TaxTMI 
TaxTMI 
2022 (4) TMI 776
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....2. This application has been filed by the Successful Resolution Applicant of M/s. Bhadrashree Steel and Power Limited of the Corporate Debtor i.e. M/s. Shantha Projects Ltd. under Section 60(5) of the IBC, 2016 seeking the following reliefs: (a) Allow the instant application and grant an extension of one month to the Applicant for balance payment of Rs. 12.78 Crores along with the additional amount of Rs. 15 lakhs from the date of order passed by this Hon'ble tribunal in the present application; and (b) Direct the Resolution Professional to complete all formalities including but not limited to opening of bank account, transfer of shareholding and directorship including filing of FORM DIR-12 and hand over the management of the Corpor....
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....bmitted by M/s. Bhadrashree Steel and Power Limited (Resolution Applicant) as approved by the CoC at 10th meeting held on 20th July 2019, which was finally approved by CoC in its meeting held on 23.09.2019, with 100% is hereby approved by declaring that the Resolution Plan will be binding on the Corporate Applicant and its employee, members, creditors, guarantors, and other stakeholders involved in the Resolution Plan. (ii) The Moratorium imposed vide order dated 10.10.2018 passed in the CP shall cease to have effect from the date of communication of the order. (iii) The Resolution Professional is directed to handover the management control all the assets, documents/records in physical and/or digital from on an as is where is basis to t....
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....e matter has been negotiated by both the parties and approval has already been granted by the CoC i.e. the Sole Financial Creditor, and the Successful Resolution Applicant agreed to pay Rs. 15 lakhs extra over and above to the agreed amount. In view of the same, an extension of 03 (Three) months of time is granted for making the balance payment. (b) In the result, I.A. No. 132 of 2021 in CP(IB) No. 69/BB/2018 is hereby disposed of by granting 03 (Three) months of time for making the balance payment, as stated supra, No order as to costs. 7. In spite of availing substantial time, the Applicant again filed the instant I.A. seeking further time of one month to pay the balance amount of Rs. 12.78 Crores along with additional amount of Rs. 15....
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....ed by the Bank for engaging security guards for protection of assets of Corporate Debtor at monthly rate of Rs. 2,78,601/- from 06.08.2021 i.e. from the date of NCLT order till the assets are handed over to you. 2. Please note that this letter is issued at your specific request and it should not be construed as an approval. Your request for extension in time by one month has to be approved by Hon'ble NCLT and also the Bank internally. 9. Ms. Vignesh Shetty, learned Counsel for the State Bank of India who is the Sole Financial Creditor and the Sole CoC Member of the Corporate Debtor submits that as claimed by the learned Counsel for the Applicant, Indian Bank has already sanctioned 742.50 lakhs and if the Applicant agrees for the term....