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TMI Blog2022 (3) TMI 1498X X X X Extracts X X X X X X X X Extracts X X X X ..... g, conducting and voting at such meetings shall be governed by the terms of the respective Debenture Trust Deeds. At such meetings, the second Defendant will place for consideration and approval of the beneficial owners or debenture holders the settlement offer / compromise / arrangement / Resolution Plan approved by ICA lenders on 19th June, 2021 and put to vote such Resolution Plan. It is made clear if there is any further or later or supplementary trust deed, then the provisions of that supplementary trust deed will also be taken in to account. - Interim Application (L) No. 27571 of 2021 In Coms Suit (L) No.27568 of 2021 - - - Dated:- 31-3-2022 - R.I. Chagla, J. Mr. Mayur Khandeparkar, Mr. Sujit Lahoti, Mr. Parth P. Shah and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thorities and vacation of existing legal injunctions on the Company. He has referred to the relevant clause (22) of the 4th schedule of the Debenture Trust Deed which provides that a meeting of the Beneficial Owner(s) / Debenture Holder(s) as the case may be shall, inter alia have the following powers exercisable in the manner specified in Clause 23 under which there is a power to sanction any compromise or arrangement proposed to be made between the Company and the Beneficial Owner(s) / Debenture Holder(s) as well as power to sanction any modification, alteration, or abrogation of any of the rights of the Beneficial Owner(s) / Debenture Holder(s) as the case may be against the Company or against the mortgaged premises or other properties w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No.14224 of 2021 in Coms Suit (L) No.14223 of 2021] where the submission was made by the SEBI to the effect that the SEBI resolutions would govern the meetings irrespective of what the Debenture Trust Deed says in regard to holding of such meetings. This Court held that this submission cannot be accepted. The SEBI circular / resolutions are with effect from a particular date and cannot operate retrospectively. In repelling arguments on behalf of SEBI, this Court held that the Debenture Trust Deed must be given effect to and the calling and conduct of a meeting and voting at it shall be governed in terms of Debenture Trust Deed. Accordingly, the Defendant was directed to call and conduct the meeting of the Debenture Holders. An appeal had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BAY HIGH COURT Interim Application (L) No.27571 of 2021 In Coms Suit (L) No.27568 of 2021 06-04-2022 R.K. Mohatta Family Trust; Mr. Surendra Kumar Mohatta Versus Reliance Home Finance Ltd. Ors. R.I. Chagla J. Mr. Parth p. Shah i/b. Sujit Lahoti and Assocaites for Applicants / Plaintiffs. Disha Shah i/b. SDS Advocates for Defendant No.1. Mr. Vaibhav Singh and Mr. Bryan Pillai i/b. Shardul Amarchand Mangaldas Co. for Defendant No.2. Yohaann Lunathwalla i/b. JSA Defendant No.3. ORDER 1. Not on board. Taken on board. 2. This is an application by way of speaking to the minutes of order dated 31st March, 2022. 3. In paragraph 2, lines 3 and 4 of the said order, the words a meeting of seven d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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