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TMI Blog2022 (8) TMI 1203X X X X Extracts X X X X X X X X Extracts X X X X ..... , BRS Ventures Investment Limited has provided the said declaration and undertaking on 06.06.2022. The Monitoring Committee is dissolved with effect from the date of this Order - application allowed. - IA (IBC) No.04/GB/2022 in C.P. (IB)No.20/GB/2017 - - - Dated:- 5-8-2022 - Hon ble Shri Deep Chandra Joshi , Member ( J ) And Hon ble Shri Prasanta Kumar Mohanty , Member ( T ) ORDER [ Per : Shri Deep Chandra Joshi , Member ( J ) ] 1. The present Interlocutory Application has been filed by Assam Company India Ltd., the Applicant herein under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016 against SREI Infrastructure Finance Ltd. seeking necessary orders for dissolution of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time the members of the CoC decided to form the Monitoring Committee after the approval of the Resolution Plan by this Tribunal. On 20.09.2018 this Tribunal duly approved the Resolution Plan of the successful Resolution Applicant. A copy of the Minutes of Meeting of the 13th meeting of the Committee of Creditors along with a copy of the Order dated 20.09.2018 are also enclosed with the Application. 2.4 Upon approval of the Resolution Plan by this Tribunal, the successful Resolution Applicant infused an amount of Rs.1064 Crores to make payment to all the creditors of the Applicant. 2.5 In the meeting held on 03.07.2020 the Monitoring Committee decided that upon completion of hearing of the pending matters before the Tribunal, the Monit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... An amount of Rs. 834 crores have been distributed amongst the Secured Financial Creditors. iii. An amount of Rs. 18.90 crores have been distributed to the various operational Creditors. iv. An amount of Rs. 50 crores has been distributed to the Unsecured Financial Creditors. v. An amount of Rs. 1.82 crores has been distributed to the public shareholders against relinquishment of their shares. 3.2 The Applicant has also delisted its equity shares from both the National Stock Exchange (NSE) as well as Bombay Stock Exchange (BSE) by the letters dated 10.01.2020 issued by both NSE and BSE. 3.3 BRS made payment of an amount of Rs.1064 crores to take over the applicant along with its subsidiaries. However, SREI Infrastructure Fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 017 before the Hon ble NCLT, Guwahati for seeking direction for such waiver of the fees for increase in the authorised capital. The Hon ble NCLT, Guwahati dismissed the application vide order dated 25.10.2019. Thereafter, the applicant filed an application being IA No.05/2020 in CP (IB)/20/GB/2017 before the Hon ble NCLT, Guwahati for recalling and/or setting aside the order dated 25.10.2019 and also prayed for passing of the necessary matters in terms of the prayers sought for in the application being IA No.71 of 2019. However, the Hon ble NCLT, Guwahati by an order dated 09.10.2020 dismissed the application being IA No.05/2020. Being aggrieved with the order dated 09.10.2020 the applicant preferred an appeal (AT) (Insolvency) No.1028/2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntures Investment Limited has ensured and agreed to provide such undertaking. 5.2 The Monitoring Committee in such meeting had questioned the inability of the Resolution Applicant in increasing the authorised share capital of Assam Company India Ltd. to the tune of Rs. 370 crores (Rupees Three Hundred Seventy crores) only corresponding to which the Resolution Applicant agreed to increase the authorised share capital in due course as may be required for conducting the business operation. 5.3 Based on the assurance given by the Resolution Applicant, BRS Ventures Investment Limited provided undertaking and declaration, the Members of the Monitoring Committee have unanimously agreed for the dissolution of the Monitoring Committee subject ..... X X X X Extracts X X X X X X X X Extracts X X X X
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