2024 (11) TMI 483

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....i, Ms. Saloni Singh, Ms. Divya Verma, Mr. Tushar Gadia and Mr. Kamakshraj Singh, Advs. For the Respondents Through: Mr. Pramod Kumar, Adv. for R-1/Indian Overseas Bank. DHARMESH SHARMA, J. (ORAL) CM APPL. 64185/2024 in W.P.(C) 15264/2024 CM APPL. 64189/2024 in W.P.(C) 15265/2024 CM APPL. 64174/2024 in W.P.(C) 15266/2024 CM APPL. 64178/2024 in W.P.(C) 15267/2024 1. Allowed, subject to all just exceptions. 2. These applications are disposed of. W.P.(C) 15264/2024, CM APPL. 64183/2024 & CM APPL. 64184/2024 W.P.(C) 15265/2024, CM APPL. 64170/2024 & CM APPL. 64190/2024 W.P.(C) 15266/2024, CM APPL. 64172/2024 & CM APPL. 64173/2024 W.P.(C) 15267/2024, CM APPL. 64176/2024 & CM APPL. 64177/2024 3. The aforesaid....

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.... of record that the NCLT in such proceedings [I.A/1334/ND/2023A/WI.A/5241/ND/2023 in CP IB-190/PB/20107] vide judgment dated 11.06.2024 accepted a resolution plan by the Resolution Applicant after due approval of the CoC [Committee of Creditors], of which the respondent no. 1/IOB was also a signatory. As per the resolution plan approved by the learned NCLT, Delhi, the following dispositions have been provided for:- The Admitted Financial Debt (reduced by the share of the Upfront Payment to the financial Creditors received by the Financial Creditors) shall be restructured in the following manner: "a. A sum of INR 378 Crores shall be converted into NCDs and issued to the Assenting Secured Financial Creditors as detailed in Part B ....

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.... terms of the NCDs for the release of the Encumbrances, security interests and charges pertaining to the debt of the Company. 13.2.4 As on the Closing Date, the Assenting Financial Creditors shall release any Encumbrance, or any other form of security interest (whether over immovable, movable assets, fixed deposits) cash, rights, privileges or property) that was created/granted/arranged in connection with any debt or obligation of the Corporate Debtor and its joint ventures, at any time prior to the Effective Date, shall automatically stand released and all liabilities and obligations of the Corporate Debtor and its joint ventures in relation to such Encumbrance or other form of security interest shall stand extinguished (including....

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....ed, and the Assenting Financial Creditors shall take all necessary steps to ensure the same. 13.2.7 The Assenting Financial Creditors shall have no other rights or claims against the Corporate Debtor and its property/ properties (including but not limited to, in relation to any past breaches by the Corporate Debtor or joint ventures or any right of recompense that the assenting Financial Creditors may have) other than as agreed in the terms of the NCDs and all prior claims shall immediately, irrevocably and unconditionally stand extinguished. 13.2.8 It is clarified that any agreements/arrangements between the Corporate Debtor, its property/ properties, its joint ventures and any Assenting Financial Creditors relating to ma....

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.... sale proclamation has been issued for sale of the mortgaged property, which is an agriculture property, in complete derogation of Section 31 (i) of the SARFAESI Act. 11. Learned senior counsel for the petitioner has alluded to the decision by the Gujarat High Court in the case of Prashant Shashi Ruia v. State Bank of India MANU/GJ/2177/2021 dated 16.12.2021, whereby it has been held that once the claim gets settled by the corporate debtor, there is no independent right of action available to the secured creditor to proceed independently against the guarantor. 12. However, learned counsel for the respondent no. 1/IOB vehemently urged that the present writ petitions are not maintainable and the appropriate remedy for the petitioner is ....