9911796707
TMI Blog2020 (6) TMI 716X X X X Extracts X X X X X X X X Extracts X X X X ..... lowed this application approving the resolution approved by the COC on April 24, 2020. The applicant is hereby permitted to sell the Premises for utilising the proceeds of the sale of the 3rd and 4th floor to settle the claims of HDFC at INR 360 crores, upon HDFC giving up security interest, charge, or any other rights in respect of the Premises and withdrawing the pending Application simultaneously against receipt of the above sum of INR 360,00,00,000 with no further responsibility or liability on HDFC for or towards any further or other costs, charges, claims in connection with the insolvency process or otherwise howsoever, including in the event of any liquidation of the Corporate Debtor, and HDFC charge, security interests, and right ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... drej BKC building ( Premises ), as set out in the Security Documents have been created in favor of HDFC. The Premises is a noncore asset and has never been used by the Corporate Debtor as a part of its airline business. 3. Now the RP has sought permission of this Tribunal for sale of this Premises in the manner set out in the resolution passed at 10 th Meeting of Committee of Creditors (COC) held on 24th April 2020 with approval of 74.45% voting. The proceeds from the proposed sale of the Premises will be utilized for clearing the residual dues remained payable to one Export-Import Bank of The United States ( US Exim ) over the finance lease created on six air crafts of the Corporate Debtor and to HDFC over the security interest created ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the title to the six aircrafts transferred to the Corporate Debtor. 6. The Premises aforementioned is non-core asset of the Corporate Debtor which has never been used by the Corporate Debtor as a part of its airline business. Sale of the Premises would raise vital funds required for payment of USD 13 million to US Exim, which, in turn, would unlock the full value of the six (6) aircraft in the estate of the Corporate Debtor. These aircraft are core asset related to the business of the Corporate Debtor and would become available to any prospective resolution applicant. Even if the Corporate Debtor is ordered to be liquidated, these 6 aircraft would become available as an unencumbered asset (valued at around ₹ 1,400 crore) for distri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to preserve and protect the assets of the Corporate Debtor and the same ought to be allowed by this Hon'ble Tribunal. 9. The Respondent, HDFC has filed Affidavit dated 1st June 2020, inter alia, recording that it has no objection to the present Application being allowed and that it supports the present Application in terms of the resolution passed at the 10th Meeting of the COC dated April 24, 2020. 10. On looking at the averments of the application and documents annexed thereto, for there being no objection either from any member of the COC or from the charge holder of the premises i.e., HDFC, apart from this, for there being huge value addition to the Corporate Debtor, this Bench hereby allowed this application approving the res ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
