9911796707
TMI Blog2021 (11) TMI 193X X X X Extracts X X X X X X X X Extracts X X X X ..... mit the Applicant No. 2 - Reveka Commosales Pvt. Ltd. to acquire the Corporate Debtor i.e., Metkore Alloys & Industries Limited as a going concern in its name and complete the remaining formalities (in lieu of the Applicant No. 1) in respect of the sale of Corporate Debtor on as is where is basis in furtherance of the Letter of Intent dated 21.04.2021. ii. Declare immediately that all the rights, title and interest in the whole and every part of the Corporate Debtor, including but not limited to contracts shall be transferred free from security interest, encumbrance, claim, counter claim or any demur. iii. Declare that on and from the payment of the Sale Consideration i.e., 19.07.2021 and consequent sale of the Corporate Debtor as a goi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or former members of the management of the Corporate Debtor), pending or threatened, present or future, in relation to any period prior to payment of the Sale Consideration shall not be continued; vi. Declare all financial and pecuniary liabilities of the Corporate Debtor, including without limitation, any penalty, whether contingent, assessed, known or unknown, interest, fines or fees and any other liabilities and/or obligations which may have a financial impact) in relation to any period prior to payment of the Sale Consideration and consequent sale of the Corporate Debtor shall be deemed to be extinguished. vii. Declare that any non-compliance of any provisions of any laws, rules, regulations, directions, circulars, notifications, gu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplicable provisions of SEBI Act, 1992, till the date of commencement of Trading of the Corporate Debtor through the Applicants. xi. Declare that the shares of the Corporate Debtor issued shall be listed appropriately and be exempt from the operation of SEBI ICDR Regulations, 2009, Takeover Regulations, 2011 as well Companies Act, 2013, xii. Grant a period of 2 years to the Corporate Debtor to meet the minimum public shareholding criteria of 25% as prescribed under the Securities Contract Regulation Act, 1956. xiii. Issue necessary directions to NSDL and CSDL to provide all information, DEMAT statements and other member's information of the Corporate Director to comply the applicable provisions of Companies Act, 2013 or SEBI (LODR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny other Government Authorities should be completed. xviii. Issue necessary directions to remove the suspension of shares listing and trading at BSE and NSE and direction be issued to SEBI and other regulatory authorities BSE, NSE, CDSL and NSDL for incorporating changes in the shareholding structure as corporate debtor is listing company and trading was suspended. xix. Such other directions or orders that may absolve the Applicant from any of the liabilities or claims arising from transactions of the Corporate Debtor prior to the Date of Acquisition. xx. Issue directions to the EASTERN POWER CORPORATIION OF A.P. Ltd., Visakhapatnam, or any other Central, State or Private Power supplier to provide fresh H.T. Connection in the name of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the claims in accordance with law, Thus, any claim arising prior to e-auction is to be dealt with as per the provisions of Section 53 of the Code by the Liquidator and the Applicant/Corporate Debtor shall not be held liable to pay the same. 6. Statutory dues:- In relation to the waiver of payment of stamp duty, applicable statutory dues, taxes post purchase of corporate Debtor, it is settled position of law that there shall not be any exemption or waiver, unless provided under the Law and same shall be dealt by competent Authority in accordance with the relevant Law. 7. Infusion as Equity:- That upon purchase of Corporate Debtor as a going concern, the Auction purchaser by virtue of law shall be entitled to make allotment of shares and r ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
