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TMI Blog2024 (10) TMI 294X X X X Extracts X X X X X X X X Extracts X X X X ..... w Mr. Vaijayant Paliwal, Mr. Saurav Panda, Ms. Charu Bansal, Ms. Mohana Nijhawan, Ms. Kirti Gupta, Ms. Anushri and Ms. Priya Sen, Advocates. For the Respondents : Mr. Joy Saha, Mr. Krishnendu Datta and Mr. Abhijeet Sinha Sr. Advocates with Mr. Pranjit Bhattacharya, Mr. Raj Sarit Khare and Ms. Kriti Gera, Advocates Mr. Arvind Nayyar Sr. Advocate with Mr. Madhav Kanoria, Ms. Srideepa Bhattacharya, Ms. Neha Shivhare and Mr. Akshay Joshi, Advocates for R2. ORDER ( Hybrid Mode ) These Appeals have been filed by the same appellant challenging the two orders dated 24.05.2024 and 01.07.2024 passed by National Company Law Tribunal, Kolkata Bench in I.A. No. 1049/KB/2024 and I.A. No. 1178/KB/2024 respectively. 2. Brief facts necessary to be not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the Appellant being permitted by the Hon'ble Apex Court to submit a proposal for settlement, to the first Respondent, settlement proposal on behalf of the Power Trust if any be communicated to the RP in three days. j. The RP upon receipt of such proposal shall place it before the CoC by callingan appropriate meeting for the purpose. k. The CoC will consider the proposal, in light of the order passed by the Hon'ble Apex Court on 03.05.2024 (as referred to supra) and take a decision within a period of two weeks thereafter on the proposal. l. Till such time, in the interim, we deem it appropriate to direct that the CIRP proceedings be kept in abeyance till a decision is arrived at by the CoC on the settlement proposal of the Power Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffer proposal will not amount to a haircut of 79%. 16. Hence, we deem it appropriate, particularly in the light of the admission of appeal against the order of admission of CD into CIRP and the liberty granted by the Hon'ble Apex Court to the Power Trust to submit proposal for settlement that also casts a duty upon the Respondent / RP and the CoC to process the proposal in accordance with law, to grant a hearing to the representative of Power Trust at the earliest and consider whether its proposal or revised proposal, if any, against a payment Rs. 5190.05 Crores that was required to make by the year 2042 would still lead to a substantial haircut. A decision be taken and communicated to Power Trust before proceeding any further with the CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vidence in the matter. 6. Shri Joy Saha Ld. Counsel appearing for respondent No.1 refuting the submissions submits that the settlement proposal which was submitted before the CoC in pursuance of the liberty granted by Hon'ble Supreme Court on 03.05.2024 require consideration. It is submitted that the corporate debtor is a running/going concern and is earning profits and the promoters are keen to revive the corporate debtor and have submitted the revised financial proposal which is much more than any resolution plan. It is submitted that the since the respondent no.1 has given the revise proposal on 09.08.2024 the same is also required to be considered by CoC. Simultaneously with the resolution plans and ofcourse, it is the commercial wisdo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the resolution plan as well as the settlement proposal simultaneously. We however make it clear that it is not necessary for CoC to either hear the respondent no.1 unless CoC itself decides to call the respondent no.1 for necessary negotiations and deliberations. The revised settlement proposal having been submitted by respondent no.1 there is no occasion to submit any evidence or any further material unless required by the CoC or the IRP. CIRP has neither been stayed by the Supreme Court which is clearly from the order dated 03.05.2024. We are unable to uphold the order of the Adjudicating Authority by which CIRP process has been stayed. It goes without saying that it is only in the CIRP Process that settlement proposal as well as the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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