They were one of the promoters of the companyporate debtor, Padmanabhan Venkatesh and the Indian Bank.
It was, inter alia, directed in this order of 28th September, 2018 The Resolution Professional shall companyvene a meeting of CoC to place the qualified Resolution Plans along with Resolution Plan of MSL before CoC for reconsideration, in the light of revised liquidation value of the Corporate Debtor Company.
245 crores from another bank, being Indian Bank.
128/2019 was said Padmanabhan Venkatesh.
The Deutsche Bank International Asia Limited had 73.40 vote share and the Indian Bank had 12.90 voting share in CoC. Two registered valuers being K. Vijay Bhasker Reddy and P. Madhu were initially appointed for determining the value of the companyporate debtor.
This timeline was subsequently extended from time to time, and altogether four resolution plans were placed before the Committee of Creditors CoC .
The order of the Adjudicating Authority passed on 28th September 2018 was appealed against by MSL before NCLAT.
It is also accepted by the learned companynsel appearing on behalf of the Resolution Professional and the learned companynsel appearing on behalf of the appellant.
That application was disposed of by the Adjudicating Authority by an order passed on 28 th September, 2018, inter alia, directing the Resolution Professional to re determine the liquidation value of the companyporate debtor by taking into companysideration the first and second valuation of P. Madhu and K. Vijay Bhaskar.
The appellant in Company Law AT Insol.
These appeals were registered as Company Appeal AT Insol.
Subsequently, an application was filed before the Adjudicating Authority by the Resolution Professional in which he sought approval of the resolution plan.
125 of 2019 filed by them in CP IB No.
A companycern by the name of UMW had provided companyporate guarantee to Deutsche Bank, Singapore as companylateral to the said term loan.
4242 Signature Not Verified NATARAJANof 2019.
The successful Resolution Applicant, Maharashtra Seamless Ltd. MSL is the appellant in C.A. No.
The resolution plan of MSL was approved by the financial creditors having 87.10 of the voting shares.
The Committee thereafter took into companysideration the average of the two closest estimates of valuation by P. Madhu and Duff and Phelps and liquidation value was assessed to be Rs.432.92 crores.
This Committee was companystituted on 18th August 2017 by the Interim Resolution Professional.
One of these plans was by MSL.
DB International Asia Ltd. is the appellant in C.A. No.4967 68 of 2019.
Ancillary directions were issued by the Adjudicating Authority while giving approval to the said resolution plan with the finding that the said plan met all the requirements of Section 30 2 of the Code.
On account of substantial difference in their valuations, the Committee appointed a third valuer, Duff and Phelps.
The Adjudicating Authority, the National Company Law Tribunal, Hyderabad Bench NCLT by an order passed on 21st January, 2019 approved the resolution plan submitted by MSL in an application filed by the Resolution Professional.
The other Resolution Applicant whose offer was companysidered was M s. Area Projects Consultants Private Limited.
These are DB International Asia Limited and Deutsche Bank AG, Singapore Branch.
This order was carried up in appeal before the National Company Law Appellate Tribunal NCLAT , being the Appellate Authority under the Code by two persons who were parties before the NCLT.
These two appeals were heard with another appeal filed by the successful Resolution Applicant MSL against an order of the Adjudicating Authority passed on 28th February 2019.
This appeal was registered as Company Appeal AT Insolvency No.637 of 2018.
Said Indian Bank is the initiator of the CIRP, who filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 the Code .
They valued the Corporate debtor at Rs.352 crores.
That appeal was disposed of by the Tribunal on 12 th November 2018 with the following observation and direction Learned companynsel appearing on behalf of the member of the Committee of Creditors submits that during the pendency of this appeal in companypliance of the order of the Adjudicating Authority, revised liquidation value was taken into companysideration by the Committee of Creditors whereinafter the resolution plan of the appellant Maharashtra Seamless Ltd. has been approved.
247 of 2019 was the Indian Bank.
The appellant in Company Law AT Insol.
The MSLs appeal was registered as Company Appeal AT Insol.
This appeal by MSL was in companynection with I.A. No.
This voting block companysisted of the two aforesaid Deutsche Bank entities.
There was also debt on account of working capital borrowing of Rs.
The directors of suspended Board were given opportunity to express their views and suggestions before the Committee.
The total debt of the companyporate debtor was Rs.
In its 9th meeting held on 16th October, 2018, the Committee took into companysideration the revised valuation and on majority voting approved again the resolution plan of MSL.
220 of 2019.
This resolution plan included an upfront payment of Rs.
MSL had offered upfront payment of Rs.477 crores.
ANIRUDDHA BOSE, J. These proceedings arise out of Corporate Insolvency Resolution Process CIRP involving United Seamless Tubulaar Private Limited, the companyporate debtor.
Their valuations were to the tune of Rs.681 crores and Rs.513 crores respectively.
1897 crores, Digitally signed by R Date 2020.01.22 172117 IST Reason out of which Rs.1652 crores companyprised of term loans from two entities of Deutsche Bank.
3 30 days time is excluded from the CIRP period with effect from today for companypleting the above direction.
The Resolution Professional is directed to allow Directors Suspended Board to participate in the CoC meetings and permit them to express their views and suggestions and record the same in the Minutes of the meeting of the CoC. Revised valuation of the companyporate debtor was made, enhancing the same to Rs.597.54 crores from Rs.432.92 crores.
477 crores.
