9911796707
TMI Blog2019 (7) TMI 1711X X X X Extracts X X X X X X X X Extracts X X X X ..... lution Plan submitted by the Resolution Applicant provided the Conditions stipulated in para 11 of the Written Submissions of MCGM are incorporated in the Resolution Plan, although at this juncture, the MCGM took a contradictory stand, the same has no relevance in the present Application - The Comments/suggestions/objections of the said Nominee Directors were also duly considered by the CoC and eventually the proposed Resolution Plan dated 09.09.2018 was reaffirmed by the CoC. It is appropriate to bear in mind the Law laid down by Hon ble NCLAT that once an Application for Approval of a Resolution Plan is filed before the Adjudicating Authority, Applications that do not allege that the Resolution plan approved by the CoC contravenes section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed offer/Resolution plan dated 09.10.2018 which is under consideration by the MCGM. c) That the Applicant be provided with complete copies of the correspondence, discussions, minutes of meetings, documents exchanged between MCGM on one hand and COC, RP & Resolution Applicants including Respondent No. 4 4(a); d) That the Applicant be provided with a copy of the revised offer/Resolution plan dated 09.10.2018, which is under consideration by the MCGM; e) That Respondent No. 1 to 4 be directed to file affidavits and provide reasons for concealing and not placing the revised Resolution plan before this Adjudicating Authority. 1. Brief facts of the present application are as follows: i. It is stated that during the pendency of IA filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the representatives of MCGM relating to the Mumbai Hospital. However, there is no requirement under the Code, to share the Resolution Plan with any of the Operational Creditors of the Corporate Debtor. iii. It is stated that, this clearly a case of preferential treatment to one Operational Creditor over the others without any legal basis to the same. The Code does not recognize any preferential treatment and same class of creditors have to be treated on parity. The RP is in clear violation of its statutory obligations under the Code. Reiterating the above, counsel for the Applicant prayed to allow the application. 2. On 26.04.2019, the RP in IA 408/2018, has submitted a detailed memo narrating the subsequent events that took place wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... na, a member of the Suspended Board sent an e-mail to the RP that the Resolution Plan for the Corporate Debtor is a viable one in his view. d) That on 05.03.2019, 12th CoC meeting was held to discuss the comments of members of the suspended Board of Directors on the Resolution Plan and to discuss the issues raised by Mr. Neeraj Gupta in the previous meeting. The said CoC meeting was attended by all the suspended directors of the Board barring M/s. Renukarani Maganti. The RP proceeded to discuss comments on Resolution Plan as requested by Dr. Maganti, letter of commitment issued by the Bank in favour of Resolution Applicant was uploaded on the virtual data room. e) That Mr. Neeraj Gupta and Mr. Tanmaya Misra, Nominee Directors of Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present Application. Furthermore, it has come to light of this Adjudicating Authority that pursuant to the Judgment rendered by Hon'ble Supreme Court in the matter of Vijay Kumar Jain vs. Standard chartered Bank, the entire Resolution Plan and particulars relating to the same have been shared with the erstwhile members of the board including the nominee directors Namely Mr. Neeraj Gupta and Mr. Tanmay Mishra of the Corporate Debtor appointed by the Applicant herein. 8. The Comments/suggestions/objections of the said Nominee Directors were also duly considered by the CoC and eventually the proposed Resolution Plan dated 09.09.2018 was reaffirmed by the CoC. 9. It is appropriate to bear in mind the Law laid down by Hon'ble NCLAT ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
