TaxTMI 
TaxTMI 
2021 (6) TMI 1077
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....ti Singh, Ld. Counsels i/b Naik and Naik Co. ORDER 1. By this application the Resolution Professional (in short, the RP) of Videocon Industries Limited & Ors. (the Corporate Debtors) seeks approval of the Resolution Plan (in short, the Plan) submitted by Twin Star Technologies Limited (Resolution Applicant). The present Application is filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (in short, the Code) read with Regulation 39 (4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016 (in short, the Regulations). The applicant RP has also sought for other relief which are stated as under:- a) To pass an order approving the resolution plan submitted by Twin Star Technologies Limited in respect of the Corporate Debtors above named under Section 31(1) of the Code and declare that the same is binding on the Corporate Debtors, its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan; and/or b) Pass such other order/orders as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the case. 2. The brief facts of the present case t....
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....t) different regional newspapers. vi) Subsequently, the prospective resolution applicants sought a further extension of the last date for submission of resolution plans. In the 6th CoC meeting held on 24.12.2019, the Applicant received the requests from the prospective resolution applicants to maximise the value of the Corporate Debtor, hence the CoC decided to extend the last date for submission of resolution plans and extended the last date to 15.01.2020. vii) As the Corporate Debtor holds some prime real estate assets, the prospective resolution applicants were attracted with a view to maximise the value of assets of the Corporate Debtors. In view of this the Applicant decided to float further corrigendum advertisements to attract a variety of prospective resolution applicants and additional investors so as to ensure the insolvency resolution and rehabilitation of the Corporate Debtors and the due date for submission of bids was further extended till 31.01.2020 by the CoC in its 7th CoC meeting held on 15.01.2020. viii) A corrigendum advertisement to invite further prospective resolution applicants in addition to the existing resoluti....
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....proposal of Mr. V.N. Dhoot of restructuring of domestic assets and was asked to share the proposal to all the CoC members. xii) In compliance with the final date for receipt of resolution plans as approved by the CoC, 11 (eleven) resolution applicants submitted their resolution plans by 31st August, 2020 and were opened before the members of CoC in 15th CoC meeting. At the same meeting, the Applicant informed the CoC regarding the receipt of the valuation report. As stated in the valuation reports, the fair value of the Corporate Debtors was Rs. 4069.95 Crores whereas the liquidation value was Rs. 2568.13 Crores. xiii) At the 16th meeting of the CoC held on 07.09.2020, the members of the CoC, for the sake of administrative convenience, agreed to form a core consultative committee comprising of the representatives of the CoC members for the purpose of conducting further discussions and negotiations with the resolution applicants in relation to their resolution plans. xiv) Further 11 resolution plans were received from the resolution applicants and was reviewed by the Applicant and the CoC. The resolution applicants were called upon to dis....
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.... Appointment of RP Refer column 8 of Annexure A Refer column 8 of Annexure A Date of Appointment of RP for the consolidated CIRP of the CDs August 8, 2019 for Mr. Mahender Khandelwal; and September 25, 2019 for the Mr. Abhijit Guhathakurta 8 Date of Appointment of Registered Valuers Appointed on November 1, 2019, pursuant to the approval of the CoC meeting held on October 24, 2019 9 Date of Issue of Invitation for EoI October 11, 2019 (Amended and re-published on November 1, 2019) 10 Date of Final List of Eligible Prospective Resolution Applicants December 6, 2019* 11 Date of Invitation of Resolution Plan October 11, 2019 (Amended and re-published on November 1, 2019) 12 Last Date of Submission of Resolution Plan August 31, 2020 13 Date of Approval of Resolution Plan by CoC December 11, 2020 14 Date of Filing of Resolution Plan with Adjudicating Authority December 15, 2020 15 Date of Expiry of 180 days of CIRP February 4, 2020 Refer to Annexure B ....
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....igibility under section 29A of the Code to submit resolution plan. The contents of the said affidavit are in order. (iii) the said Resolution Plan has been approved by the CoC in accordance with the provisions of the Code and the CIRP Regulations made thereunder and the order for consolidation passed by the Hon'ble National Company Law Tribunal, Mumbai dated August 8, 2020 ("Consolidation Order")*. The Resolution Plan has been approved by 95.09% of voting share of financial creditors after considering its feasibility and viability and other requirements specified by the CIRP Regulations. (iv) I sought vote of members of the CoC by electronic voting system which was kept open at least for 24 hours as per the Regulation 26 of the CIRP Regulations. *A copy of the Consolidation Order has been annexed herewith as Annexure E. Also refer to Part B of Annexure B. 5. The list of financial creditors of the CDs being members of the CoC and distribution of voting share among them is as under: 6. The Resolution Plan includes a statement under regulation 38(1A) of the CIRP Regulations as to how it has dealt with the i....
