2022 (8) TMI 1203

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....ing necessary orders for dissolution of the monitoring Committee of the Corporate Debtor. 2. Briefly stated by the Applicant that: 2.1 An application under Section 7 of the Insolvency and Bankruptcy Code, 2016, was filed by the Financial Creditor (FC)/Respondent herein, SREI Infrastructure Finance Ltd., the same being CP (IB) No.20/GB/2017, against the Applicant/CD herein - Assam Company India Ltd. before this Tribunal and this Tribunal by an order dated 26.10.2017 admitted the said application and initiated CIRP against the Applicant and declared moratorium under Section 14 of the Code. By the said order, this Tribunal also appointed an Interim Resolution Professional (IRP) for collating the claims of the Applicant. A copy of the said or....

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....efore the Tribunal, the Monitoring Committee will be dissolved and in this regard necessary actions should be taken by the Applicant. A copy of the Minutes of the Meeting dated 03.07.2020 of the Monitoring Committee has been enclosed with the Application. 2.6 In due course of the proceedings in the Hon'ble Tribunal in MA (IBC) No.2/GB/2021 in CP (IB) No.20/GB/2017 the Applicant intimated the Monitoring Committee vide its email dated 10.12.2021 to submit the status report complying the order dated 30.11.2021. One of the Members of the Monitoring Committee i.e. State Bank of India replied vide its email dated 20.12.2021 instructing the applicant to take necessary steps for dissolving the Monitoring Committee. A copy of the emails dated 10.12....

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....ructure Finance Limited, one of the Unsecured Financial Creditors, after having received an amount of Rs.38.87 crores in full and final settlement of their dues initiated another proceeding under Section 7 of the IBC against one of the subsidiaries of the Applicant namely Gujarat Hydrocarbon and Power SEZ Ltd. The said application was admitted by the Hon'ble NCLT Delhi vide an order dated 18.11.2020. Against the said order both BRS and one of the director of the suspended Board of Directors of Gujarat Hydrocarbon and Power SEZ Ltd. had filed appeals before the Hon'ble NCLAT. The said appeals were dismissed by the Hon'ble NCLAT by an order dated 11.05.2021. BRS has filed a civil appeal being CA No.4565 of 2021 before the Hon'ble Supreme Cour....

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....028/2020 in the Hon'ble NCLAT, New Delhi which the Hon'ble NCLAT, Delhi was pleased to dismiss on 09.08.2021. Thereafter, the applicant being aggrieved by the order dated 09.08.2021 filed a Civil Appeal No.661 of 2021 in the Hon'ble Supreme Court. The Hon'ble Supreme Court dismissed the appeal on 15.11.2021. Therefore, as on date the equity capital of the applicant stands at Rs.60 crores. 4.2 As per resolution plan BRS has already infused an amount of Rs.1064 crores and had further intended to infuse an amount of Rs.150 crores within six months from the date of approval i.e. 20.09.2018. This amount was considered for infusion at the time of preparation of the resolution plan. However, upon taking over of the applicant, BRS has infused fund....

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.... the orders of this Bench. A copy of the minutes of the meeting held on 18.05.2022 is also annexed with the Supplementary Affidavit. 5.4 Pursuant to the assurances given during the meeting of the Monitoring Committee dated 18.05.2022, the Resolution Applicant, BRS Ventures Investment Limited has provided its declaration and undertaking on 06.06.2022 thereby stating that as the operations are running smoothly with the current CAPEX position as well as financial position, therefore forthwith infusion of money or increment of the authorised share capital is not necessitated. However, the Resolution Applicant, BRS Ventures Investment Limited vide letter dated 06.06.2022 has undertaken to infuse funds as and when the business operations shall b....