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2017 (8) TMI 1384 - NATIONAL COMPANY LAW TRIBUNAL, HYDERABADInitiation of the Corporate Insolvency Resolution Process - Held that:- Resolution Plan envisages for insolvency resolution of SDAL, and ensure continuity of business along with most effective use of the assets and equipments of SDAL and the amalgamation of the Corporate Debtor with the Resolution applicant will bring in the number of operating and financial synergies, since both the companies relates to Aluminum Alloy wheel manufacturing industry, in which the corporate debtor is engaged in the manufacturing of Aluminum Alloy wheel and that of the applicant is in the field of painted and chrome plated Aluminum Alloy Wheel etc. The applicant (applicant of resolution plan) in the past has settled dues pertaining to 5 banks of the Corporate Debtor, which constituted 93% of the borrowings of corporate debtor. And the same was also recognized by BIFR in one of its proceedings. Applicant has proven track record of optimum utilization of the infrastructure and manufacturing facilities of the corporate debtor and it has successfully provide continued and meaning employment to direct/indirect work force of over 1500 employees. Most of these employees are absorbed by the applicant when the corporate debtor ceased operations. It is currently single largest employer of extremely skilled and unskilled persons in the Zone and more than 1500-2000 families depend on the applicant. Apart from others as provided in the resolution plan, it would be in the best interest of the Company, its employees in particular, public in general, and also in the interest of financial creditors to accept the Resolution plan in question. We are unanimous in accepting Resolution plan in question as it meets all parameters including legal and moral.
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