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....egory. ** Financial Creditors having both secured and unsecured facilities have been considered as secured financial creditors for the purpose of this table. *** The manner of distribution/ allocation of the amounts to be paid to the financial creditors under the Resolution Plan are subject to the distribution mechanism approved by the COC and consequent reconciliations in terms thereof. Further, in terms of the Resolution Plan, the financial creditors who vote in favour of the resolution plan are to also be provided a total of 8% equity shareholding in VIL on a post money fully diluted basis. Further, the non-convertible debentures to be issued to the financial creditors, which remain outstanding, shall carry a coupon of 6.65% per annum payable annually. # Amount provided over time under the Resolution Plan and includes estimated value of non-cash components. It is not NPV. ##These are the estimated amounts basis the liquidation value derived as on the insolvency commencement date, and the amounts shall be determined at the time of payout in accordance with Section 30(2) and Section 30(4) of the Code. ....
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....p; (b) provides for the payment to the operational creditors? (b) Clause 3.3, 3.6 (b) Yes (c) provides for the payment to the financial creditors who did not vote in favour of the resolution plan? (c) Clause 3.5 (c) Yes (d) provides for the management of the affairs of the corporate debtor? (d) Clause 3.9, 3.11, 8 and 9 (d) Yes (e) provides for the implementation and supervision of the resolution plan? (e) Clause 3.9, 3.11, 7, 9, 10, 11 (e) Yes (f) contravenes any of the provisions of the law for the time being in force? (f) At Clause 3.12 of the Resolution Plan, the Resolution Applicant has declared that the Resolution Plan is not in contravention of the provisions of any Applicable Laws. (f) Yes Section 30(4) Whether the Resolution Plan (a) is feasible and viable, according to the CoC? (a) Clause 5 Item-wise responses: (a) Yes The Resolution Plan has been determined to be feasible and viable by the CoC and CoC Process Advisor. Presentations in this regard were made by Dunn & ....
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....nt has declared that neither the Resolution Applicant nor any of its related parties has failed to implement or contributed to the failure of implementation of any other Resolution Plan approved by the Adjudicating Authority at any time in the past. Yes Regulation (a) 38(2) (b) Whether the Resolution Plan provides: (a) the term of the plan and its implementation schedule? Item-wise responses: (a) Clause 10, 3.1, Annexure 2 Item-wise responses: (a) Yes (c) (b) for the management and control of the business of the corporate debtor during its term? (b) Clause 3.9, 3.11, 8 and 9 (b) Yes (d) (c) adequate means for supervising its implementation? (c) Clause 3.9, 9 (c) Yes 38(3) Whether the resolution plan demonstrates that- (a) it addresses the cause of default? Item-wise responses: (a) Clause 5 Item-wise responses: (a) Yes (b) it is feasible and viable? (b) Clause 5 (b) Yes, determined by the CoC at the 19th meeting held on November 11, 2020 (c) it has provisions for its effective ....
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....) / Regulation 15A Application for Appointment of Authorised Representative, if necessary T+23 Refer column 6 of Annexure C Regulation 17(1) Filing of Report Certifying Constitution of CoC T+23 Refer column 7 of Annexure C Section 22(1) and regulation 17(2) First Meeting of the CoC T+30 Refer to column 7 of Annexure A First Meeting of the consolidated CoC pursuant to the Consolidation Order September 16, 2019 Regulation 35A Determination of fraudulent and other transactions T+115 Refer point 15 below Regulation 27 Appointment of two Registered Valuers T+47 Appointed on November 1, 2019 pursuant to the approval of the CoC meeting held on October 24, 2019 Regulation 36 (1) Submission of Information Memorandum to CoC T+54 November 26, 2019 Regulation 36A Invitation of EoI T+75 October 11, 2019 (Amended and republished on November 1, 2019) Publication of Form G T+75 October 11, 2019....
