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TMI Blog2021 (2) TMI 366X X X X Extracts X X X X X X X X Extracts X X X X ..... d will not take any decision. The status quo prevailing as on today, shall be maintained till one week after the Ld. third Member decide the matter. ii) The Ld. third Member of the Adjudicating Authority is directed to hear the I.A. No. 1628 of 2020 I.A. No. 1746 of 2020 and decide the same on such as expeditiously as possible. iii) This Appeal is disposed of accordingly. iv) The Registry is directed to send the copy of this order to the Ld. Adjudicating Authority, National Company Law Tribunal, Court-V, Mumbai Bench for compliance. - Company Appeal (AT) (Insolvency) No. 89 of 2021 - - - Dated:- 8-2-2021 - [ Justice Anant Bijay Singh ] Member ( Judicial ) And [ Ms. Shreesha Merla ] Member ( Technical ) For the Appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Debentures that were being issued by ML. Axis Trustee Services Limited was appointed as the Debenture Trustee in respect of the aforesaid Debentures in Trust and benefit of the Debentures Holders i.e. the Appellant. 7. The Deed of Corporate Guarantee dated 26th March, 2018 was also entered into by the Debenture Trustee (on behalf and for the benefit of the Appellant) and the Corporate debtor, along with the Debenture Trust Deed, on 26th March, 2018. 8. Pursuant to the aforesaid transaction, the Appellant disbursed ₹ 130 Crores (in multiple tranches) by allotment of 1300 Secured Non-Convertible Debentures having a face value of ₹ 10,00,000/- each to the Appellant, on terms set out the Debenture Trust Deed and other Trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, 2020 for hearing. 15. The parties completed their pleadings. The matter was heard by this Hon ble Tribunal on three occasions, on 13th, 26th 27th November, 2020 and after that both the I.As bearing I.A. No. 1628 of 2020 and I.A. No. 1746 of 2020 were reserved for Orders. 16. Thereafter, parties filed their Written Submissions on 1st December, 2020 in both the Applications. 17. On 2nd December, 2020 the Appellant learnt that the Respondent had issued an Expression of Interest (EOI) on 14th November, 2020 and the last date for receipt of EOI from the prospective resolution Applicants was 5th December, 2020. Thereafter, time for submission of expression of interest by the prospective resolution Applicants was extended to 20th Dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. I.A. is partly allowed and disposed off. 23. After hearing the parties we dispose of the Appeal with the following directions. i) Resolution Professional is permitted to receive the Resolution Plan but he will not open Resolution Plan and will not take any decision. The status quo prevailing as on today, shall be maintained till one week after the Ld. third Member decide the matter. ii) The Ld. third Member of the Adjudicating Authority is directed to hear the I.A. No. 1628 of 2020 I.A. No. 1746 of 2020 and decide the same on such as expeditiously as possible. iii) This Appeal is disposed of accordingly. iv) The Registry is directed to send the copy of this order to the Ld. Adjudicating Authority, National Company Law T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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