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2015 (7) TMI 1223 - HC - Indian LawsArbitration petition - injunction - winding up procedure - Held that:- CDR package is the final CDR package approved by the Corporate Debt Restructuring Cell; there is a huge debt which is being restructured; such restructuring involves substantial financial sacrifice on the part of the secured creditors; it also envisages infusion of substantial funds into the company by the secured creditors so as to bring the ailing company back on rails; and it is not advisable, in the premises, to rock the boat at this critical and sensitive juncture by admitting the winding up petition against the company. An admission order at this juncture is neither in the interest of the company and its workmen nor in the interest of its creditors including even the petitioning creditor. The need to allow the CDR scheme to have a full play in the interest of all stakeholders far outweighs the private interest of the Petitioner, who is, as noted above, not without a security and whose interests are also sought to be protected to the extent possible in the accompanying arbitration petition, to have the company wound up. (a)Arbitration Petition is disposed of by directing State Bank of India – the Monitoring Institution under the CDR Package – to allow the Petitioner to participate in the CDR package if it so chooses, by amending the provisions and terms of the package appropriately. In the event the Petitioner does not choose to so participate, State Bank of India is directed to keep the Petitioner informed from time to time about the progress of the implementation of the CDR Scheme and not allow any disposal of assets of the Respondent Company without intimation to the Petitioner. The Petitioner will be at liberty to apply for appropriate reliefs with respect to the disposal, if any, of the assets as and when such intimation is given to it, with a view to protect its interests consistently with the other creditors including the CDR lenders. (b) The Court Receiver appointed as receiver in respect of hypothecated assets described in the Schedule to the Deed of Hypothecation dated 13 July 2010 (Exhibit – H to the petition) in the order dated 26 November 2014, which is continued as an adinterim arrangement in terms of the order passed by the Appeal Court on 9 December 2014, shall stand vacated. (c) The injunction granted by the order passed on the Arbitration Petition on 26 November 2014 and continued by way of an adinterim arrangement by the order of the Appeal Court dated 9 December 2014, shall also stand vacated but only with effect from the expiry of the period of 3 weeks from today.
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