TaxTMI 
TaxTMI 
2020 (1) TMI 1270
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.... rejected by the CoC members unanimously. In this instant Application, the Applicant Next Orbit Ventures Fund, opposes the approval of the Resolution Plan by this Bench. The Prayer the Applicant in the case is as under:- "a. Allow the applicant hereto intervene in the instant matter; b. Reject the Resolution Plan as submitted by Mr. Manish Kumar Baldeva, The Resolution Professional, for approval of the Adjudicating Authority under section 30(6) of the Code; c. Pass any further orders in the interest of justice as this Hon'ble Tribunal Pleases." 2. Brief on the Corporate Debtor and the CIRP in respect of Print House (India) Pvt. Ltd. 2.1. The Corporate Debtor is engaged in the business of commercial print....
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.... June 2019. These prospective Resolution Applicants were:- (a) Sify Technologies Limited; (b) Staple Pins Private Limited; and (c) Next Orbit Ventures Fund. 2.6. At the 18th CoC meeting held on 26 August 2019, the CoC deliberated and voted in favour of Sify Technologies Limited, approving its resolution plan as mentioned below. Further as per the Evaluation matrix which has been recorded in the last CoC meeting held on 26 August 2019, Sify scored 93.85 whereas Next Orbit scored only 22.44. The details of the voting in the CoC meeting which approved the Plan of the successful Resolution Applicant is as under:- Item No. Particulars Vote by Pegasus Asset Reconstruction Pvt. Ltd. (voting....
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....nting to Data Centre, therefore, it should not have been approved by the CoC. 4. Submissions by the Resolution Professional 4.1. Incorporated in the year 1995, Sify Technologies Limited is one of the major integrated Information Communication Technology (ICT) solutions and service provider in the country. Sify operates in domestic and international market, with large infrastructure facilities in Mumbai, Chennai, Noida, Bangalore, Hyderabad and telecom infrastructure across 1600 towns in India. Sify's revenue streams originates from telecom services, data centre services, cloud and managed services, applications integration services, and technology integration services. Sify Technologies Limited ("Sify"), as per the submission of t....
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....sful Resolution Applicant emanates from improper understanding of the Code. The term "ongoing" business means that the business of the Corporate Debtor should remain functional. It never means that the line of business cannot be changed. In fact, the Corporate Debtor had filed Petition under the provisions of Section 10 of the Code. Therefore, it was a case of voluntary insolvency as the printing business of the Corporate Debtor was under distress and revenue generation was not sufficient to continue the printing business. 5.1. It is very common in the life cycle of a Company to change its portfolio mix or even the line of business. It is for this reason that in many companies mergers and acquisition, restructuring, hiving off businesses....