TaxTMI 
TaxTMI 
2019 (7) TMI 1711
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....esent Application is filed by one of the shareholder holding 49.9% of the Equity Share capital of the present Corporate Debtor against the Resolution Professional U/s 60(5) of the IBC praying following: a) To direct Respondent No. 1 to 4 to place the entire correspondence, discussions, minutes of meeting, documents exchanged between MCGM on one hand and COC, RP & Resolution Applicants including Respondent No. 4 & 4(a) on the other before this Adjudicating Authority. b) That the MCGM & the remaining Respondents should place before this Adjudicating Authority the Revised offer/Resolution plan dated 09.10.2018 which is under consideration by the MCGM. c) That the Applicant be provided with complete copies of the corr....
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....he CoC, shows that MCGM though not being a Financial Creditor has not only been given notice of the CoC minutes as an invitee but has also participated in the CoC meetings, especially when confidential matters were being discussed. This special treatment being given to MCGM is undoubtedly suspicious. MCGM was invited by the RP & CoC (without voting rights) in the 4th to 10th CoC meetings. From a perusal of the 9th CoC meetings, it appears that the members of Respondent No. 4 met the relevant officials of MCGM to understand their perspective and requirements for the Resolution Plan. The Resolution Plan was also shared with the representatives of MCGM relating to the Mumbai Hospital. However, there is no requirement under the Code, to share t....
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....ya Gupta, Nominee Directors appointed by AIRRO Mauritius holdings I (Applicant in IA No. 01/2019) tendered there duly executed confidentiality undertakings. c) That the Resolution Plan was shared with the Members of Suspended Board of Directors on 21.02.2019. On 01.03.2019, Dr. Maganti, one of the Suspended Board of Directors, addressed an email to the RP on behalf of himself, Mr. Vankineni Kuchela Babu and Ms. Renukarani Maganti with some comments in relation to the eligibility of the Resolution Applicant and other issues related to Resolution Process he also reserved his comments on the Resolution Plan itself. On 01.03.2019, Dr. Ashok Asthana, a member of the Suspended Board sent an e-mail to the RP that the Resolution Plan for t....
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....2018. 4. Heard both the sides and perused the record including the written submissions. 5. The main prayer in the present Application is with regard to the entire dealings with MCGM, CoC, RP & the Resolution Applicants. 6. As of now, the challenges that have been made by various parties in NCLT, Hon'ble NCLAT have attained a finality. 7. On 29.04.2019, MCGM has filed a memo expressing No objection to the proposed Resolution Plan submitted by the Resolution Applicant provided the Conditions stipulated in para 11 of the Written Submissions of MCGM are incorporated in the Resolution Plan, although at this juncture, the MCGM took a contradictory stand, the same has no relevance in the present Application. Furthermore, it has com....