9911796707
TMI Blog2024 (5) TMI 205X X X X Extracts X X X X X X X X Extracts X X X X ..... HELD THAT:- On a careful consideration of the respective contentions, advanced on either side, this Tribunal , keeping in mind the Orders , passed by this Tribunal to the effect that in the meanwhile, any Order passed by the Tribunal , at Hyderabad, shall be subject to the final outcome of this Appeal , in the meantime, the Plan Approval Proceedings , to be undertaken by the Tribunal , shall be subject to the final outcome of the present appeal , and apart from the same, to safeguard the interests of the Petitioners / Appellants , pending final decision of the main Comp. App, quite in the fitness of things, simpliciter, on the basis of Fair Play , Good Conscience , to avoid any further complications / wider implications / ramifications and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... compliance with Section 30 (2) (b) of the I B Code, 2016, and the amounts which were computed by the 1st Respondent, was with the approval of the Committee of Creditors , as entitlement of the Appellants , as Dissenting Financial Creditors , in the instant Appeal , in an Escrow Account or with this Appellate Tribunal , until the final Adjudication of the present Appeal . Appellants Contentions : 2. The Learned Counsel for the Petitioners / Appellants / Financial Creditors, submits that pending final determination of main Comp. App (AT) (CH) (INS) No. 400 of 2023, on the file of this Tribunal , the Adani Power Limited ( APL ), was permitted to submit its Resolution Plan , in the ongoing Corporate Insolvency Resolution Process of LAPL , by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... precipitative steps , which may prejudice the subject matter of the instant Appeal , significantly, the basis of final outcome of the pending Appeal , distribution of Resolution Plan Proceeds , as well as the Liquidation Value , payable to the Dissenting Financial Creditors , is subject to change. 7. The contention of the Petitioners / Appellants is that, the instant Appeal , there arises fundamental issues, which go to the root of the present CIRP , pending for final adjudication, before this Tribunal . As a matter of fact, the Resolution Plan , submitted by APL , was approved by the requisite majority of the Committee of Creditors , as per the voting results , declared on 04.03.2024. 8. The Learned Counsel for the Petitioners / Appellants ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... act on these proceedings. In order to ensure that no serious prejudice , is caused to the Petitioners / Appellants rights , and the same are not rendered Fait Accompli , it is just and necessary to secure the differential amount and deposit the same in an Escrow Account . 11. The Learned Counsel for the Petitioners / Appellants, therefore, prays for allowing IA No. 353 of 2024 in Comp. App (AT) (CH) (INS) No. 400 of 2023, to secure the ends of Justice . Submissions of R1 / Resolution Professional : 12. The 1st Respondent / RP, was permitted to file Reply to IA No. 353/2024 in Comp. App. (AT) (CH) (Ins) No. 400 / 2023, on 01.05.2024. However, no Reply , is filed on the side of 1st Respondent / RP in IA No.353/2024 in Comp. App. (AT) (CH) (In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subject to the final outcome of the present appeal , and as such, no further Order / Direction , is warranted. 16. The contention of the Learned Counsel for R2 to R9 and R12 is that, at best, the Petitioners / Appellants , can only Claim an incremental sum of Rs.277 Crores, as against the Claim of Rs.543.28 Crores, made in the IA No. 353 / 2024 in Comp. App (AT) (CH) (INS) No. 400 of 2023. 17. On behalf of R2 to R9 and R12, the breakup of Entitlement of Rs.277 Crores is mentioned in the Table, as under : (Amt. in Crore) Secured Creditor Admitted Claims [A] LV as on CIRP Commencement Date distributed on the basis security interest [B] LV as on CIRP Commencement Date distributed on the basis admitted claims [A] [B] Differential amount [C] LV ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er submission made on behalf of R2 to R9 and R12 is that, the Plan Approval Application IA No. 06 (CHE) / 2024 , on the File of the Adjudicating Authority / NCLT , Hyderabad, may be directed to be heard and disposed of expeditiously, and that all the Parties , must render their full assistance and cooperation, in this regard. 21. Admittedly, the arguments of the Learned Counsel for the Appellants in main Comp. App (AT) (CH) (INS) No. 400 of 2023, is in Part Heard stage. The Petitioners / Appellants, have filed IA No. 353 of 2024 in Comp. App (AT) (CH) (INS) No. 400 of 2023 on 12.04.2024, seeking urgent and necessary Orders to the effect that the Differential Amount , to be placed in Escrow Account or with this Appellate Tribunal , pending d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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