TaxTMI 
TaxTMI 
TaxTMI 
2025 (7) TMI 709
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....ourt IV in IA No.2297 of 2025. The Application 2297 of 2025 was filed by the Resolution Professional seeking extension of 45 days beyond 465 days from 28.04.2025 to 11.06.2025. By the impugned order the said application was rejected. Aggrieved by which order the majority Financial Creditor, Resolution Professional as well as the Successful Resolution Applicant have come up in these appeals. 2. We have heard learned counsel appearing for the JM Financial (majority Financial Creditor), learned counsel for the Resolution Professional and learned counsel for Successful Resolution Application, who have filed the Appeals. We have also heard Shri Gaurav Mitra, learned counsel appearing for Aurum Commercials LLP and two others having 6.6% voting share. Learned counsel for the JM Financial submits that they have authorisation from Motilal Oswal Trustee Co. Ltd., and total vote share is about 69%. 3. The CIRP of the Corporate Debtor - Spenta Enclave Pvt. Ltd. could not be completed even after expiry of 330 days, the Adjudicating Authority has granted extension / exclusion for four times, last extension being granted on 17.03.2025, by which 90 days' extension was granted after excluding cer....
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....t it is true that extension beyond 330 days is granted only in exceptional circumstances and present is a case where the Adjudicating Authority itself on satisfying, extended period till 27.04.2025, hence, within 27.04.2025, the CoC held meeting and considered the clarifications received from the Resolution Applicant. It is submitted that in the application IA No.2297 of 2025 all details were mentioned but the Adjudicating Authority without adverting to the contents of the application rejected the application. The Adjudicating Authority in Para 6 has observed that "there appears to be no chance of resolving the matter within this timeframe also.". It is submitted that on 03.06.2025, no order was pronounced in the Court and in fact, order was uploaded on 24.06.2025. and only on 25.06.2025 Appellants can know of the above order. 5. Shri Gaurav Mitra, learned counsel appearing for Aurum Commercials LLP submits that there were no exceptional circumstances so as to grant any further extension and the Adjudicating Authority has rightly rejected the application praying for 45 days' extension. It is submitted that after rem....
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....lso shared an email dated 4th February 2025, received from SWAMIH Fund (Mr. Shardul Kanvinde, Analyst) whereby they have informed the SRA that upon satisfactory completion of due diligence process and subsequent approval by the funds internal committee, a final sanction term sheet will be issued. The RP requested views from the CoC regarding the clarification letter shared by the SRA. Aria Commercials LLP ("Aria") and Aurum Commercials LLP ("Aurum") were of the view that the email by SWAMIH is an eyewash. Secondly, they asked whether Kothari Products Limited ("KPL") is getting anything in the resolution Plan. Whether there is any deal that has happened between KPL, JM Financials and SRA now that they are sanctioning funds despite the fact that they are not getting anything in the Resolution Plan. Their view is that the Term Sheet from KPL is suspicious. Thirdly the representatives of Aria and Aurum was of the view that JM Financials Credit Facility to the CD is like evergreening. They suggested the RP to write to RBI regarding the same. The RP informed representatives of Aria and Aurum that the clarification letter received from the SRA has been placed before CoC for their ....
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.... by OTP: Enter your email id, kindly ensure you use the same email id as notified the IRP for e-voting. You will receive an INVITE e-mail from D'Cirrus on the registered email. PASSWORD: Enter your email id and click on submit button. Your unique OTP (One Time Password) would be delivered on your registered email. Once you enter the OTP click on the confidentiality agreement button and submit you will be logged in to voting platform VOTING: Once logged in, you would go to votes and click on it. Here you will see the voting from the M/s. Spenta Enclave Private Limited listed. You would be taken to the voting page. OPTIONS: On the voting page, you will see all the items to be voted upon. Against each item, the following options would be available: * Yes * No * Abstain CONFIRMATION: After selecting the option, click on SUBMIT. You will receive a THANK YOU message on the screen. This is confirmation that your vote has been recorded and also receives a confirmation note on registered email and mobile. The Chairman then informed the members that minutes of the meeting shall be circulated to all the members of the committee within 48 hours of the conclusion of the me....