2021 (9) TMI 737

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....omplying all the terms and conditions mentioned in the Mutual Settlement Agreement between the Petitioner and the Respondent. 3. The Learned Counsel of the Respondent has confirmed that the Respondent has taken over the control of the affairs of the Vivek Cylinders Pvt. Ltd. and the Respondent has been paying Rs. 1.00 lac (Rupees One lac) plus to the Bank towards the loan liability of the Company. The Respondent is not able to liquidate the entire loan outstanding of Rs. 1.00 Crore (Rupees One Crore) plus at a time and it will take time to clear the entire dues of the Bank against the Company. 4. It is submitted by the Learned Counsel of the Respondent that unless the entire dues are cleared, the Industrial Cooperative Bank is not showing....

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....Khanapara in the name of Hemaprava Devi was released on 11.12.2017. 5. The unsecured loan granted to Vivik Cylinders Pvt. Ltd. has been waived by Hemaprava Devi. Copy of the Audited Financials of the Company for the Financial year 2017-18 evidencing the same is enclosed with the petition marked as Annexure B. 6. The shares held by Hemaprava Devi and Vivik Mahanta have been already transferred as per the agreement. Copy of the Shareholders of the Company, filed with the Registrar of Companies, along with Annual Return for the Financial Year 2017-18 is attached with the Petition marked as Annexure C. 7. Sri Rupak Maanta and St. Bimala Mahanta were inducted in the Board of Directors of the Company on 13.10.2017. Further, Smt. Hemaprava Devi....

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....lly agreed settlement. On the other hand, the Learned Counsel for the Petitioner has confirmed that the loan outstanding against the Company at the time of Mutual Agreement was Rs. 1.00 Crore and the liability of the loan is required to be taken over by the Respondent as per the Settlement. 7. It is reported that the Company is an MSME Unit and the loan outstanding is above Rs. 1.00 Crore. The Respondent has been paying every month Rs. 1.00 lacs plus to the Bank towards the liability of the Company. Bank has taken land, personal guarantee of Shri Vivik Mahanta and Mrs. Hemaprava Devi along with deposit of Rs. 18,65,457.00 as collateral for the loan disbursed. The Unit is in operation. 8. The Respondent is finding difficult to implement th....