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....guidelines Reserve Bank of India Upon approval of the Resolution Plan by the NCLT. 3 Regulatory Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 and in terms of Clause 13.3 of the license agreement Department of Telecommunications s per the order of approval of the Resolution Plan by the NCLT.* 4 Regulatory As per contractual terms of the Production Sharing Contract Ministry of Petroleum and Natural Gas, all joint venture partners As per the order of approval of the Resolution Plan by the NCLT.* * At Clause 11.7 of the Resolution Plan, it has been clarified that in the event of any approval/permission being required to be obtained by Resolution Applicant under the applicable laws pursuant to the NCLT order approving the Resolution Plan is expressly disallowed, the Resolution Applicant/ the Implementing Entity, shall procure such approval/permission, as may be necessary for the implementation of the Resolution Plan in accordance with Section 31(4) of the Code. 12. The Resolution Plan is subject to the following contingencies (Elaborate the....
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....ication filed / pending. Sl. No. Type of Tansaction Date of Filing with Adjudicating Authority Date of Order of the Adjudicating Authority Brief of the Order 1 Peferential transactions under section 43 February 10, 2020 for Value Industries Limited; February 10, 2020 for Century Appliance Limited; and February 11, 2020 for Videocon Industries Limited Applications in this regard have been filed before the Hon'ble Tribunal in the CIRP of Videocon Industries Limited, Value Industries Limited, and Century Appliance Limited. 2 Undervalued transactions under section 45 February 10, 2020 for Century Appliance Limited Applications in this regard have been filed before the Hon'ble Tribunal in the CIRP of Century Appliance Limited. 3 Extortionate credit transactions under section 50 NA NA NA 4 Fraudulent transactions under section 66 February 3, 2020 for CE India Limited; February 10, 2020 for Videocon Telecommunications Limited; February 11, 2020 for Videocon Industries Limited; September 1, 2020 for ....
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....ration No: IBBI/IPA-003/IP-N000103/2017-2018/11158 Address as registered with the Board: Flat No. 701, A Wing, Satyam Springs, CTS No. 272A/2/1, Off BSD Marg, Deonar, Mumbai- 400088 Email id as registered with the Board: [email protected] Annexure A ###Since the CoCs for the individual Videocon Group Companies were constituted by the respective erstwhile resolution professionals, the information pertaining to the number of meetings held is based on the data made available by the erstwhile resolution professionals. Annexure B Consolidation of CIRP of 13 Videocon Group Companies and the period of CIRP Part A: Admission into CIRP On account of various defaults committed by: (i) Videocon Telecommunications Limited. (ii) KAIL Limited ("KAIL"); (iii) Electroworld Digital Solutions Limited ("Electroworld"); (iv) Value Industries Limited ("Value"); (v) Evans Fraser and Co. (India) Limited ("Evans"); (vi) Millennium Appliances India Limited ("Millennium"); (vii) Sky Appliances Limited ("Sky"); ....
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....ed within 180 days form the date of this order." Vide the Consolidation Order, the NCLT appointed Mr. Mahender Khandelwal as the resolution professional of the consolidated CIRP. Mr. Mahender Khandewal took over the data and information available with the respective erstwhile resolution professional of the individual CIRPs of the 13 Corporate Debtors, on an as is where is basis. Pursuant to the Consolidation Order, the first meeting of the consolidated committee of creditors of the Corporate Debtors ("CoC") was held on September 16, 2019. In the voting conducted during and pursuant to the said meeting, the CoC voted, with the requisite majority required under the Code, for the replacement of Mr. Mahender Khandelwal with Mr. Abhijit Guhathakurta, the Applicant herein, as the resolution professional for the Corporate Debtors ("Resolution Professional"). Accordingly, this Hon'ble Tribunal vide its order dated September 25, 2019, as published on September 27, 2019, approved the appointment of the Applicant herein as the RP of the Corporate Debtors. Upon receipt of the Appointment Order, the Resolution Professional took over the management of the Corpor....
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....30, 2020 order of the Hon'ble NCLAT has been annexed herewith as Exhibit 1. Calculation of the timelines for the consolidated CIRP of the Corporate Debtors Part D: Delays in adhering to the model timelines for the corporate insolvency resolution process as per Regulation 40A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 It may be noted here that there have been delays in the conduct of consolidated CIRP of the Corporate Debtors qua the model timelines prescribed under Regulation 40A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations"). In this regard, it may be noted that the present matter of the consolidated CIRP of Corporate Debtors is a large and complex matter. There have been several complexities which have been faced and dealt with by the Resolution Professional. The Resolution Professional has faced unique challenges in conducting the present consolidated CIRP of Corporate Debtors, resulting in variance with the model timelines prescribed under Regulat....
