2022 (3) TMI 1498

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.... Co. for Defendant No.2. Mr. Ravi Kada, Senior Advocate, Mr. H. Mehta and Mr. Ahsan Allona i/b. Sagar Associates for Defendant No.3. ORDER 1. Heard learned Counsel for parties. 2. By this Interim Application, ad-interim relief has been sought for by the Applicants / Plaintiffs in terms of prayer clause (c) of the Interim Application which is for convening a meeting of seven debenture holders of Defendant No.1 to consider the Resolution Plan approved by the ICA lenders on 19th June, 2021 and at such meeting put to vote such resolution as may be necessary in terms of the Debenture Trust Deed. 3. Mr. Khandeparkar, the learned Counsel for the Applicants / Plaintiffs has referred to the clauses under the Debenture Trust Deed as we....

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.... not less than three-fourth of the persons voting thereat upon a show of hands or if a poll is demanded by a majority representing not less than three-fourths in value of the votes cast on such poll. He has submitted that it is in the interest of the debenture holders for such meeting to be held by the Debenture Holders which includes the Plaintiff. 4. Mr. Sakseria, the learned Counsel for Defendant No.2 - IDBI Trusteeship Services Ltd. has submitted that an earlier meeting had been called by Defendant No.2 giving notice of the meeting of Debenture Holders issued by Defendant No.1 on private placement basis to be held on 20th August, 2021. The notice was issued on 29th July, 2021 and is tendered and taken on record and marked 'X' for ide....

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.... Senior Counsel appearing for Defendant No.1 have no objection for calling such meeting. 7. Having considered the submissions, it would be appropriate following the law laid down by this Court in Rajkumar Nagpal (Supra), to grant ad-interim relief in terms of prayer clause (c). Accordingly, Defendant No.2 is directed to call meeting of the seven Debenture Holders under the three Debenture Trust Deeds within two weeks of this order. The calling, conducting and voting at such meetings shall be governed by the terms of the respective Debenture Trust Deeds. At such meetings, the second Defendant will place for consideration and approval of the beneficial owners or debenture holders the settlement offer / compromise / arrangement / Resolution....