Appellate Tribunal Grants Withdrawal, Advises Communication with Board

The Appellate Tribunal allowed the withdrawal of applications to implead 'Gujarat Urja Vikas Nigam Limited' due to changes in subsidiary status. It refrained from deciding on the takeover of companies and restraining disposal of assets, advising the applicant to inform the Board of Directors. The Tribunal declined to direct the applicant's inclusion in the creditors' meeting, citing unclear status. Regarding the Concession Agreement termination, the Tribunal directed the appellant to inform the Board of Directors of 'ILFS' about the Resolution Plan and the importance of continuing the agreement. The Board was instructed to consider the matter in line with the law and previous orders.

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Issues:
1. Application for impleading party and passing appropriate order.
2. Application for takeover of companies and restraining disposal of assets.
3. Application for calling Applicant to Committee of Creditors meeting.
4. Application for direction not to terminate Concession Agreement.

Issue 1 - Application for Impleading Party and Passing Appropriate Order:
The Appellate Tribunal considered applications by various entities to implead 'Gujarat Urja Vikas Nigam Limited' as a party respondent in the main petition. The applications were withdrawn as the applicants were no longer subsidiaries of 'Infrastructure Leasing and Financial Services Ltd.' The Tribunal allowed the withdrawal with liberty to move before the appropriate forum.

Issue 2 - Application for Takeover of Companies and Restraining Disposal of Assets:
An application was filed by 'SREI Infrastructure Finance Ltd.' to take over 'GIMCO' and 'Sealand Ports Private Limited' and to prevent them from disposing of assets. The Tribunal refrained from deciding individual applications on merit due to the ongoing matter related to operational mismanagement in 'Infrastructure Leasing and Financial Services Ltd.' The applicant was permitted to inform the concerned Board of Directors about the ownership status and seek interim relief if necessary.

Issue 3 - Application for Calling Applicant to Committee of Creditors Meeting:
Another application by 'SREI Infrastructure Finance Ltd.' sought direction to be called to the meeting of the 'Committee of Creditors' regarding 'CNTL'. The Tribunal declined to issue a direction as the status of the applicant as a 'Financial Creditor' was unclear. The applicant was advised to bring this to the notice of the Board of Directors for consideration.

Issue 4 - Application for Direction Not to Terminate Concession Agreement:
The final application requested direction not to terminate the Concession Agreement between 'NHAI' and 'Fagne Songadh Expressway Limited'. The Tribunal decided not to deliberate on the issue, allowing the appellant to inform the Board of Directors of 'ILFS' about the 'Resolution Plan' and the importance of continuing the Concession Agreement. The Board of Directors was directed to consider the matter in accordance with the law and previous orders of the Appellate Tribunal.

This detailed analysis covers the various applications and decisions made by the Appellate Tribunal concerning impleading parties, takeover of companies, creditors' meetings, and the termination of agreements.

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