2020 (1) TMI 1180

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....nts: Mr. Joy Saha, Sr. Advocate with Ms. Misha, Mr. Nikhil Mathur and Ms. Suhani Dwivedi, Advocates for SBI. Mr. Vikas Mehta and Mr. Mithun Shashank, Advocates for IBBI. ORDER The 'Liberty House Group Pte. Ltd.' - 'Successful Resolution Applicant' of 'Adhunik Metaliks Ltd.' (Corporate Debtor) and 'Zion Steel Ltd.' (another Corporate Debtor) has filed an affidavit to allow it to comply with the 'resolution plan(s)' of 'Adhunik Metaliks Ltd.' and 'Zion Steel Ltd.' and to set aside the order(s) of 'Liquidation' of both the aforesaid 'Corporate Debtors'. 2. We have gone through the affidavit and heard Mr. Virender Ganda, learned senior counsel for the Appellant, Mr. Joy Saha, learned senior counsel appearing on behalf of the 'Committee of Cr....

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....Adhunik Metaliks Ltd. ('Adhunik') and Zion Steel Ltd., ('Zion'), was approved by the Ld. Adjudicating Authority, Kolkata vide its order dated 17.07.2018 and 10.07.2018 respectively, without any modifications. 5. in the matter of Adhunik, the payment to be made to the Financial Creditors is Rs. 410 Crores and in the matter of Zion, the payment to be made to the Financial Creditors is Rs. 15 Crores. 6. The Resolution Applicant has already deposited Rs. 50 Crores for Adhunik and Rs. 5 Crores for Zion in the Bank Account of LHG Metal Two Private Limited maintained with SBI, Kolkata. 7. The proposal for the implementation of the Resolution Plan is hereinbelow: i. Liberty House shall deposit, Rs. 360 crores (Rs. 410 less Rs. 50 crores alr....

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.... the CoC and simultaneously hand over the Debt Assignment Deeds to Liberty House and all rights over the Debt, Charges of Lenders etc. against the Corporate Debtors shall stand transferred to Liberty House as per Resolution Plans. vi. The Resolution Applicant shall make the payment of CIRP costs and Operational Creditors of Adhunik and Zion as per the Resolution Plans. vii. Resolution Applicant is ready and willing to pay maximum of Rs. 10 crores additional amount towards any and all contingencies arising from this resolution as a goodwill gesture. viii. The Resolution Plans shall be deemed to have been implemented by Liberty House without any default on payment of aforesaid amount to the Financial Creditors by Liberty House. ix. Li....