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TMI Blog2024 (2) TMI 1258X X X X Extracts X X X X X X X X Extracts X X X X ..... e Respondents : Mr. Ramji Srinivasan, Sr. Advocate with Ms. Pooja Mahajan, Ms. Mahima Singh, Ms. Shreya Mahalwan, Ms. Namrata Sarogani, Mr. Kartik Pandey, Advocates for R-1 (RP) Mr. Gopal Jain, Sr. Advocate with Mr. Raunak Dhillon, Ms. Madhavi Khanna, Mr. Nihaad Dewan, Advocates for R-2 (CoC) ORDER ( Hybrid Mode ) Heard Shri Sunil Fernandes, learned counsel for the Appellant. This Appeal has been filed against order passed by the Adjudicating Authority dated 04.01.2024 in I.A. No. 1714/KB/2023 by which application, the Appellant has prayed for direction for placing the Settlement Proposal submitted by the Appellant before the CoC for consideration. The Adjudicating Authority by the impugned order has held that the Settlement Proposal s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted by SIDCL under Section 12A of the Code is summarised as below: INR in Cr. Class of Stakeholders Amount Admitted Amount Proposed Remarks Financial Creditor: -Yes Bank Limited 370.36 300 INR 25.00 Cr. Upfront and INR 275.00 Cr. within 8 years in the form of 9% p.a. simple non cumulative NCDs. -Rare ARC 393.47 293.92 Share Warrant - INR 293.92 Cr. within 14 years in the form of share warrant. -Axis Bank 23.28 - Employees and workmen 0.12 0.07 INR 0.01 Cr. upfront and INR 0.06 Cr. within 3 years. Statutory Dues 4.73 0.01 INR 0.01 Cr. within 3 years. Operational Creditors 24.42 4.39 INR 0.44 Cr. upfront and INR 3.95 Cr. within 3 years Other Creditors INR 1 - &nbs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erate on the settlement proposal and source of funds and that the financial partner shall be informed during the discussions. As regards the applications u/s 7 and w/s 9 of IBC pending against SIDCL, Mr. Sunil Jha stated that settlement talks with the banks and the operational creditors are ongoing, and settlements are expected to be reached shortly. He further stated that the proposal of SIDCL was submitted on 30th September 2022 but the same was not discussed by the CoC. The RP team emphasised that the proposal submitted by SIDCI on 30th September 2022 was discussed in the 8th CoC meeting held on 4th October 2022 and the details were shared with CoC members for their consideration. Further, the representatives of JCP stated that they ..... X X X X Extracts X X X X X X X X Extracts X X X X
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