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2019 (10) TMI 1502 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIOperational mis-management - red entities - Section 241(2) of the Companies Act, 2013 - HELD THAT:- The two Companies namely ‘GIMCO’ and ‘Sealand Ports’ are also the group companies of the ‘Infrastructure Leasing and Financial Services Ltd.’ and those entities have been marked as red entities - the Applicant is allowed to bring the aforesaid fact to the notice of the concerned Board of Directors who are considering the same. It will also be open to them to ask for interim stay from the Board of Directors to enable the Appellant for better proposal to raise more amount than the amount which can be raised on sale/transfer - application disposed off. Seeking direction to ‘Infrastructure Leasing and Financial Services Ltd.’ to call the Applicant to the meeting of the ‘Committee of Creditors’ to discuss the deliberation and resolution of ‘CNTL’ - HELD THAT:- If the Appellant ‘SREI Infrastructure Finance Ltd.’ has been accepted as ‘Financial Creditor’ or secured creditor, it may bring the same to the notice of the Board of Directors who may consider the same and decide as to whether their information is required for deliberation with regard to resolution of ‘CNTL’. If such application is filed, the Board of Directors will pass appropriate order on the same in accordance with law and if it necessary, to take up the matter with the Hon’ble Justice (Retd.) Mr. D.K. Jain who is supervising the matter - Application disposed off. Termination of Concession Agreement between NHAI and Fagne Songadh Expressway Limited which was reached for execution of Fagne Songadh Expressway Limited - HELD THAT:- In the present case as the matter is being looked into by the Board of Directors and Committee constituted for individual group companies including two Expressway Ltd. including ‘Fagne Songadh Expressway Limited’, we are not inclined to deliberate on the issue, however, we are giving liberty to the Appellant to bring the facts to the notice of Board of Directors of ‘ILFS’ and Committee if constituted that it has already filed the ‘Resolution Plan’ which is viable and feasible and for the said purpose, it is desirable to continue with the ‘Concession Agreement’ - Application disposed off.
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