2020 (6) TMI 808

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.... Per Jinan K.R. Member (Judicial): 1. This application was filed by one Dilip Kumar Singh & Others representatives of the employees of the CD Company, Gujarat NRE Coke Ltd. (Corporate Debtor) which is under Liquidation since, i.e 11.01.2018 praying for issuing the following relief: 1. A direction to the respondents to reconsider the Scheme of Compromise and Arrangement under Section 230 of the Companies Act,2013, proposed by the shareholders along with the TEV Study; 2. A direction in the interim to the liquidator not to discharge or dismiss any employee and maintain their employment; 3. Such other orders as this Hon'ble Tribunal may deem fit and proper. 2. Ld. Counsel Mr. Sandeep Bajaj, submits that the C....

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....SC. On the side of the financial creditor, Ld counsel Mr. Ajay Gaggar was heard. 5. The Ld. Counsel for the applicant repeatedly requested to provide one more opportunity to them to have one round of presentation of the scheme in an effort to convince the creditors. According to him when the meeting was called everybody was voted in favour of the scheme but the secured creditors were only against the Scheme. He further said that because of the COVID-19 situation any possibility to have a change in the Scheme is to be explored before liquidating the assets of the CD. If it is not revived, about one thousand and odd employees will not survive. He argued. 6. Ld. Liquidator submits that the Corporate Debtor Company was making losses even ....