2022 (7) TMI 93

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....BC, 2016 R/w. Rule 11 and 32 of the NCLT Rules, 2016 against the Resolution Professional of M/s. Southern Batteries Pvt. Ltd., (Corporate Debtor) seeking the following reliefs: a. Direct the Corporate Debtor represented by the CoC and the Resolution Professional to accept the exit of the Applicant from the JV Company by way of transfer or purchase of 5,00,000 Shares held by the Applicant in the JV Company at a nominal value of INR 1.00, in terms of the Put Option under Article 22.2 of the JV Agreement dated September 01, 2015, as exercised by the Applicant in and through its letters dated 15.10.2020 and 18.11.2020 addressed to the RP of the Corporate Debtor, to provide a complete cessation of the relationship and termination of the....

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....th the Corporate Debtor's concurrence) towards the successful operations of the JV Company, which have not been repaid as of date. But the Corporate Debtor, being the operational partner at the majority shareholder, failed to operationalize the JV Company and rendered the Applicants investment in the JV Company useless. 4. When the Applicant attempted to claim and enforce its rights, the Corporate Debtor entered into negotiations with the Applicant (through 2019 and early 2020), wherein the Corporate Debtor undertook to provide the Applicant a complete exit from the JV Company by purchasing the Applicant's-49% shareholding in the JV Company for a nominal consideration and also agreed to terminate the JV Agreement and an Agreement....

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....wards the Applicant. A true copy of the minutes of the 8th CoC meeting held on 05.11.2020 is produced herewith as Annexure 'A'." XXXXX 6. Accordingly, submits that the Corporate Debtor will be having certain claims against the Applicant and hence at this stage the exit of the Applicant from the JV Agreement shall not be permitted and the Application may be dismissed. 7. Heard Shri V. Srinivasa Raghavan, learned Sr. Counsel along with Ms. Vegadarshi, learned Counsel for the Applicant and Shri Nishanth Kadur along with Shri Deep Roy, learned Counsel for the Respondent/Resolution Professional, and perused the pleadings on record. 8. Admittedly, CIRP proceedings were initiated and moratorium was declared against the Co....