9911796707
TMI Blog2022 (3) TMI 947X X X X Extracts X X X X X X X X Extracts X X X X ..... was right in rejecting the Scheme of Compromise propounded by the Applicant - petition dismissed. - CP/2/2021 in CP/1053/IB/2018 - - - Dated:- 8-3-2022 - Sucharitha R., Member (J) And Sameer Kakar, Member (T) For the Appellant : P.H. Arvind Pandian, Senior Advocate and K. Sathish Kumar, Advocate For the Respondents : Yajura Devi, Advocate ORDER Per R. Sucharitha , Member ( Judicial ) CP/2/2021 is an Application filed by the Applicant under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 applications filed by the Applicants seeking thereof relief as follows; a. Set-aside the email dated 31.12.2020 of the 2nd Respondent rejecting the Scheme of Arrangement/Compromise dated 31.12.2020 presented by the Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Liquidator has refused to accept the Scheme of Arrangement/Compromise without even considering the modalities of the Scheme, on the ground that 90 days period from the date of liquidation is already over and therefore the Scheme of Arrangement/Compromise cannot be entertained. 4. It was submitted by the Learned Senior Counsel for the Applicant that only very recently in the month of November 2020, the Applicant came to know of the fact that the Liquidation proceedings has been initiated against the Corporate Debtor on 27.07.2020 and therefore the Applicant was unable to present the Scheme within a period of 90 days thereof. Further, it was submitted that due to the prevailing pandemic situation, the Applicant was not in a position to k ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sted in submitting a Scheme. Thus, it was submitted by the Learned Counsel for the Liquidator that the present Application is required to be dismissed. 7. Heard the submissions made by the Learned counsel for both the parties. The Learned Counsel for the Liquidator has placed on record a letter from one of the major stakeholders in respect of the Corporate Debtor viz. Maximus ARC Limited dated 31.01.2021, wherein the said stakeholder has ascribed reasons in para 2 to 7 for rejecting the Scheme and the same is captured hereunder; 2. The Plant Machinery lying at the unit are in scrap condition due to non-operation for long time. Revival of the unit requires huge capital outlay and working capital arrangements. The proposed scheme do ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We therefore request you to record our objection to the Scheme and take necessary steps for rejection of the same. 8. Thus, it is seen that the Scheme submitted by the Applicant in the present case was already considered by one of the major stakeholders in respect of the Corporate Debtor viz. Maximus ARC Limited and the same was rejected. Further, in any case in the stakeholders Consultation Committee held on 17.11.2020, the Stakeholders have decided to go for e-auction of the sale of the assets of the Corporate Debtor and has categorically stated that Liquidator need not wait for any Schemes since it would delay the completion of the Liquidation Process. 9. Hence for the aforestated reasons, we find that Liquidator was right ..... X X X X Extracts X X X X X X X X Extracts X X X X
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