2018 (3) TMI 1768

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....der the Adjudicating Authority approved the resolution plan with modification as quoted below : "12. Keeping this settled principle in mind, we have noted that upon calling for "expression of interest" only one Applicant came forward and submitted the Resolution Plan. The Resolution Plan for our consideration is received from Resolution Applicant viz. M/s. Tarini Steel Limited. The Plan envisages infusion of fresh funds by the existing Promoters. Through a Statement an undertaking is annexed that interest of all stakeholders, including Financial Creditors and Operational Creditors shall be dealt with. 12.1 In our view in this Plan there is no inconsistency that under the Heading "Assumption" as per Clause "A", it is noted that, quote "N....

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....ty devolves on the company with respect to statutory OR unsecured credits in future for the past transactions prior to 31.03.2011, the same will be settled at 15% of its crystalized principal amount as per the scheme sanctioned by BIFR," In respect of the Government Dues it is inappropriate to settle up to 15% of the crystalized liability hence the condition of settlement up to 15% shall not apply on the Government dues. 14. Before we conclude, it is worth to place on record that this Resolution Plan is proposed by the Promoters by infusing additional Capital as per supra, therefore, the Resolution Plan submitted by the Promoters is to be accepted because a Certificate is on record that the Promoters are not "wilful defaulter" hence their....