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Judgment
Kishore Vemulapalli, Member (Judicial)
The Bench is convened through video conferencing today.
Petition Admitted.
Petition fixed for hearing and final disposal on 15.03.2022.
Learned Counsel for the Petitioner states that in pursuance of the directions contained in Order dated 12th June, 2020; 2nd February, 2021 and 18th August, 2021 passed by the National Company Law Tribunal, Mumbai Bench in the Company Application No. 401 of 2020, The meeting of Operational Creditors of the Petitioner Company was held on 13th November, 2021 and the requisite quorum was present and the Scheme was approved by the Operational Creditors without modifications. The Chairman appointed for the meeting has filed his Affidavit verifying his report dated 19th November, 2021 which is annexed as Exhibit “O” to the petition.
The Learned Counsel for the Petitioner Company further submits that the Company Petition is filed in consonance with section 230 to 232 of the Companies Act, 2013 along with the Order passed in Company Application No. 401 of 2020 by the National Company Law Tribunal, Mumbai Bench.
At least 10 days before the date fixed for hearing, Petitioner to publish the notice of hearing of Petition in two local newspapers viz. “Business Standard”, in English language and translation thereof in “Navshakti”, in Marathi language, both having circulation in Mumbai as per Rule 15 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.
The Petitioner Company shall issue notices by Registered Post-AD/Speed Post and Hand Delivery to (i) Income Tax Authority concerned PAN: AAACS7320J having his address at The Income Tax Officer, (15)(3)(2), Aayakar Bhawan, Churchgate, Mumbai-400020. (ii) Goods and Service Tax Department concerned (27AAACS7320JIZC) (iii) the Central Government through the office of Regional Director, Western Region, Mumbai, (iv) Registrar of Companies concerned informing the date fixed for hearing, (v) Bombay Stock Exchange (BSE), (vi) National Stock Exchange (NSE) and (vii) Securities Exchange Board of India (SEBI) concerned informing the date fixed for hearing.
The Tribunal pursued the report filed by the Court Appointed Chairman. The said report clearly mentions the mandate of the Operational Creditors, wherein the Operational Creditors constituting 92.96% of the members voting have favoured the Scheme. Furthermore, it has been brought to the notice of the Tribunal by the Counsel for the Petitioner Company that the Financial Creditors of the Company (led by the State Bank of India) agreed to restructure the debts of the lenders to the Petitioner Company in accordance with the guidelines of Reserve Bank of India. As the Secured Creditors of the Petitioner Company have already agreed to restructure the debt of the lenders, this Bench hereby directs to the Petitioner Company, as has already been orders by this Bench in CA (CAA)/401/MB/2020, the copy of this order can be brought to the notice of the respective Courts/ Forums/ Tribunals/ and/ or Authorities by the Petitioner Company so that respective Courts/ Forums/ Tribunals/ and/ or Authorities can be appraised with the Scheme, in accordance with section 230 of the Companies Act, 2013.
The Petitioner shall file proof of compliance 3 days before the final hearing date by way of an Affidavit as stated in the above paragraphs to this Tribunal that the direction have been duly complied with.