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....stries Limited, on the basis of a transaction audit report dated February 1, 2020 submitted by Batliboi & Purohit and I have independently corroborated and formed a view that the suspended/ erstwhile directors/ personnel indulged in certain preferential transactions, which were detrimental to the Value Industries Limited and its creditors, which in my view are preferential under Section 43 of the Code. An application was filed before this Hon'ble Tribunal Mumbai seeking avoidance of such transactions. 4. For Century Appliance Limited, on the basis of a transaction audit report dated February 1, 2020 submitted by Batliboi & Purohit and I have independently corroborated and formed a view that the suspended/ erstwhile directors/ personnel indulged in certain preferential and undervalued transactions, which were detrimental to the Century Appliance Limited and its creditors, which in my view are preferential and undervalued under Section 43 and 45 of the Code. An application was filed before this Hon'ble Tribunal Mumbai seeking avoidance of such transactions. 5. For CE India Limited, on the basis of a transaction audit....
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....bsp;4.56% 3. Unsecured Financial Creditor (Assenting) 2,523.83 2523.63 15.72 0.62% 4. Unsecured Financial Creditor (Dssenting) 987.92 727.09 Nil (Estimated amounts basis the liquidation value derived on the CIRP commencement date and the amounts shall be determined at the time of the payout in accordance with Section 30(2) and Section 30(4) of the Code.) Nil 5. Operational Creditors 8621.23 3003.3 62.02 0.72% 6. Other debts and dues 168.41 165.32 NIL NIL FINANCIAL OUTLAY UNDER THE RESOLUTION PLAN Sr. No. Nature of Payment / Class of Creditors Total amount/ Claim amount verified and admitted Payments proposed under the Resolution Plan Manner of Payment proposed 1. CIRP Costs As determined on actuals As determined at actuals in accordance with Section 5 (13) of the Code and Regulation 31 of the CIRP Regulations From available cash flows, and in the event of a shortfall, the Implementing Entity will infuse funds by w....
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....porate Debtors. As per Regulation 38(1)(b) of the CIRP Regulations, the Dissenting FCs shall be paid (in cash) their portion of the Upfront Payment before the assenting -Dissenting FCs shall in any event be paid their portion of the upfront payment prior to the consenting FCs are paid their portion. -NCDs issued to the Dissenting FCs shall be redeemed one day prior to the NCDs of the consenting Financial Creditors. -In all circumstances and in any event it is clarified that the payment proposed to be made and the manner of making the said payment to the Dissenting Financial Creditor shall be made strictly as per Section 30(2)(b) of the Code read with Regulation 38(1)(b) of the CIRP Regulations. SUBMISSION OF THE PERFORMANCE BANK GUARANTEE In furtherance of the letter of intent dated December 12, 2020 executed by Twin Star Technologies Limited, Twin Star Overseas Limited, one of the Group companies of TSTL and also the holding company of TSTL, submitted a financial guarantee of INR 296.2 crores, being guarantee No. 1637620F0000731 dated December 15, 2020 issued by the State Bank of India. STEPS FOR IMPLEMENTATION OF THE RESOLUTIO....
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....mitted Workmen Dues and Admitted Employees Dues. 6. Conversion of 'Converted Debt' of VIL held by the financial creditors (as defined under the Resolution Plan to mean the portion of the Admitted Debt of Financial Creditors converted into Financial Creditors Equity Shares as per Clause 3.4.5 of the Resolution Plan) into Financial Creditors Equity Shares of VIL, such that the financial creditors hold 8% equity shares of VIL. Such Financial Creditors Equity Shares of VIL shall have a lock-in period of three years from the Closing Date, post which the Implementing Entity shall have a first right of refusal to acquire the same. 7. Capital reduction of VTL and extinguishment/ cancellation thereof to Nil, and infusion of funds by VIL into VTL in consideration of issuance of New Equity Shares of VTL such that VIL holds 100% share capital of VTL. 8. Assignment of Part Debt (as defined under the Resolution Plan to mean the portion debt assigned to the Implementing Entity, as computed after deducting the Converted Debt and the Balance Debt of INR 2700 crore from the Admitted Debt of Financial Creditors, in merged VIL) (including VTL Debt) ....
