2021 (12) TMI 342

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....ankruptcy Code 2016 seeking relief as follows; a. Allow the instant Application; b. To pass an order by replacing the Respondent and appoint some other person as liquidator in the interest of the creditors in the matter of M/s. Servalakshmi paper Limited under Liquidation; c. Any other relief(s) as this Hon'ble Tribunal may deem fit in the facts and circumstances of the present case and thus render justice. 2. The Respondent herein was appointed as the Resolution Professional in respect of the Corporate Debtor vide order of this Tribunal dated 21.06.2017. During the CIRP, the Applicant in the capacity as a Financial Creditor has submitted a claim before the Respondent for a sum of Rs. 185.57 Crore and the s....

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....to furnish the details. 4. It was submitted that the Scheme of Sun Paper Mill Limited was approved by 100% of the Committee of Creditors in preference to the Scheme submitted by Seshasayee Paper and Board Limited in the meeting held on 19.08.2019. It is averred in the Application that after the Scheme was approved the Respondent insisted payment of Rs. 2,73,30,264/- towards additional liquidation cost which was rejected by the Scheme Application Sun Paper Mill Limited and only Rs. 75 Lakhs was approved. However, it was submitted that Seshasayee Paper and Board Limited has approved Rs. 2,73,30,264/- as the Liquidation costs and hence the Liquidator has placed both the schemes before this Tribunal in CA/1266/2019 seeking approval of either....

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....as submitted that the Respondent has failed to protect the interest of the creditors and the inaction and improper action on the part of the Respondent has caused great prejudice to the interest of the stakeholders and under such circumstances has prayed for appointment of some other person as Liquidator in respect of the Corporate Debtor. 7. The Respondent has filed counter and the Respondent at the outset has denied all the allegations raised by the Application in the present Application. It was submitted that the Liquidator has placed the two Scheme before this Tribunal for approval in CA/1266/2019 with the sole object and intention to maximize the value and assets of the Corporate Debtor strictly in consonance with the yardstick pres....