AI Drafter 
TaxTMI 
TaxTMI 
2018 (5) TMI 1032
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....ited, is a Company incorporated on 6th October 2003 as "Super Agri Seeds Private Limited" (Which is referred to as Corporate Debtor) The main objects of the Company are to take over the Assets and Liabilities of M/s. Super Agro-Tech, a partnership firm including its Trade Marks, Brands, Licenses etc. The Company has taken various loans from SBI/RBL/ICICI Bank Limited, the details of which are furnished below: S. No. Name of the Financial Creditor Type of Loan Debt O/S In crores Amount of default /OTS 1. SBI CC 48.80 25.75 2. RBL Bank Ltd Crop Loan obtained by Farmers 6.65 4.00 3. ICICI Bank Ltd Crop Loan obtained by Farmers 23.99 7.20 TOTAL 36.95 (2) When the Corporate Debtor failed to pay the amount of Rs. 46,38,03,629/- due to SBI, it has initiated SARFAESI proceedings and e-auction was held on 08.09.2017. It was further directed that all the proceeds of e-auction of the properties would be kept pending till further orders in this case. Aggrieved by the e-auction of the properties of the Company, the Petitioner has filed the present Company Petition by seeking to initiate C....
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.... consider any proposal for payment of Rs. 4.00 crores plus interest. They also pleaded to give a better figure over and above the figure of Rs. 27.50 crores. (v) ICICI Bank: They did not propose anything. (6) In the 5th CoC meeting, updates from the Corporate Debtor over the ongoing discussions for the Resolution Plan from various prospective investors are deliberated. (7) In the 6th CoC meeting, report of Independent Chartered Accountant on the Financials of the Corporate Debtor was discussed and all members unanimously resolved that a limited forensic audit be conducted over the financial affairs of the Corporate Debtor and look into the allegations of the Seed Organizers of "foul play" and nexus between the RBL Bank and ICICI officials with the Corporate Debtor and responses of the Expression of Interest. Further SBI expressed its displeasure over the poor response to the advertisement calling for EI. Further about the classification of claim of ICICI and RBL was also deliberated. (8) In the 7th CoC meeting, the members took stock of the situation and the prospects of revival of the Company and receipt of an acceptable Resolution Plan from the....
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....rores respectively upfront on acceptance of resolution plan. (vi) Provision to pay organizers total outstanding amounts of Rs. 7.80 crores, out of which 25% shall be paid as upfront and the balance would be paid in 3 years. (vii) Provision to pay Vendors & Royalty fee of Monsanto Rs. 1.48 crores and Rs. 0.72 crores respectively. (viii) Statutory payments (1) 25% of past dues (Rs. 50 lakhs) as payable to employees as upfront. (2) PF/TDS/ST/Prof. tax dues as payable in total of Rs. 2 crores out of which 25% as upfront and balance in next 3 years. 5. Further, the Corporate Debtor filed CA No.49/2018, by inter alia seeking to reject the final memo of RP dated 19.02.2018, replace the 1st Respondent as RP and to replace 1st Respondent with another RP etc. 6. CA No. 56 of 2018 is filed by RP, inter alia seeking directions to Respondents 1 & 2 to enable delivery of all books of accounts (Tally), duly certified financial statements for the current period and papers which the Respondents are required etc. 7. CA No. 57 of 2018 is filed by Krushnaveni Nallagonda (Auction Purchaser) by inter alia seeking to permit the applicant to be added as a party to the e....
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....g to Section 34(1) of the Code: "34(1) where the Adjudicating Authority passes an order for liquidation of the Corporate Debtor under Section 33, the resolution professional appointed for the Corporate Insolvency Resolution Process under Chapter II shall act as the liquidator for the purpose of liquidation unless replaced by the Adjudicating Authority under sub-Section (4) 11. As stated supra, there is no viable Resolution Plan acceptable to the Committee of Creditors was received, though various efforts were made, and the Corporate Debtor also could not find a suitable Resolution Applicant during the statutory period. Therefore, the Committee of Creditors have unanimously decided not to seek extension of time beyond 180 days by seeking liquidation, under the Provisions of Code. In the above circumstances, there is no other alternative for the Tribunal except to initiate liquidation process against the Corporate Debtor in accordance with law. 12. Shri S.S.Prasad, the learned Senior Counsel for the Corporate Debtor, has raised several contentions such as Resolution Professional is acting against the object of IBC; there are chances of resolution plan if further time i....