9911796707
TMI Blog2021 (12) TMI 360X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing reliefs:- a. allow the present Application and adjudicate/ascertain the claim amount i.e. Rs. 29,34,54,872.59 payable by the Corporate Debtor as on 28.02.2021 along with cost, pendente lite and future interest @ 10.55% p.a. from 01.03.2021 and Penal Interest @ 5% p.a. (simple) over the documented rate in respect of its Credit Facility together with interest, further interest, Liquidated Damages and other charges thereon at the contractual rates on the footing of the compound interest till payment and/or realization in full; and b. set aside the communication/email dated 29.08.2020 and 01.10.2020 of the Liquidator to the extent of imposing conditions for the permission to sale of Agricultural Land bearing Survey Number Khasra No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of workmen's dues as per Regulation 21A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 ("Liquidation Regulations"); and b. Payment of insolvency resolution process costs and the liquidation costs in full as per Section 53(1)(a) of the Code. 5. The Liquidator vide communication/email dated 01.10.2020 informed the Applicant that there are no claims received from the workmen and that the Applicant will have to make payment of the Liquidator's fee under Regulation 4 of the Liquidation Regulations. 6. The contention raised by the Applicant is that as there is no claim received from the workmen and as per the Regulation 21A of the Liquidation Regulations, the Applicant is obligated to make p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts security interest, it shall pay- (a) as much towards the amount payable under clause (a) and sub-clause (i) of clause (b) of sub-section (1) of section 53, as it would have shared in case it had relinquished the security interest, to the liquidator within ninety days from the liquidation commencement date; and (b) the excess of the realised value of the asset, which is subject to security interest, over the amount of his claims admitted, to the liquidator within one hundred and eighty days from the liquidation commencement date: Provided that where the amount payable under this sub-regulation is not certain by the date the amount is payable under this sub-regulation, the secured creditor shall pay the amount, as estimated by the liqu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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