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TMI Blog2021 (10) TMI 1288X X X X Extracts X X X X X X X X Extracts X X X X ..... ia, Adv., Mrs. Shubhra Kapur, Adv., Ms. Monali Taunk, Adv., Ms. Archana Pathak Dave, AOR, Mr. Mithilesh Kumar Pandey, Adv. R-7 Mr. Ankur Mittal, Adv., Ms. Nidhi Mittal, Adv., Ms. Meera Murali, Adv. R-9 Mr. Atul Kumar, Adv., Mr. Tarun Gupta, AOR, Mr. Gaurav Gupta, Adv. Mr. Nikhil Kohli, Adv., Dr.(Mrs.) Cipin gupta, AOR. ORDER Applications for permission to file additional documents, exemption from filing affidavit(s) and application under order LV to take on record convenience compilation are allowed. IA NOS. 115627/2020- DIRECTIONS, IA NO. 42855/2021- EARLY HEARING The applications for early hearing of appeal/ directions are disposed of as the appeal is taken up for hearing. IA No. 138207/2021- IMPLEAMDENT Application has be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat is treated as a conditional approval, the benchmark of 75% of the creditors approving the plan as on that date is not met. The course of action, he suggests, ought to have been to take the conditional approval before the Committee of Creditors (COC) as it is apparent from the minutes of the consortium meeting held on 27.03.2018 (page 232)(as per respondent No. 3 sought to be disputed) that all consortium members objected to the conditional assent of Bank of Maharashtra which had voting rights of 5.37% and wanted a similar concession in their Resolution Plan if the aforesaid aspect was forming part of the Plan. On the other hand, learned counsels appearing for respondent Nos. 1 and 3 sought to contend that the letter of Bank of Maharash ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the other hand, learned counsels for respondents Nos. 1 and 3 sought to contend that no creditor de hors the consortium could have invoked the bank guarantee and this is not in the nature of guarantee invoked which is to operate as a bar in terms of Section 29A(h) of IBC. It is also their say that RBL bank was not a part of the consortium and had actually given up their security.
We may note that respondent No. 10/Punjab National Bank supports the Resolution.
In the conspectus of the aforesaid discussion, on impleadment of the Bank of Maharashtra as respondent No. 11, we issue notice to the said respondent returnable on 07.11.2021.
Dasti service is permitted.
List as part-heard for directions in miscellaneous matters on 09.11.2021. X X X X Extracts X X X X X X X X Extracts X X X X
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