TMI Blog2020 (11) TMI 1023X X X X Extracts X X X X X X X X Extracts X X X X ..... ss. The Corporation Bank holds approximately only about 7 per cent. of the share in the CoC and has time and again raised objections which has resulted in delay in the process of CIRP. As mentioned by the resolution professional, the corporate debtor has already crossed 550 days of CIRP and is incurring huge expenditure. With a view to expedite the process, as the GAA Advisors are already aware of the position of the corporate debtor, it is advisable to continue with the same valuer. Also, majority of the CoC, under its commercial wisdom has agreed for the appointment of GAA Advisory - Application allowed. - I. A. No. 1141 of 2020 and C. P. (IB) No. 197 of 2018 - - - Dated:- 19-11-2020 - H. V. SUBBA RAO Judicial Member and SHYAM B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de on January 3, 2020 seeking approval of resolution plan submitted by a consortium of Asset Reconstruction Co. (India) Ltd., Intas Pharmaceuticals and Shamrock Pharmochemi P. Ltd. ( ARCIL Consortium ) which was approved by 72.25 per cent. voting share of the CoC. 4. Counsel further mentioned that an application bearing M. A. No. 384 of 2019 was filed by Corporation Bank, inter alia, objecting to approval of resolution plan of ARCIL Consortium, seeking filing of the valuation reports in sealed cover. The Corporation Bank also filed another M. A. bearing No. 1046 of 2019 challenging the resolution plan approved by the CoC of the corporate debtor and seeking, interalia, the appointment of fresh valuers to value the tangible and intangible ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dent, National Company Law Tribunal who may pass the appropriate order to place the matter before the third Member. In view of the fact that there is a dissenting order passed by the two Members, we are not considering the questing of legality and proprietary of the order or the adverse remarks passed against the 'resolution professional', which is left open for determination by the third hon'ble Member and if so required later it may be decided by this Appellate Tribunal. The appeal stands disposed of with aforesaid observations. The hon'ble President, National Company Law Tribunal vide an internal order dated November 4, 2019 constituted a Special Bench comprising hon'ble Judicial Member Smt. Suchitra Kanupar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the meetings of the CoC were conducted wherein the applicant apprised the CoC members about the above mentioned directions passed by the Special Bench and the CoC after some discussion and deliberations regarding quotations received from registered valuers having expertise in carrying out valuations of tangible assets in the pharmaceutical sector as per International Valuation Standards, it was decided that the resolution professional shall take appropriate measures to appoint the third valuer to value the intangible assets of the corporate debtor. And pursuant to this, the applicant appointed GAA Advisory to value the tangible assets of the corporate debtor. 9. Later, on February 24, 2020 an application bearing M. A. No. 3238 of 2019 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er which in our opinion is not correct. . . . its our opinion that fresh valuation is not just confined to intangible assets alone but also the tangible assets. It was the case of the applicant in Misc. Application, that the fixed assets were thoroughly undervalued. Hence a fresh valuation by independent expert valuers be undertaken for both tangible and intangible assets. In view of the same, we set aside the appointment of M/s. G. A. Advisory LLP as valuer by the resolution professional. We will appoint a suitable expert valuer to value afresh both tan gible and intangible assets, on the next date of hearing after obtaining necessary information from the market. We have requested Mr. Ram Ratan Kanungoo, a senior chartered account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional costs and increasing CIRP costs in running the company, the operation of one of the plants located at Bavla, Ahmedabad of the corporate debtor had to be shut in December, 2019. The applicant mentioned that per month the company is incurring amounts up to INR 3.48 crores per month and the balance in the account of the corporate debtor as on June 2, 2020 was INR 6,55,854. The application for approval of resolution plan can also be taken up and considered by the CoC once the valuation is done. Therefore, this application was filed by the applicant requesting the same valuer to be allowed to continue with the valuation process. 12. Senior Counsel Mr. Sharan Jagtiani also appeared for the ICICI Bank and supported this application by th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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