9911796707
TMI Blog2021 (12) TMI 1509X X X X Extracts X X X X X X X X Extracts X X X X ..... r - Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 read with Rule of 154 of National Company Law Tribunal Rules, 2016 - Applicant submits that Clause 21 sub-clause XIII Page 17 of the order dated 05.10.2021 is inconsistent with the proposal made by the resolution applicant in its resolution plan at page number 44 at clause 4.14. as the same changes the proposition made in plan. HELD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... UKESH, HON'BLE MEMBER (JUDICIAL)] 1. The Present Application is filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (for brevity 'Code') read with Rule of 154 of National Company Law Tribunal Rules, 2016 (for brevity 'the Rules') by Mr. Kailash T Shah, being one of the member of the monitoring committee of GSL Nova Petrochemical Limited ('Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing observation: Such corrections are substantial in nature and cannot be granted on speaking to minutes, Hence, speaking to minutes is dismissed. Appropriate application may be filed . 4. The applicant further submits that Clause 21 sub-clause XIII Page 17 of the order dated 05.10.2021 is inconsistent with the proposal made by the resolution applicant in its resolution plan at page number 44 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fully cancelled and stand reduced to zero. Nil consideration is proposed on the expectation that the liquidation value due to the equity shareholders of the company shall be Nil amount. In respect of public shareholders except promoters and their family members holding equity shares in the company, it is proposed to pay them Rs. 1/- for every 100 shares held by them in the company on the newly con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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