9911796707
TMI Blog2019 (7) TMI 1984X X X X Extracts X X X X X X X X Extracts X X X X ..... l of the Corporate Debtor and maximisation of value of assets of the Corporate Debtor. If the reliefs sought in the successful resolution plan are not granted, then the plan would be rendered unviable that would ultimately result in the liquidation of the Corporate Debtor. The information provided by the Resolution Applicant satisfies about its capability to implement the Resolution Plan and the information sought in paragraph 76 and 78 of our order dated 03.07.2019 is held as duly provided by the Resolution Applicant vide its Additional Affidavit - the Successful Resolution Applicant directed to file its acceptance report accepting the modification in the Resolution Plan made by this Tribunal by 12.07.2019. The Resolution Plan submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mining, Government of Maharashtra, granted its approval for the reinstatement of all mining leases and related licenses of the Corporate Debtor that had lapsed, expired or been cancelled, terminated or repossessed during the moratorium period, without imposing any onerous conditions and penalties. The incentives granted to the Corporate Debtor under the Package Schemes of Incentives, 2007 are also said to be essential for the economic revival of the Corporate Debtor. 4. We have heard the Ld. Counsel appearing on behalf of the Applicant. It is noted that major value of the Corporate Debtor lies in the licenses and incentives granted to it by various Government Authorities under incentive schemes or otherwise. The purpose of the Insolvency ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... envisages that the Directorate of Geology and Mining, Government of Maharashtra having issued letter(s) granting its in-principle approval, without imposing any onerous conditions, for the reinstatement (together with the surface rights as applicable) of all mining leases ( and related licenses) of the Corporate Debtor that have lapsed, expired being cancelled, terminated or repossessed after having compounded, rectified, waived or dispensed with all non-compliances relating to such mining leases. The relevant authority to consider the application of the Successful Resolution Applicant/Corporate Debtor, on its own merits within a reasonable time frame. The Successful Resolution Applicant will be required to comply with the applicable laws ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 86. Clause 6 titled Pre-effective Date Conditions and obligations , absolves the Resolution Applicant of any obligation if the conditions outlined in Schedule 2 (Conditions to implementation of the plan) are not met to the satisfaction of the Resolution Applicant. The Resolution Plan shall be implemented immediately on receipt of the required permissions/licenses as specified under item 2 and 3 of the Schedule 2 of the resolution plan. 87. The resolution plan is conditional to the fulfilment of various conditions, approvals from various authorities etc. and the same is provided in schedule 2 of the Resolution Plan. The Successful Resolution Applicant may apply to the relevant authority under the applicable law for the reliefs so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity cannot grant any such reliefs. Such proceedings shall proceed by the law. Any undertaking relating to applicability of law will not be part of the Resolution Plan. The above-cited paragraph shall be read as follows: 94. The Resolution Applicant has sought extinguishment of all claims along with abatement of any related legal proceeding including criminal proceedings. Such proceedings shall proceed by the law. Any undertaking relating to applicability of law will not be part of the Resolution Plan. 7. The Resolution Applicant has filed an additional affidavit placing before us extracts of the Balance Sheet and the Audited Standalone Financial Statements for the Financial Year 2018-19 of the Successful Resolution App ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
