9911796707
TMI Blog2021 (10) TMI 1288X X X X Extracts X X X X X X X X Extracts X X X X ..... mark of consent of the creditors today is of not 75% but 66% in terms of Section 30, sub- Section (iv) of the Insolvency and Bankruptcy Code, 2016 - learned counsels for respondents Nos. 1 and 3 sought to contend that no creditor de hors the consortium could have invoked the bank guarantee and this is not in the nature of guarantee invoked which is to operate as a bar in terms of Section 29A(h) of IBC. It is also their say that RBL bank was not a part of the consortium and had actually given up their security. On impleadment of the Bank of Maharashtra as respondent No. 11, it is issued notice to the said respondent returnable on 07.11.2021 - List as part-heard for directions in miscellaneous matters on 09.11.2021. - Civil Appeal No(s). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers Pvt. Ltd. The application is allowed accordingly. IA NO. 63757/2021- FOR DIRECTIONS This application has been filed by the State Bank of India seeking a take over by the Resolution Professional/R-2 over the control and management of the affairs of Corporate Debtor from the 3rd respondent and the second prayer that a forensic audit should be carried out by its agency for the said purpose. Learned senior counsel for applicant and R-3 are ad idem on the issue since the filing of the application, the issue of forensic audit has been addressed. Insofar as the other aspect is concerned, learned counsel submits that the prayer was made because the appeal was pending and if the matter has been taken up for final hearing, tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y that in any case none of these conditions form the part of the Resolution Plan. In the aforesaid conspectus, it was suggested and agreed that an appropriate course of action would be to implead Bank of Maharashtra as respondent No. 11 and obtain their view in this behalf. We may note that one of the aspect explored during the course of hearing was whether a meeting of COC can be held again to look into this issue. Learned counsel for the State Bank of India (SBI) initially seeks to take a stand that the said may be an appropriate course of action but will obtain the necessary instructions. The caveat to this expressed by learned counsels for respondents Nos. 1 and 3 is that it would open a pandora s box and in any case the benchmark ..... X X X X Extracts X X X X X X X X Extracts X X X X
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