TMI Blog2022 (6) TMI 1215X X X X Extracts X X X X X X X X Extracts X X X X ..... proposal for OTS preferred by the respondent was pending consideration with the Financial Creditor, the WP No. 15804 of 2022 was disposed off with a direction to the Resolution Professional to place the proposal before the Committee of Creditors (CoC) at the next meeting. Thereupon, the proposal for OTS has been sanctioned by the Financial Creditor and the same was communicated to the respondent vide letter dated 04/06/2022 issued by the Financial Creditor. In view of the OTS approved by the Financial Creditor, the respondent should be permitted to settle his entire liability towards the Financial Creditor within the time stipulated in the OTS. On going through the OTS proposal, which was approved by the Financial Creditor who has filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y and Bankruptcy Code, 2016 by the Interim Resolution Professional in the matter of S.D Pharmacy Private Limited against the Suspended Directors of the S.D Pharmacy Pvt. Ltd. seeking the following relief: Direct the Respondents to provide the books of accounts and all the relevant information in respect of the Corporate Debtor, assist the IRP to identify the company assets, handover the Keys of the factory gate and extend all the support and cooperation to complete the CIR Process. 2. The brief facts of the case are that this Tribunal vide order dated 31/03/2022 in CP(IB)/34(KOB)/2021 initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and the applicant herein was appointed as the Interim Resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich the corporate debtor has ownership rights which may be located in a foreign country; (ii) assets that may or may not be in possession of the corporate debtor; (iii) tangible assets, whether movable or immovable; (iv) intangible assets including intellectual property; (v) securities including shares held in any subsidiary of the corporate debtor, financial instruments, insurance policies; Duties of interim resolution professional. (vi) assets subject to the determination of ownership by a court or authority; (g) to perform such other duties as may be specified by the Board. 3. The applicant in this application stated that he had requested the respondents herein to provide all the information, in order t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order setting the respondent ex-parte on 08/03/2021 and sought for an opportunity to clear the entire liability towards the Applicant Bank. But the same was rejected by this Tribunal. Being aggrieved by the dismissal, the respondent approached the Hon ble High Court of Kerala by filing W.P No. 15804 of 2022. 6. In the meantime, independent of all the legal proceedings pending, the respondent preferred a proposal for One Time Settlement (OTS) before the Financial Creditor and also the Interim Resolution Professional appointed by this Tribunal. While the proposal for OTS preferred by the respondent was pending consideration with the Financial Creditor, the WP No. 15804 of 2022 was disposed off with a direction to the Resolution Profess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al cases may be withdrawn in consultation with our panel advocate dealing with the case. ➢ The borrowers/guarantor have to withdraw all the cases filed by the borrower against the Bank, if any. ➢ The offer will be automatically cancelled if the sanction is not accepted by the borrower end or violating any of the terms and conditions. ➢ Non-compliance of any of the terms of OTS would make the OTS approval infructuous. ➢ The borrower to withdraw the pending SAs and all other legal actions initiated, if any, against the Bank before the cut-off date. ➢ The approval of OTS would automatically stand cancelled in case the borrower fails to comply with the terms and conditions of the OTS s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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