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TMI Blog2022 (7) TMI 456X X X X Extracts X X X X X X X X Extracts X X X X ..... n to withdraw the Writ Petitions. In view of the same, the the Writ Petitions are dismissed as withdrawn. - W.P.(MD)Nos.6579, 6580 and 6581 of 2017 And W.M.P.(MD)Nos.5166 to 5170 of 2017 - - - Dated:- 6-7-2022 - Honourable Mr. Justice M.Nirmal Kumar For the Petitioners in all Wps : Mr.M.Subash Babu For the Respondents in all Wps : Mrs.Ragaventhre Jr.Standing Counsel COMMON ORDER The Writ Petitions in W.P.(MD)Nos.6579, 6580 and 6581 of 2017 respectively are filed by the Company viz., N.S.R.Steels (P) Ltd., Pazhavoor, Radhapuram, Tirunelveli, N.V.Baabu, Chief Executive Officer and D.S.Bharathi, Managing Director of the Company, challenging the order of original passed in No.50/CE/COMMR/2016, dated 12.07.2016. 2. B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... teel and Allied Industries P.Ltd., Trichy, R.Sankar, General Manager, M/s.Sri Vela Smelters Pvt Ltd., Namakkal, T.M.Murugesan; Managing Director, M/s.Sri Vela Smelters Pvt Ltd., Namakkal, S.Selvam, M/s.Nellai Sri Venkateswara Minerals, Hosur, were recorded and found there has been suppression of production, Clandestine Clearances, Illicit procurement of Raw Materials; Realization of Sale Proceeds of Clandestine Clearance in Cash, Realization of Sale Proceeds of proceeds through Banking Channel, Triangular Flow of Sale Proceeds, Improper maintenance of statutory business records were all scrutinized. Personal hearing fixed, the officials of the Company were examined, given opportunities to give their explanation, thereafter, the Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s. NSR Steels Private Limited (in short, 'Corporate Debtor'). The CP/623/(IB)CB/2017 was admitted on 24.11.2017, moratorium was declared, the IRP was also appointed. 3. The IRP took over the management and affairs of the Corporate Debtor and caused public announcement under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons), Regulations, 2016, for inviting the claims of the creditors in two leading newspapers and after verification of the claims received, the IRP constituted Committee of Creditors (CoCs), the copy of public announcement and constitution of CoCs, are placed on record at pages 24 to 26 of the typed set filed with the Application. 4. In the 1st me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the Resolution as follows:- 'RESOLVED THAT pursuant to the provisions of Section 30 of The Insolvency and Bankruptcy Code, 2016 read with Regulations 37,38,39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 including amendments as notified from time to time and subject to such other applicable provisions/regulations in this connection, and subject to the approval to the Hon'ble National Company Law Tribunal, Chennai Bench, Chennai, the Draft Resolution Plan as submitted by M/s. Ferrosco Industries P. Ltd., Coimbatore, which was duly circulated to the members of the committee of creditors and suspended board of directors of the Corporate Debtor who are also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 29A. The Resolution Professional has also certified that the 'Resolution Plan' approved by the CoCs is in conformity with the relevant provisions of the I B Code, 2016, and the Regulations framed. The said Certificate is placed at page 74 of he typed set filed with the Application. The 'Resolution Plan' stands approved by the CoCs with 100% voting share. Therefore, the 'Resolution Plan' annexed with MA/337/IB/2018 filed in CP/623/IB/2017 is hereby approved, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan including Resolution Applicant. The permission has also been granted for amending MoA and AoA, and to f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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