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TMI Blog2024 (12) TMI 1097X X X X Extracts X X X X X X X X Extracts X X X X ..... bha Saigal, Adv. Mr. E. C. Agrawala, AOR For the Respondent : Mr. I P S Oberoi, Adv. Mr. R K Srivastava, Adv. Mr. Maibam Nabaghanashyam Singh, AOR Mr. Himrit Singh Wadhwa, Adv. Ms. Pooja Dhar, AOR Mr. Anuj Bhandari, AOR Mrs. Anjoo Jain, Adv. Mr. Hitesh Sachaar, Adv. Mr. Anuj Bhandari, Adv. Ms. Jasmine Damkewala, AOR Mr. Nikhil Goel, Sr. Adv. Mr. Roy Abraham, Adv. Ms. Reena Roy, Adv. Mr. Adithya Koshy Roy, Adv. Mr. Yaduinder Lal, Adv. Ms. Rajni Ohri Lal, Adv. Ms. Siddhi Gupta, Adv. Mr. Himinder Lal, AOR Mr. Nidhesh Gupta, Sr. Adv. Ms. Sakshi Kakkar, AOR Mr. Shakti Singh, Adv. Ms. Vriti Gujral, Adv. ORDER 1. The present appeal, preferred by a suspended Director of the corporate debtor, Sameer Singh, impugns the judgment dated 22.05.2020 passe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngs, the holding company of the corporate debtor and the erstwhile director(s), who had earlier moved an application for a One Time Settlement For short, OTS , gave a further proposal. This was accepted by the CoC, including the lead Bank, Canara Bank, subject to certain conditions, including payment of ₹225 crores. 5. At present, a payment of about ₹95 crores has been made. The balance amount of about ₹130 crores is yet to be paid. 6. Fixed Deposit(s) For short, FD with a maturity value of about ₹130.24 crores were available with Canara Bank. From them, an amount of about ₹31 crores has been paid by Canara Bank to M/s. EKK Infrastructure Ltd., who was awarded the contract for overlaying the toll road. This wor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his aspect is noted but does not require examination at this stage. We only note that payments may have to be made to M/s. EKK Infrastructure Ltd subsequently. 12. We are also conscious that there is/are operational creditor(s) who are owed ₹5.24 crores approximately. Furthermore, the resolution plan submitted by Mr. Kamal Pasha and Mr. Syed Fahad remains pending, supported by their bank guarantee of ₹8.62 crores. 13. During the hearing, our attention was drawn to Sections 12A, 24, 25A(4), 30 and 31 of the Code, as well as Regulation Nos. 5 30A and 36A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016. We are not reproducing the said sections or regulations gi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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