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2020 (1) TMI 1458 - NATIONAL COMPANY LAW TRIBUNAL — CHENNAI BENCHRestructuring arrangement - whether restructuring arrangement set out under section 230 can be seen as discharge of loan of the creditors because when rearrangement or restructuring of the Companies Act or compromise happens, it will be treated as a compromise under section 230, not as discharge of loan payable to the creditors? - HELD THAT:- This Bench, on October 14, 2019 and October 25, 2019 in M. A. No. 697of 2019 passed an order directing this applicant to convene the meetings of the secured and unsecured creditors on November 25, 2019 and November 26, 2019 respectively. In compliance of the directions of the Tribunal, the applicant had convened the meetings of the secured and unsecured creditors on the schedule dates, whereby the amended scheme proposed by the M/s. First Step Ventures Ltd., for a total investment of ₹ 75 crores has been duly voted in favour by both secured and unsecured creditors, complying with threshold limit prescribed under the Companies Act, 2013 - the applicant has complied with the mandatory requirement of filing the certificate that the accounting treatment contained in the revised/ amended resolution plan, is in conformity with the accounting standards prescribed under section 133 of the Companies Act, 2013. As to post-dated cheques issued by the liquidator while running the hospital, the liquidator and the resolution applicant shall have reconciliation over the cheques issued by the liquidator. After reconciliation, the resolution applicant is bound to pay all post-dated cheques issued by the liquidator - Application disposed off
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