2019 (12) TMI 1531

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....Advocate :Mr.Tridib Bose, Advocate ORDER Virendra Kumar Gupta, J. 1. CA(IB)No.1273/KB/2019. In this application the applicant is seeking for admission of the Company Petition being CP (IB)No. 1214/KB/2018 filed under section 7 of IBC, 2016 in accordance with the directions contained in the order of the Hon'ble NCLAT in Company Appeal (AT)(Insolvency) No. 671/2019 order dated 20th September, 2019. The aforesaid CP(IB) 1214/KB/2018 had been dismissed by the Tribunal vide its order dated 28th June, 2019 on the ground that said C.P. had been filed pursuant to circular dated 12th February, 2018 of the Reserve Bank of India. 2. The Ld. Senior Counsel, appearing on behalf of the Financial Creditor, submitted that there was no dispute a....

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....f this petition. He further contended that said notice would become null and void in view of provisions of section 14 of IBC,2016 if the Corporate Debtor was admitted under CIRP. 5. CA(CAA) No. 1683/ KB/2019. In this application composite scheme of arrangement with creditors under section 230-231 of the Companies Act, 2013 has been proposed. It has been vehemently argued that the applicant is seriously intending to make arrangements with creditors so that the business can be run in a smooth manner after the corporate debtor pays debt which is agreed upon in terms of proposed scheme. She also drew our attention to the contents of the scheme. 6. The Ld. Senior Counsel appearing on behalf of the SBI contended that scheme was not at ....

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....nts/ proposal of settlement by the Corporate Debtorand the Bank's response thereto by way of affidavit. We require these documents on record in consonance with the order of Hon'ble NCLAT. The Corporate Debtor has also file application in regard to scheme of arrangement with the creditors. 8. Thus, on due consideration of all facts and circumstances of the case and considering the directions of the Hon'ble NCLAT, we grant four week's time from the date of receipt of this order to the Corporate Debtor to convene the meeting of creditors as per the relevant provisions of the Companies Act, 2013 and get the approval of the scheme of arrangement. In case such approval is not granted/obtained within aforesaid period, the Corporate Debtor shall....