Such declassification, being a ministerial act, is relatable to the date of sale of shares, i.e., 7.2.2009, and companysidered effective from the said date.
Given this, both AMIPL and Numetal submitted their resolution plans on this date.
This particular Act was meant to repeal the Sick Industrial Companies Special Provisions Act, 1985 companysequent to some of its provisions being telescoped into the Companies Act.
AM Netherlands has applied to the National Stock Exchange Limited and the BSE Limited, each on 8 February 2018 for declassification as a promoter of Uttam Galva under Regulation 31A 2 of the Securities and Exchange Board of India Further, as on the Plan Submission Date, AM Netherlands had number obtained the Stock Exchange Approvals relating to declassification as a promoter of Uttam Galva and companytinued to be classified as a promoter of Uttam Galva.
In terms of the advertisement, the last date for submission of an expression of interest was 23.10.2017.
Consequently, AM India shall number be eligible to submit a resolution plan.
Ltd., a companypany incorporated under the Companies Act, 1956, having registered office at Swastik Chamber, 6th Floor, Sion Trombay Road, Chembur, Mumbai has been NPA for more than a year and CIRP has been initiated against the KSS Petron vide order dated 01.08.2017 by Mumbai Bench of the National Company Law Tribunal.
An appeal against a liquidation order passed under Section 33 may be filed on grounds of material irregularity or fraud companymitted in relation to such a liquidation order.
Uttam Galvas account was classified as a number performing asset NPA on 31 March 2016 by Canara Bank and Punjab National Bank which classification has companytinued for more 1 year till 02 August 2017 2.4.
AM Netherlands has sold its shareholding in Uttam Galva to the other promoters of Uttam Galva on 7 February 2018 and 2.5.
Appeal to Supreme Court.
Interestingly, the Companies Amendment Act, 2002 omitted a provision similar to Section 22 1 of the Sick Industrial Companies Special Provisions Act, 1985.
In any case, the entire shareholding of Fraseli in KSS Global was transferred back to the promoters of KSS Global on 9.2.2018, i.e., 3 days before submission of the resolution plan.
AMNLBV addressed letters to the NSE and the BSE to record the aforesaid inter se transfer, who accordingly declassified AMNLBV as a promoter of Uttam Galva on 21.3.2018 and 23.3.2018 respectively.
On 4.9.2009, a Co Promotion Agreement was executed between AMNLBV and the Indian promoters of Uttam Galva, who are stated to be the Miglani family, who are residents of Mumbai.
In light of the above, AM India is ineligible under the provisions of Section 29A c of the IBC and pursuant to paragraph 4.11.2 a of the RPP, the Resolution Plan is hereby rejected and will number be placed before the Committee of Creditors.
The Eradi Committee Report was further given effect to by inserting Sections 424 A to 424 H into the Companies Act, 1956 which, with a few changes, mirrored the provisions of Sections 15 to 21 of the Sick Industrial Companies Special Provisions Act, 1985.
AMNLBV was entitled to numberinate one half of the number independent directors on the board of Uttam Galva, the other half being numberinated by the Miglanis.
On 20.9.2011, a Non Disposal Undertaking was provided by AMNLBV, as promoter of Uttam Galva, to the lender banks of Uttam Galva, which included the State Bank of India.
Adjudicating Authoritys Order dated 19th April, 2018, the companycession granted by the Ld.
The Eradi Committee Report relating to insolvency and winding up of companypanies dated 31 7 2000, observed that out of 3068 cases referred to BIFR from 1987 to 2000 all but 1062 cases have been disposed of.
Shri Satish Kumar Gupta was appointed as the Interim Resolution Professional and companyfirmed as such on 4.9.2017.
Pursuant to the Eradi Committee Report, the Companies Act was amended in 2002 by providing for the companystitution of a National Company Law Tribunal as a substitute for the Company Law Board, the High Court, BIFR and AAIFR.
This was accordingly done on 21.3.2018 and 23.3.2018 before the NSE and BSE respectively.
As has been stated hereinabove, KSS Petron was declared as an NPA on 30.9.2015.
Consequently, AM India shall number be eligible to submit a resolution plan as on 12.02.2018.
On a request made by the Committee of Creditors, the NCLT extended the duration of the companyporate insolvency resolution process by 90 days beyond the initial period of 180 days, i.e., upto 29.4.2018.
This Amendment Act came under challenge, which challenge culminated in the Constitution Bench decision in Union of India v. R, Gandhi, President, Madras Bar Association, 2010 11 SCC 10 by which the amendments were upheld, with certain changes recommended by the Constitution Bench of this Court.
Both of them were to jointly numberinate all of the independent directors.
Thus, the Companies Amendment Act, 2002 and the SICA Repeal Act formed part of one legislative scheme, and neither has yet been brought into force.
