2018 (10) TMI 1624

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...., namely Mr. Umesh Bhatia (R2) and Mr. Haresh Bhatia (R4) and its Executive Vice-President (R3) namely Mr. Ananda Dhaga stating that despite RI Company was approved as successful Resolution Applicant by this Bench on 17.09.2018, RI Company, till date, has not commenced implementation of the terms and conditions of the Resolution Plan, henceforth the Resolution Applicant, so as to keep the Corporate Debtor running as a going concern, has sought the reliefs as follows: (a) That this Hon'ble Tribunal be pleased to allow, pending the constitution of the Monitoring Committee, the Applicant to make all such payments as may be necessary to keep the Corporate Debtor as a going concern including payment towards salaries, statutory dues, due....

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....nsultation with the COC. Since the Term has been defined as 30 days from the effective date, this Monitoring Committee shall cease to have any powers, duties or obligations and the terms of this Plan after completion of the Term because that Committee shall stand replaced by the Board of Directors as nominated by the Resolution Applicant. Since this Term has started from the date of approval of this Plan i.e. 18.09.2018, it will come to close by 17.10.2018. 3) Knowing fully well the Corporate Debtor has more than 1000 employees continuing on rolls; the company is under obligation to pay annual fees towards USFDA; salaries of the employees and various other expenditure arising in the ordinary course of business, this Resolution Applicant ....

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....n official of SBI, namely Mr. Ramalingappa on 28th September, 2018 authorizing them to release the payments as mentioned in the e-mail sent by Mr. Ramalingappa on 28.09.2018. Besides this e-mail, this counsel has also shown another e- mail dated 9t1 October, 2018 asking his counsel to e-mail to SBI to release payments mentioned in the e-mail sent by Mr. Ramalingappa on 28th September, 2018. Authenticating those mails, this counsel has filed a memo appending this e-mail correspondence reflecting 2nd Respondent conceding the lenders of the Corporate Debtor to release the payments towards various requirements of the company as mentioned in the e-mail sent by Mr. Ramalingappa, SBI official on 28th September, 2018. 7) Though 2nd Respondent wa....