TMI Blog2018 (3) TMI 1768X X X X Extracts X X X X X X X X Extracts X X X X ..... we are not expressing any opinion, give liberty to the appellant to withdraw the resolution plan, if it is not satisfied with the amendment made therein. In such case the Adjudicating Authority will allow the same and proceed with the liquidation. The appeal is disposed of with the aforesaid liberty. - Company Appeal (AT) (Insolvency) No. 75 of 2018 - - - Dated:- 9-3-2018 - S.J. Mukhopadhaya And Bansi Lal Bhat, JJ. For Appellant : Mr. Arvind Kr. Gupta, Ms. Henna George and Ms. Purti Marwaha Gupta, Advocates ORDER This appeal has been preferred by the appellant (Resolution Applicant) against order dated 22nd January, 2018 passed by the Adjudicating Authority (National Company law Tribunal), Mumbai B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... @ 12% repayable by 2023. The promoters will ensure the regular payment of instalments and interest to the bank before payment of interest to the promoter on proposed investment of ₹ 349.51 lacs. Indeed, it is strange situation that at three places three different Plans have been proposed in respect of the contribution of the Promoters. We are not in agreement of the two propositions and accept only one. We are of the view that considering the financially stressed position of the Debtor Company the fresh Unsecured Loans infused by the Promoters is required to be converted into Equity so that the burden of repayment must be deferred instead dividend can be distributed. 13. One more suggestion is necessary to be incorporated i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch is binding on the Corporate Debtor and other stakeholders involved in this Resolution Plan so that revival of the Debtor Company shall come into force with immediate effect and the Moratorium imposed under section 14 shall cease to have any effect henceforth. The Resolution Professional shall submit the records collected during the commencement of the Proceedings to the Insolvency Bankruptcy Board of India for their record and also return to the Resolution Applicant. Certified copy of this Order be issued on demand to the concerned parties, upon due compliance. 2. On 6th March, 2018 when the matter was taken up, we express our prima facie view that the modification as made by the Adjudicating Authority, Mumbai Bench, do not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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