TaxTMI 
TaxTMI 
TaxTMI 
2018 (5) TMI 1833
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.... and arrangement between the petitioner and the secured/unsecured creditors, foreign currency convertible bonds (FCCBs) and shareholders of Gujarat NRE Coke Ltd. (in liquidation) (hereinafter referred to as a company). 2. The company, is one of the largest metallurgical coke producer in the country having an installed capacity of 1.2 MTPA. It is listed in Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The Dharwad plant of the company at Karnataka is presently operating at around 70 per cent. capacity and the Bhachau plant at Gujarat is operating at around 25 per cent. capacity. Besides the steel units of the company at Bhachau, Gujarat and windmills in Gujarat are also operational. GNCL has made operational profits of Rs. 4....
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.... its revival and to maximize the value of its assets by way of restructuring of their debt through viable resolution plan in a time bound manner and the said application was admitted by this Tribunal on April 7, 2017 and that Mr. Sumit Binani was appointed as the interim resolution professional (IRP) and he was later confirmed and appointed as resolution professional ("RP") by the committee of creditors (CoC). 7. The CoC confirmed the appointment of Price water house Coopers (PwC) to assist the company in preparation of a resolution plan. 8. On June 23, 2017 a paper publication was made inviting expression of interest from third parties for submission of the resolution plan but the RP did not receive any bid or enquiry from anyone. 9. Th....
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.... January 11, 2018 this Tribunal directed Mr. Sumit Binani, as the liquidator, to dispose of the company as a going concern within three months of the order after publication of a notice in newspaper and that if the process of sale as a going concern fails during this period, then the process of sale of the company will be done as per regulation 33 of Chapter VI of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. 13. Now, this application has been filed by the applicant being member of the company under sections 230 to 232 of the Companies Act, 2013 to obtain sanction of this hon'ble Tribunal to a scheme of compromise and arrangement between the applicant, the company and its creditors comprising of ....
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....; (e) That at least twenty-one clear days before the meetings to be held as aforesaid, a notice convening the said meetings at the place and time as aforesaid together with a copy of the said scheme of compromise and arrangement, a copy of the statement required to be sent under section 230(3) of the Companies Act, 2013 and the prescribed form of proxy be served by registered post and/or electronic mail and/or by courier upon each of the secured creditors, unsecured creditors, FCCB holders and shareholders of GNCL as described in annexures "G", "H", "I" and "J", respectively of the application at their respective or last known addresses ; (f) That in addition, at least twenty-one days before the day appointed for the meetings, an advert....
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....ling their representation, if any, within 30 days from the date of notice. The notice shall specify that representation, if any, should be filed before this Tribunal within 30 days of the date of receipt of the notice with a copy of such representation being sent simultaneously to the applicants and/or their advocates. If no such representation is received by the Tribunal within the said period, it shall be presumed that such authorities have no representation to make on the scheme of arrangement. Such notice shall be sent pursuant to section 230(5) of the Companies Act, 2013 and the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 with necessary variations incorporating the directions therein ; (h) That Mr. Sumit Binan....