9911796707
TMI Blog2022 (5) TMI 752X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2. The applicant submitted that the Corporate Debtor was admitted into Corporate Insolvency Resolution Process on 09.11.2020 and Suspended Management submitted its Resolution Plan to acquire the Corporate Debtor being MSME. The CoC approved the same. Thereafter, this Adjudicating Authority approved the said Resolution Plan vide its order dated 14.10.2021 in IA 549(AHM)2021. 3. The main contention in this application is that as per para 4.6.1 of the Resolution Plan, the Corporate Debtor was a listed company under the BSE, and NSE and the Corporate Debtor had to be de-listed from the BSE and NSE in accordance with the order of this Adjudicating Authority r.w. Regulation 3(3) of the SEBI (De-listing of Equity Shares) Regulations, 2009, and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... preference shares) to shareholders of the Corporate Debtor holding such existing share capital. The Resolution Applicant would be entitled to issue new equity share capital in accordance with the provisions of the Companies Act, 2013 read with rules and regulations made there-under. However, the Resolution Applicant shall maintain public shareholding at minimum 5% as per the norms prescribed by IBBI and remaining 95% share capital shall be held by Resolution Applicant...." 4. The Monitoring Committee vide its communication dated 23.10.2021 made the communication of the order of this Adjudicating Authority dated 14.10.2021 for de-listing of securities to the BSE and NSE and an application which was required to be filed for de-listing of sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Plan. Accordingly, we allow the present application and direct to read para-10(10) (X) of the order of this Adjudicating Authority dated 14.10.2021 in IA 459 (AHM)2021 as under: "10(10)(X). On the effective date and with effect from the appointed date, the entire existing share capital of the Corporate Debtor shall stand extinguished without any payment (including any cancelled value of the said equity shares or preference shares) to shareholders of the Corporate Debtor holding such existing share capital. The Resolution Applicant would be entitled to issue new equity share capital in accordance with the provisions of the Companies Act, 2013 read with rules and regulations made thereunder." 6. Accordingly, IA No. 12 of 2022 in CP(IB) 22 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
