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2018 (10) TMI 1624 - Tri - Companies LawResolution Professional constituting interim Monitoring Committee - Held that:- This counsel has filed a memo appending this e-mail correspondence reflecting 2nd Respondent conceding the lenders of the Corporate Debtor to release the payments towards various requirements of the company as mentioned in the e-mail sent by Mr. Ramalingappa, SBI official on 28th September, 2018. Though 2nd Respondent was required to take initiative to constitute Monitoring Committee in consultation with the COC members, the same not having happened, we are of the view that some immediate Steps have to be taken so as to let this company continue as going concern at least until further steps are being taken by the Resolution Applicant. So far the interest of the Financial Creditors has not been cleared by the Resolution Applicant, we hereby suggest the Resolution Professional to constitute interim Monitoring Committee with the officials Of State Bank of India, Union Bank of India, Punjab National Bank, Allahabad Bank and Andhra Bank, thereafter the Resolution Professional shall discharge the functions of the Corporate Debtor as per the instructions of the Monitoring Committee until further orders.
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