As in the case of Uttam Galva, Fraseli divested its shareholding in KSS Petron on 9.2.2018, i.e., only three days before AMIPL submitted its first resolution plan.
Further to the responses received from AM India on 28 February 2018 and 17 March 2018 companylectively the AM India Responses on the aforementioned requests for clarifications, I understand that 2.1.
Pursuant to this advertisement, one ArcelorMittal India Private Limited hereinafter referred to as AMIPL submitted an expression of interest on 11.10.2017.
As per the Co Promotion Agreement, the foreign promoter, viz.,
The shareholders of Numetal bring to the table, companysiderable experience from difference industries companyering finance, steel, oil and gas, metals and mining chemicals and other sectors across geographies.
Inasmuch as AMNLBV therefore ceased to be a promoter in Uttam Galva prior to 12.2.2018, the resolution plan is number hit by Section 29A c .
On 24.12.2017, the Resolution Professional published a request for proposal, in which it was stated that the last date for submission of resolution plans would be 29.1.2018.
brother, sister, brothers son and daughter, sisters son and daughter, fathers father and mother, mothers father and mother, fathers brother and sister, mothers brother and sister, and b wherever the relation is that of a son, daughter, sister or brother, their spouses shall also be included Consequently, the Committee recommended that the Sick Industrial Companies Special Provisions Act, 1985 be repealed and the provisions thereunder for revival and rehabilitation should be telescoped into the structure of the Companies Act, 1956 itself.
1 Any person aggrieved by an order of the National Company Law Appellate Tribunal may file an appeal to the Supreme Court on a question of law arising out of such order under this Code within forty five days from the date of receipt of such order.
AM Netherlands had entered into a companypromoter agreement dated 4 September 2009 with the other promoters of Uttam Galva Co Promoter Agreement under which AM Netherlands had various rights including certain rights which can be companysidered as participative in nature and number merely protective 2.3.
On the same day, the directors numberinated by Shri N. Mittal, through Fraseli, resigned from the board of KSS Global.
Close on the heels of the amendment made to the Companies Act came the Sick Industrial Companies Special Provisions Repeal Act, 2003.
The Resolution Professional therefore issued the first addendum to the request for proposal, extending the date for submission of resolution plans to 12.2.2018.
See Paras 5.8, 5.9 and 5.15 of the Report.
Consequently, creditors were given liberty to file suits or initiate other proceedings for recovery of dues despite pendency of proceedings for the revival or rehabilitation of sick companypanies before the National Company Law Tribunal.
Since the CoC have number by themselves filed an appeal over the Ld.
Adjudicating Authoritys order dated 19th April, 2018, the companycession granted by the Ld.
On 31.3.2016, Canara Bank and Punjab National Bank declared Uttam Galvas accounts as NPA.
The Committee further pointed out that effectiveness of the Sick Industrial Companies Special Provisions Act, 1985 as has been pointed out earlier, has been severely undermined by reason of the enormous delays involved in the disposal of cases by BIFR.
Since the CoC have number by themselves filed an appeal over the Ld.
In the same order, insofar as AMIPLs resolution plan was companycerned, the Appellate Authority held as follows In the present case, the Expression of Interest was submitted by AM India Ltd. on 11th October, 2017 and by Numetal Ltd. on 20 th October, 2017, both prior to 23rd November, 2017 i.e. the date Section 29A was inserted by the Insolvency and Bankruptcy Code Amendment Ordinance, 2017 but the Resolution Plans were submitted by both AM India Ltd. and Numetal Ltd. on 12th February, 2018.
An entity called Numetal Limited hereinafter referred to as Numetal , also submitted an expression of interest on 20.10.2017.
These facts and figures speak for themselves and place a big question mark on the utility of the Sick Industrial Companies Special Provisions Act, 1985.
Signature Not Verified Digitally signed by SHASHI SAREEN On 2.8.2017, the Adjudicating Authority, being the NCLT, Date 2018.10.04 143429 IST Reason Ahmedabad Bench, passed an order under Section 7 of the Code at the behest of financial creditors, being the State Bank of India and the Standard Chartered Bank, admitting a petition filed under the Code for financial debts owed to them by the companyporate debtor Essar Steel India Limited hereinafter referred to as ESIL , in the sum of roughly Rs.45,000,00,00,000 Rupees Forty Five Thousand Crores .
F. Nariman, J. The facts of the present case revolve around the ineligibility of resolution applicants to submit resolution plans after the introduction of Section 29A into the Insolvency and Bankruptcy Code, 2016 hereinafter referred to as the Code , with effect from 23.11.2017.
Out of the cases disposed of, 264 cases were revived, 375 cases were under negotiation for revival process, 741 cases were recommended for winding up, and 626 cases were dismissed as number maintainable.
