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TMI Blog2022 (2) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... udicial) And [Ms. Shreesha Merla] Member (Technical) For the Appellant : Mr. Nikhil Nayyar, Sr. Advocate with Mr. Ravi Bharuka and Mr. Ankit Agrawal, Advocates For the Respondent : Ms. Liz Mathew and Ms. Sonali Jain, Advocates for R1 JUDGMEMT [ Per : Shreesha Merla , Member ( T ) ] This Interlocutory Application No. 2868 of 2021 preferred by the Administrator of the First Respondent Company namely 'SREI Equipment Finance Ltd.' under Rule 11 of National Company Law Appellate Tribunal Rules, 2016 seeking to withdraw the Scheme of Amalgamation (herein referred as the 'Scheme'), proposed by the First Respondent with its creditors. 2. Ld. Counsel appearing on behalf of the Administrator of the erstwhile management had filed an Application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of CIRP against SREI Equipment Finance Ltd./the First Respondent Company. The Petition was admitted vide order dated 08.10.2021 and hence, the Applicant/Appellant seeks withdrawal of the ''Scheme' and submits that I.A. No. 2868 of 2021 may be allowed and the main Appeal also be disposed of as the 'Scheme' stands rejected. 5. The Applicant has filed 'Declaration of the Result of Meetings' dated 27.05.2021 and 03.07.2021, whereby and whereunder the 'Scheme' was rejected by a majority of 71.65% and 93.80% respectively. The Copy of the order dated 08.10.2021 whereby the Adjudicating Authority has admitted the Petition preferred by RBI against the First Respondent, is also appended with this Application. 6. Having regard to the fact that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uding security or debenture trustees) and all governmental or regulatory authorities shall be estopped from taking any coercive steps including reporting in any form and/or changing the account status of the Company from being a standard asset which will prejudicially affect the Company and/or sanctioning and/or implementation of the Scheme. It is further directed that the Credit Rating Agencies shall not consider any such non-payment to be a default under the respective debt documents and shall maintain the rating(s) of SEFL at least that of investment grade." 8. In view of the crystalline fact that I.A. No. 2868 of 2021 filed by the First Respondent/Administrator in Company Appeal (AT) No. 31 of 2021 'seeking withdrawal of the scheme' is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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