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TMI Blog2022 (3) TMI 947X X X X Extracts X X X X X X X X Extracts X X X X ..... side the email dated 31.12.2020 of the 2nd Respondent rejecting the Scheme of Arrangement/Compromise dated 31.12.2020 presented by the Applicant. b. Consequently, direct the 2nd Respondent herein to receive the Scheme of Arrangement/Compromise dated 31.12.2020 as presented by the Applicant. c. Direct the 2nd Respondent to file the proposed Scheme of Arrangement/Compromise dated 31.12.2020 presented by the Applicant before this Hon'ble Tribunal and seek necessary directions as required under law. d. Set - aside the auction notice issued by the 2nd Respondent in Business standard newspaper on 30.12.2020 edition, for sale of the assets of the 1st Respondent. e. To pass any other relief as may deem fit and proper by the Hon'ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eof. Further, it was submitted that due to the prevailing pandemic situation, the Applicant was not in a position to known the status of resolution of the Corporate Debtor. 5. The Learned Senior Counsel for the Applicant further contended that the Liquidator has informed the Applicant that the assets of the Corporate Debtor are proposed to be sold by way of auction proceedings to be conducted on 03.02.2021 and in the said auction proceedings, the Corporate Debtor is not being sold as a going concern and assets of the Corporate Debtor are sold separately. It was submitted that the said act of auctioning the assets of the Corporate Debtor will completely negate the object of IBC, 2016 to revive the Corporate Debtor. Hence, aggrieved by the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ime. Revival of the unit requires huge capital outlay and working capital arrangements. The proposed scheme does not provide for the same. 3. The proposed Scheme does not provide for payment of workmen dues and statutory liabilities which are required to be cleared before running the unit. 4. The revenues and profit projected in this proposal are on very high side and not realistic. Thus, the proposal for payment of instalment amounts out of the revenue generated through operations of the company is not acceptable. 5. With regard to the proposal to sell the non-core assets, mortgaged by the directors and guarantors, to meet the instalments amounts, we inform you that there are no assets other than factory property mortgaged by the dir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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