TaxTMI 
TaxTMI 
2021 (12) TMI 1239
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....r Section 60 (5) of the Insolvency and Bankruptcy Code, 2016, ("Code") read with Rule 11 of the National Company Law Tribunal Rules, 2016 seeking directions to be issued to the Respondents to make contributions to the corpus fund as approved by the Committee of Creditors (CoC) to meet and support the Applicant to keep the Corporate Debtor Company as a going concern, protect and preserve the value of assets and to meet the costs and expenses during the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. 2. The Applicant submits that the Respondents are called upon to pay the corpus as the said had been unanimously approved by the CoC members in three CoC meetings namely the 4th CoC meeting held on 14.12.2018, 20th CoC ....
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....ity of sufficient funds. Further, the Applicant submits that with respect to repair and general upkeep of the Corporate Debtor, a substantial investment would require which might not be possible for the Applicant to undertake due to paucity of funds. The accumulated arrears presently stands at 14.7 crores as on 31.07.2020 with over 1103 defaulting residents. 6. Further, with respect to tourism, the present on going CIRP of the Corporate Debtor and existence of several incomplete projects has resulted in lower foot fall. Further, the on going CIRP also affected the facilities such as hotels and also the convention centre. Further due to outbreak of covid-19, the key expenses forming part of the CIRP of the Corporate Debtor such as MSEDCL,....
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....0,43,669/- (Rupees Fifteen Crores Ninety Lakhs Forty Three Thousand and Six Hundred and Sixty Nine Only) by a majority vote of 72.45%. after the approval of the agenda for creation of the corpus, the Applicant requested relevant individual members of the CoC to make payment of their contribution towards creation of the first corpus. Although certain members of the CoC made payments towards their contribution, still contributions were awaited from certain other members of the CoC. 10. The Applicant clarified that the delay in contribution was affecting the ability of the Applicant to make timely payments on behalf of the Corporate Debtor towards large amounts that were outstanding towards various parties. The Applicant further requested t....
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.... made to the vendors for several months and also due to the financial crunch faced by the Corporate Debtor, the Applicant requested the members of the CoC to consider the creation of another corpus and accordingly the members of the CoC approved the creation of a corpus of Rs. 8,89,70,376/- (Rupees Eight Crores Eighty Nine Lakhs Seventy Thousand Three Hundred and Seventy Six Only) by a majority of 70.97% votes. The Applicant further submits that number of members of the CoC made their respective contributions to the first and second corpus and an amount of Rs. 5.05 Crores remained pending towards corpus contributions as on 31.03.2020. 14. The Applicant submits that the Corporate Debtor Company continued to face severe cash flow shortages....
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....hat Resolution Professional is duty-bound to maintain Corporate Debtor as going concern interim finance. CoC has approved to arrangement of interim finance of Rs. 63 Crores. However, some of the members of the CoC has not yet sanction interim finance. In the circumstances, we have passed an Order that the members of the CoC, who have sanctioned Interim finance, they should make an available fund to the Corporate Debtor immediately and we further direct other members of CoC to sanction and make the payment within 15 days to persons". 17. The Applicant submits a Note on status of pending contributions towards corpus to be received from CoC Members updated as on 28.09.2021 as follows :- Sr. No. Name of the Financial Creditor Pendin....