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....olution Plan of 13 companies having large number of MSMEs. 6. Further it is also observed that by just paying only Rs. 262 Cores (8.84% of total plan value) (Cash balance available with the Corporate Debtors is approx.. Rs. 200 Crores) the Successful Resolution Applicant will get possession of all the 13 Corporate Debtors to run these units and the first payment of Rs. 200 Crores as part redemption amount of NCDs will be paid within 25 months from the closing date and the balance amount of Rs. 6,25,00,00,000/ each is spread over in 4 instalments starting from 3rd year onwards up to sixth year from the closing date and the interest rate for the NCDs is also a nominal of only 6.65% P.A payable annually. It may also be noted that at the time of granting loan, restructuring, approving the resolution plan with such a huge hair cut also the financial institutions, Committee of Creditors consisting 35 members exercised their Commercial Wisdom. Since this is the Commercial Wisdom of the COC and as per the various judgments of the Hon'ble Supreme Court and by following the judicial precedents, discipline the Adjudicating Authority approves the resolution plan of the Successful Resolu....
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....se therefore, we request IBBI to examine this issue in depth so as to ensure the confidentiality clause is followed unscrupulously, without any compromise in letter and spirit by all the concerned parties, entities connected in the CIRP. If not IBBI can frame appropriate regulations, safeguards there by the maximisation of value of the assets of the Corporate Debtor(s) would further increase which in turn will benefit all the stakeholders. Since IBC is a nascent code we feel "this type of input may be useful to the IBBI as well as to the Government to frame appropriate Regulations, Rules, etc. 10. It is also observed as a sample from the 10, 11, 12 CoC minutes, Members of CoC attended is 26, 26 & 28 respectively whereas the Applicant as Chair and the Applicant's Authorised Representative from Deloitte Touche Tohmastsu India LLP were 22, 20 & 20 representatives respectively in addition to the Applicant's Legal Counsel. Such a large number of Authorised Representative for the Applicant indicates either he is not fully prepared or monitory benefit (fees) to these Representatives. Therefore, we request IBBI to examine this issue as well and appropriate guidelines may be issu....
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.... management of the affairs of the Corporate debtor after approval of the resolution plan; d) The implementation and supervision of the resolution plan; e) Does not contravene any of the provisions of the law for the time being in force; f) Confirms to such other requirements as may be specified by the Board. 13. The relevant provision of the Section 30 (4) of the Code which are material for approval otherwise of the Resolution Plan reads as under:- "30 (4) The committee of creditors may approve a resolution plan by a vote of not less than sixty-six percent of voting share of the financial creditors, after considering its feasibility and viability, the manner of distribution proposed, which may take into account the order of priority amongst creditors as laid down in sub-section (1) of section 53, including the priority and value of the security interest of a secured creditor and such other requirements as may be specified by the Board. 14. Section 30(6) of the Code enjoins the Resolution Professional to submit the Resolution Plan as approved by the CoC to the Adjudicating Authority. Section 31 of the Code deals with ....
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.... decision in K. Sashidhar v. Indian Overseas Bank & Others (in Civil Appeal No. 10673/2018 decided on 05.02.2019) has held that if the CoC had approved the Resolution Plan by requisite percent of voting share, then as per section 30(6) of the Code, it is imperative for the Resolution Professional to submit the same to the Adjudicating Authority (NCLT). On receipt of such a proposal, the Adjudicating Authority is required to satisfy itself that the Resolution Plan as approved by CoC meets the requirements specified in Section 30(2). The Hon'ble Court observed that the role of the NCLT is 'no more and no less'. The Hon'ble Court further held that the discretion of the Adjudicating Authority is circumscribed by Section 31 and is limited to scrutiny of the Resolution Plan "as approved" by the requisite percent of voting share of financial creditors. Even in that enquiry, the grounds on which the Adjudicating Authority can reject the Resolution Plan is in reference to matters specified in Section 30(2) when the Resolution Plan does not conform to the stated requirements. 21. In addition to the above the Hon'ble Supreme Court in CoC of Essar Steel (Civil Appeal No.....
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....late the projected plan into a reality. The resolution applicant may have given projections backed by normative data but still in the opinion of the dissenting financial creditors, it would not be free from being speculative. These aspects are completely within the domain of the financial creditors who are called upon to vote on the resolution plan under Section 30 (4) of the I&B Code. 22. Moreover the Hon'ble Supreme Court in the matter of J.P. Kensington Boulevard Apartments Welfare Association & Ors. V/s. NBCC (India) Ltd. & Ors. (Civil Appeal No. 3395 of 2020 decided on 24.03.2021) has held that, the Adjudicating Authority cannot modify the Resolution Plan, but can send it back for reconsideration to the CoC. In Paragraph 78 of the aforesaid Judgment the by Hon'ble Supreme Court was pleased to observe as such:- 78. "To put in a nutshell, the Adjudicating Authority has limited jurisdiction in the matter of approval of a resolution plan, which is well-defined and circumscribed by Sections 30(2) and 31 of the Code read with the parameters delineated by this Court in the decisions above referred. The Jurisdiction of the Appellate Authority is also circumsc....
