proceedings before various forums is agreed to be at standstill and a comprehensive restructuring of the debt are produced in the scheme is agreed by more than 94% of the financial creditors by way of the inter creditors agreement. 5. The Applicant Company has also submitted a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scheme of arrangement with the creditors of the Applicant Company. Therefore, these proceedings be stayed till the final disposal of the scheme petition so that the proposed scheme of arrangement is able to reach its logical conclusion. 3. The prayers made in the application and the first motion are: I. Any petition or other proceedings of whatsoever nature (herein after called the 'proceedings') against the SIIL by any of the existing creditors are filed/ pending before any court or any new proceedings, the same shall remain suspended and shall not proceed further till the final disposal of the scheme; II. Convening of meeting of all the operational creditors under section 230 of the Act be convened within 60 days of the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gistered Post /Speed Post / courier / Airmail / email / hand-delivery as required under section 230 (3) of the Companies Act, 2013 with a direction that they may submit their objections, if any, to the Tribunal and copy of such representations shall simultaneously be served upon the Applicant Company. Such objections (if any received) shall be dealt with at the time of the hearing of the scheme petition. 7. In the event, due to covid-19 pandemic, such meeting of creditors could not be held then the Applicant Company shall be at liberty to move this Tribunal to seek additional time to conduct such meetings. 8. The Applicant Company are directed to serve the notice upon the Regional Director, Western Region, Ministry of Corporate Affair ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the date of receipt of the notice it will be presumed that Income Tax Authorities has no objection to the proposed Scheme as per Rule 8 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. 11. Though the Applicant Company has prayed for stay against all the proceedings initiated by the creditors against the Applicant Company, such relief is not necessary as the Applicant Company has already submitted updated list of creditors as of cut-off date, therefore, interest of the creditors is already protected in the proposed scheme filed by the Applicant Company. If necessary, the copy of this order may be brought to the notice of the respective courts/tribunal/forums by the Applicant Company in the event those creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X
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