9911796707
TMI Blog2021 (5) TMI 1015X X X X Extracts X X X X X X X X Extracts X X X X ..... e I B Code and CIRP Regulations further there is no backup plan is provided in case of failure to meet the shortfall within the time line agreed by the parties etc, and the settlement proposal contains lot of uncertainty, future events therefore the AA is of the confirmed view that the present application filed under Section 12 A of I B Code read with Regulation 30 A of IBBI (CIRP) Regulations, 2016 deserves no favourable consideration therefore this application is dismissed. Application dismissed. - IA No.264 of 2021 In Company Petition No. (IB) 4147/MB/2019 - - - Dated:- 31-5-2021 - Mr. H.P. Chaturvedi: Hon'ble Member (Judicial) And Mr. Ravikumar Duraisamy: Hon'ble Member (Technical) For Resolution Professional: Mr. Subhash Chandra Modi. For the Financial Creditor: Mr. Gopalkrishnan For the STCI: Ms. Ferzana Behramkamdin For Suspended Management: Ms. Prachi Wazalwar, ORDER Per: Ravikumar Duraisamy, Member 1. This Application is filed under section 12A of the Insolvency and Bankruptcy Code, 2016 ( Code ) for Withdrawal of the Corporate Insolvency Resolution Process (CIRP) of Parinee Developers Private Limited by the Resolution Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ithdrawal of application admitted under section 7 or section 9 or section 10, on an application made by the applicant with the approval of ninety percent voting share of the committee of creditors, in such manner as may be specified. 4. The Additional Affidavit as directed by the Hon ble NCLT, Mumbai during the course of the hearing on 25.02.2021 of Application (IA No. 264 of 2021) on behalf of the Resolution Professional states that :- a) The Corporate Debtor was Admitted to the CIRP on 09.06.2020 whereby Mr. Subhash Chandra Modi was appointed as Resolution Professional of the Corporate Debtor. b) The 1st Meeting of the CoC was convened on 18.07.2020 by e-voting and resolved to continue his appointment as Resolution Professional. The appointment was also noted by this Bench vide Order dated 05.10.2020. c) The CoC of the Corporate Debtor was constituted on 10.07.2020 as per the provisions of the Code and Regulations thereunder. The report of constitution of CoC of the Corporate Debtor was filed before this Tribunal on 12.07.2020. d) In the 3rd Meeting of CoC held on 28.08.2020 the following Agenda was discussed, voted upon and noted by the CoC. e) Intimation of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oard of India as well. q. In accordance with the provisions of the Code, the RP duly filed on 14.1.2021 a Progress Report as on 31.12.2020 wherein the RP has categorically apprised about the postponement of publication of Form-G with the Hon ble Adjudicating Authority. It is evident from the records of the meeting that he informed the CoC at various stages about the need to publish Form-G. r. Therefore the RP submits that with all good intentions he followed the directions of the CoC. As evident from the Application under section 12A of the Code filed before this Hon ble NCLT, Mumbai, the said settlement talks have let to fructification in the form of Settlement Deed entered into by the said parties. s. The RP had no intention at any point of time to keep the above facts away from the Hon ble Adjudicating Authority and this is evident from the submissions of the Progress Report filed by RP. t. An appeal was also filed by one of the suspended directors namely Mr. Vipul Shah against the admission of the Corporate Debtor to the CIRP process before the Hon ble NCLAT bearing Company Appeal No. 602 of 2020 in which appeal the RP is Respondent No.1. u. In the said hearings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted on upfront deposit which was made in the following manner :- (i) STCI FINANCE LIMITED ( STCI ) STCI has received Demand Drafts amounting to ₹ 14,43,75,000/- from the proposed Purchasers of various units in the Bharatiya Bhavan Property. It is however, expressly clarified that there is no sale effected of the Bharatiya Bhavan units nor has an agreement/s for sale been entered into with any Proposed Purchaser/s. In fact the 34 Tripartite Agreements entered into between STCI, the PDPL Promoters and the Proposed Purchasers ( Tripartite Settlement Agreements ) provide that the same will take effect and be enforceable only if the Section 12A application for withdrawal of the Section 7 Petition is allowed by the Hon ble NCLT. Thus even the aforesaid Demand Drafts cannot be encashed till the withdrawal of the captioned Petition being allowed. The balance amount payable is also payable by the proposed Purchasers within an outer limit of 60 days from the NCLT Approval Date. The entire settlement is hence dependent on the Hon ble NCLT allowing withdrawal of the Section 7 Petition. (ii) CENTRAL BANK OF INDIA ( CBI ) A sum of ₹ 5.50 Crores was deposited by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ender/s shall prevail. (2) The PDPL Promoters shall, immediately on or within 60 days from the NCLT Approval Date, either themselves or through PDPL, settle any outstanding insolvency resolution process costs as may be unpaid on the NCLT Approval Date. Such unpaid insolvency resolution process costs shall be settled without any impact on full settlement of Lenders under this Deed of Settlement. The PDPL Promoters shall ensure that consequent on such settlement of the outstanding insolvency resolution process costs, the Bank Guarantee/s furnished by STCI to the Resolution Professional of PDPL shall stand discharged. 37. It is clarified that, unless released earlier in their sole discretion and subject to such conditions as may be specified, the Lenders shall continue to have charge and security as currently available with them under the finance and security documents (including without limitation, their mortgage on the properties as mentioned in this Deed of Settlement) till such time their Outstandings are paid in full within the time stipulated under this Deed of Settlement . 39. In case of default in making payment of STCI Outstandings, and/or CBI Outstandin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Lenders shall with a view to ensure the smooth implementation and supervision of this Settlement constitute a Monitoring Committee comprising of one representative of each of the Lenders. It is clarified that as and when a Lender s share of Outstandings against PDPL is repaid and settled in full, such Lender shall no longer remain a part of the Monitoring Committee, and the Monitoring Committee shall continue with the remaining Lenders. The terms of Monitoring Committee shall be on and from the NCLT Approval Date, till such time all Lenders have been paid in full as per the terms of this Deed of Settlement. All decisions of the Monitoring Committee shall be taken within 4 working days of the issue being communicated to the Lenders, and shall be taken unanimously by Lenders comprising the Monitoring Committee, the decision of the lender whose security is being sold shall be final and binding on all other Lenders. The Monitoring Committee shall continue to have powers and immunity as available to CoC under IBC, and any action in relation to PDPL as stated in Section 28 of IBC shall require prior written consent of Monitoring Committee. 8. OBSERVATION OF THE ADJUDICATI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if the Section 12A application for withdrawal of the Section 7 Petition is allowed by the Hon ble NCLT. The balance amount payable is also payable by the proposed Purchasers within an outer limit of 60 days from the NCLT Approval Date. A sum of ₹ 5.50 Crores was deposited by the Promoters with CBI, ₹ 4.50 Crores was deposited with PNB and ₹ 4.50 Crores was deposited by the Promoters with SBI. 12. Further it is stated that the Lenders shall with a view to ensure the smooth implementation and supervision of this Settlement constitute a Monitoring Committee and the Monitoring Committee shall continue to have powers and immunity as available to CoC under IBC, and any action in relation to PDPL as stated in Section 28 of IBC shall require prior written consent of Monitoring Committee. 13. I B Code and CIRP Regulations provide for various activities to be completed in a time bound manner and model time lines is provided as stated above inspite of the same, the CoC had time and again directed the RP to postpone the issue of EOI and FORM G, other activities of CIRP as stated earlier. By exercising their Commercial Wisdom, they cannot be permitted to not comply wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