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....ned to the Central Government, any State Government or any local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date on which the Adjudicating Authority grants its approval under Section 31 could be continued. 24. In the light of above stated discussions and the law has been settled, we find that the proposed Resolution Plan meets the requirements of Section 30(2) of the Code and Regulations 37, 38, 38(1A) and 39 (4) of the Regulations. The Resolution Plan is not found in contravention of any of the provisions of Section 29A of the Code and is in accordance with Law. Hence the same deserves approval with following observation and direction to the CoC to make payments as per liquidation value to all the dissenting Financial Creditors in cash upfront before any payment is made to assenting Financial Creditors as per the judgment of the Hon'ble Supreme Court in the matter of Jaypee Kensington Boulevard Apartments Welfare Association & Ors. vs. NBCC (India) Ltd. & Ors. matter. 25. Further in the light of decision of NCLT Mumbai Bench in the matter of Precision Fasteners Ltd. CoC to....
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....Financial Creditors shall be member of the Committee. They will supervise the implementation of the Resolution Plan under the discipline of the I&B Code. In addition to the above this Adjudicating Authority feel appropriate to appoint an Observer Cum Permanent Invitee in the Steering Committee to ensure smooth functioning and change over to the Successful Resolution Applicant accordingly Mr. R.K. Agarwal, Former Whole Time Member of SEBI, expert in the field of Capital Markets and Finance is appointed by this Adjudicating Authority and he shall be suitably paid fee for his professional services and other fringe benefits be extended to him. (Mob. 9833889846). vi. For the proposed merger of all the companies involved in the resolution plan, this Adjudicating Authority grants it in principle approval for the same. vii. The Applicant shall communicate a copy of this Order along with relevant record to the IBBI for information and record. viii. The Applicant shall also send a certified copy of this Order to the CoC and the Resolution Applicant, respectively for necessary compliance. ix. The IA No. 196 of 2021 in CP No. 02 of 20....
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....ies Limited Equity 3,91,85,675 | NIL 100% NIL Electroworld Digital Equity 12,42,04,71,883 NIL 100% NIL Solutions Limited 4 Videocon Equity 8,00,00,00,000 | NIL 100% NIL Telecommunication Limited Applicomp India Equity 13,82,92,837 | NIL 100% NIL Limited 6 Millennium Appliances | Equity 4,12,66,000 NIL 100% NIL India Limited 7 PE Electronics Limited Equity 1,24,95,000 NIL 100% NIL 8 Techno Electronics Equity 13,24,75,000 NIL 100% NIL Limited 9 Techno Kart India Equity 16,12,40,000 || NIL 100% NIL Limited FF FF 10 CE India Limited Equity 70,107 | NIL 100% NIL Century Appliances Equity 1,00,00,000 NIL 100% NIL Limited 12 Sky Appliances Limited Equity 3,15,67,000 NIL 100% NIL 13 Evans Fraser & Co. (India) Ltd. Equity - 4,97,500 NIL 100% NIL Class A 12,500 Equity Class B Document 3 a. Sale of corporate debtor as a going concern: b. Sale of business of corporate debtor as a going concern: Yes/No Yes/No Document 4 Name of Videocon ....
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....t 25, 2018 Oct 30, 2018 6 Document 5 Sr. No. Order 5. Impact Last date CIRP Order of the NCLT dated August 8, 2020 consolidating the CIRP of the Corporate Debtors Extension order by the NCLT dated January 28, 2020 Order of the Government of Maharashtra dated March 23, 2020 imposing a lockdown from March 22, 2020 Order of the Ministry of Home Affairs, Government of India dated March 24, 2020 extending the lockdown 180 days granted for the February 4, 2020 consolidated CIRP from the date of the order Extension of 90 days May 4, 2020 granted for the consolidated CIRP Lockdown on account of May 14, 2020 Covid-19 imposed for till March 31, 2020 Lockdown on account of May 29, 2020 Covid-19 extended for a period of 21 days, ie. till April 15, 2020 Order of the Government of | Lockdown on account of June 16, 2020 Maharashtra dated April 14, 2020 lockdown extending the Covid-19 imposed till May 3, 2020. 6. Order of the Government of Lockdown on account of June 30, 2020 Maharashtra dated May 2, Covid-19 extended till May 2020 extending ....