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TMI Blog2022 (2) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... elief prayed for in the present Application, be allowed. Application allowed. - I.A. No. 2868 of 2021 In Company Appeal (AT) No. 31 of 2021 I.A. No. 2867 of 2021 In Company Appeal (AT) No. 34 of 2021 & Company Appeal (AT) No. 39 of 2021 - - - Dated:- 11-2-2022 - [Justice M. Venugopal] Member (Judicial) And [Ms. Shreesha Merla] Member (Technical) For the Appellant : Mr. Nikhil Nayyar, Sr. Advocate with Mr. Ravi Bharuka and Mr. Ankit Agrawal, Advocates For the Respondent : Ms. Liz Mathew and Ms. Sonali Jain, Advocates for R1 JUDGMEMT [ Per : Shreesha Merla , Member ( T ) ] This Interlocutory Application No. 2868 of 2021 preferred by the Administrator of the First Respondent Company namely SREI Equipment Finance L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bearing No. 2021-2022/981 dated 04.10.2021, in exercise of its powers under the Reserve Bank of India Act, 1934, superseded the Board of Directors of the SREI Equipment Finance Ltd. and appointed Mr. Rajneesh Sharma as the Administrator of the First Respondent Company and that subsequently RBI filed a Petition seeking initiation of CIRP against SREI Equipment Finance Ltd./the First Respondent Company. The Petition was admitted vide order dated 08.10.2021 and hence, the Applicant/Appellant seeks withdrawal of the Scheme and submits that I.A. No. 2868 of 2021 may be allowed and the main Appeal also be disposed of as the Scheme stands rejected. 5. The Applicant has filed Declaration of the Result of Meetings dated 27.05.2021 and 03.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... protect the Interest of stakeholders, we direct that in the meantime till further orders, the Creditors (including representative security or debenture trustees) of the Applicant Company covered under the Scheme shall maintain status quo with respect to their respective contractual terms dues claims and rights and the Creditors (including security or debenture trustees) and all governmental or regulatory authorities shall be estopped from taking any coercive steps including reporting in any form and/or changing the account status of the Company from being a standard asset which will prejudicially affect the Company and/or sanctioning and/or implementation of the Scheme. It is further directed that the Credit Rating Agencies shall not consi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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