2026 (1) TMI 330

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....Pvt. Ltd. challenging the order dated 08.04.2024 by which order, on an application filed by Bank of Baroda under Section 7 the CIRP commenced against the M/s SE Transstadia Pvt. Ltd. The appellants case in the appeal is that the Govt. of Gujarat has decided to infuse fund and corporate debtor had already submitted an OTS proposal of Rs. 108 Crores to the Bank of Baroda. When the appeal was taken and heard by this Tribunal following order was passed on 12.04.2024 granting an interim order:- "ORDER (Hybrid Mode) 12.04.2024: Learned counsel for the Appellant submits that by the impugned order the Adjudicating Authority has admitted Section 7 application filed by Bank of Baroda. It is submitted by learned counsel for the Appellan....

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....g held on 02.04.2025: "Way Forward: Union Bank of India told that in earlier proposal company proposed to pay interest also from upfront amount, however in the proposal in hand (submitted by the Company in August 2024), No amount proposed for interest payment. All the Banks advised the Company to re-submit the restructuring proposal with improvement in sustainable debt, upfront amount and interest payment. Company informed that they will work over it and submit the proposal in few days. It is also discussed that after receiving Remaining amount of Rs.8.00 Cr (out of Rs.25.00 Cr) from TCGL, Banks may start to work on restructuring. Member Banks were of the view that we may get quotations for TEV Study, Rating and process advisor, so....

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....Utsav and expected that revenue generation may increase, once the account is withdrawn from NCLT as Company has not been getting more bookings for events due to admission in NCLT. Recovery of cutback amount : All the lenders have informed the company that Cut Back amount is not deposited by the company. Mr. Harith Vyas of the company has informed that after issuing NOC by all the lenders, joint discussions with Government are going on and company is in process of executing pledge agreement with TCGL and expecting to enter into agreement by 05.04.2025, there after by second week of April 2025 Rs.8 Cr will be released by Govt, and company told that pending cut back amount may be recovered from that amount by the lenders. Way....

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....ucturing does not fructified. Present is the case where all financial creditors, have agreed that Bank of Baroda who is the lead bank to withdraw Section 7 proceedings for which they have already filed an IA No. 2819 of 2025 prayers made in the IA- 2819 of 2025 are to the following effect:- "PRAYERS In view of the above facts and circumstances, it is most respectfully prayed that this Hon'ble Appellate Tribunal may be pleased to: a. Direct Respondent No.1 to expedite the completion of the necessary documentation with the Government of Gujarat; b. Direct Respondent No.1 to take immediate steps for withdrawal of the insolvency proceedings against the Corporate Debtor by filing an application under Section 12A....