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TMI Blog2023 (12) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... has not shown any averseness to this proposal made by the Counsel for the Respondent. As a result, thereof, while disposing of this appeal, it is directed as per the agreement between the parties, that the scheme propounded by the appellant, in terms of the Section 230 of the act, shall be presented before the SCC on 01.12.2023. the meeting shall be convened by the liquidator on 01.12.2023 by giving time, date and place to the parties concerned and in that meeting the scheme shall be considered by the SCC a decision shall be taken in accordance with law. The present appeal is hereby disposed of. - [Justice Rakesh Kumar Jain] Member (Judicial) And [Shreesha Merla] Member (Technical) For the Appellant : Mr. S. Rajagopalan, Advoca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he has also relied upon a decision of the NCLAT rendered the case of Ramesh Kumar Chaudhary Ors. vs. Anju Agarwal Ors. reported as (2022) 171 SCC Online 655. On the other hand, Counsel for the Respondent has referred to paragraph 3 of the 5th SCC meeting which is reproduced as under: 3. To Discuss on the two compromise or arrangement schemes received from two stakeholders and apply for extension of the period if required; The Liquidator circulated the two Compromise or Arrangement proposals received to all the SCC members and Liquidator informed that the as per the Regulation 2B of IBBI (Liquidation) Regulations, 2016, Compromise or arrangement proposal under Sec 230 of the Companies Act, 2013 should be completed wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and number of the years lost in recovery due to the failure of none payment of OTS proposal given during the CIR process, possibility of recovery in the public E auction, present increase of land prices in Telangana, Liquidation Value mentioned in the Liquidation Order, the possibility of payment of Rs.123 Crores where the same applicant already unable to pay even very lesser OTS amount of Rs.86 Crores, etc., and informed that they will communicate their decision on this agenda item by considering next agenda item and few SSC members requested for voting by email and requested to time till 05th Aug 2023 and Liquidator agreed for the same. More than required Majority of the SCC members have accepted to fix the reserve price for Rs. 15 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of SCC members to take decision on the compromise scheme was already answered on 28th July 2023. In that meeting, the SCC not only considered but (as revealed from the minutes of that meeting) decidedly rejected the proposed compromise scheme offering only Rs. 90 crores against the outstanding debt of Rs. 469.84 crores and went in for auction of the corporate debtor as a going concern for the reserved price of Rs. 155 crores . Counsel for the Respondent has also submitted that the order of liquidation dated 18.04.2023 was subject matter of an appeal before this Tribunal in CA (AT) (Ins) No. 109 of 2023 which was further taken up to the Hon ble Supreme Court in Civil Appeal No. 5031 of 2023 in which the following order was passed: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on that day and take the decision accordingly. Counsel for the Appellant has not shown any averseness to this proposal made by the Counsel for the Respondent. As a result, thereof, while disposing of this appeal, we direct, as per the agreement between the parties, that the scheme propounded by the appellant, in terms of the Section 230 of the act, shall be presented before the SCC on 01.12.2023. the meeting shall be convened by the liquidator on 01.12.2023 by giving time, date and place to the parties concerned and in that meeting the scheme shall be considered by the SCC a decision shall be taken in accordance with law. With these observations, the present appeal is hereby disposed of. It is made clear that the order passed by us t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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