National Company Law Appellate Tribunal
M/S Raipur Power & Steel Ltd. & Ors vs Tomorrow Sales Agency Pvt. Ltd on 6 March, 2017
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI Company Appeal (AT) [Inselvency} No. 4 of 2017 IN THE MATTER OF Mis. Raipur Power & Steel Lid. & Ors. ... Appellant Va. M/s. Tomorrow Sales Agency Pyt. Ltd... Reapondent Present: For Appellant: Air Abhinay Vashisht, Sr. Advocate, Mr Varun Jain, Mr Sourabh Gupta, Ms Priya Singh, Mr Abhishek Rumar, Mr Navin Kumar and Ms Pallavi, Advocates. For Respondent:- Or U.K. Chaudhary, Senior
Advocate, Mr Deepak Biswas, Mr Himanshu Vij, Mr Manynemer Singh, Mr Nishith Mishra, My Arjan Minochs aad Mr Souray Vig, Achvocates Nr Sanjay Grover, Insolvency Resolution Proisssional, OROER OOR201L7 -- This appeal has been Neted at the instance af the Appellant with the consent of the Respondent.
Mr Abhinav Vashisht, Ld. Sr. Coumisel for the Appellant submits that the company is ready with Bank draft of the rest of the amount af Rs.8, 82,00,000/- (Rupees eight crore eighty two lakh onty) for payment tn favour of crediter - M/s. Tomorrow Sales Agency Pyt Ltd. Tb is also submitted that an approximate amenant of Rs. 10,50, 000/- (Rupees ten lakh Rity thousand only} has been deducted and deposited as TOS with the Incame Tax DeRArhme;ntt.
The amount is being paid as fiulland Gnal payment.
eeu erate erasers sins... 7 \\ In terms of the staterment as made above the La. Sr Counsed hanced over the following demand drafts to the La. Sr. Counsel for the Reapondent-
Sino. Demand Drawn on Amount Braft No. } $SS508 SBL Industrial dated Minance Branch, a.3,2017 4 wi 45, 70,000 / ? Ludhiana
2. 455515 ini Industrial | Bs.3,55,00,000 }- as ated Pinane ~ Branch, Oy Luc Tiana.
3 4535 16 SEL, "tad ustrial LR cated Minance Brarch,o-
SO. 2077 Ladhiana :
4. 45BR817 SEL, inchustrial dated Finances Branch, 39,00,000/-
4ye '39,00,000/-
La dhiana.
5 ys SEL, Industrial | Rs. 1,00,00,000/- dated Fin rance Branch, Sas OL? Ludhiana
8. 485554 SBI Industrial Re.f.35.00,000/- dates nance Branch, ae' 7, $S5555 Sar. Industrial | Re.S6,S0,000 /- dated Finaree. Branc h, B.S,20 TF Ladhians
8. assase. SEL, Industrial | Rs.91,50,000 / - dated Prmance Branch, SS. S077 ianthiana Dr UR. Choudhary, id. Sr Ceunsel for the Respondent recetved the Bank drafts for anward trarienpssion to the Respondent /financial creditor, Mr Sanjay Grover, interim Insolvency Resolution Professional informed that pursuant to advertisement other crecditars may submit claim by 5 P.Moon S March, 2017. He further submits seoby that he has received Qwo mare claims from Ananct ial /aperational creditors, details of which will be supplicc! by him to the Ld. Sr. Counsel af the Appellant by tomorrow, ELLE Y Ld. Sr. Counsel for the Appellant submits that the apneliant will clear all the dues of the fnancia} creditors foperational creditors, any and if not disputed.
in the present appeal as the Appellant has paid the full and final amenuint in favour of the Respondent-financial orediter (M/s Tomorrow Sales Agency Pyi. Ltd}, this court is not inclined te decide any issue at this stage nor inclined tc pasgany further order in view of the assurance given by the appellant that it will clear all dues, if any, payable te any fnancial editar or operational ereditnr.
ifthe Tribunal, on the basis of records and the report as may ae be submitted by the Unterim Reschution Professional', comes to a conclusion that the Appellant has paid ai the dues to financial creditor (s} and operational creditor{s}, wil cluse the proceeding and release the appellant company f rar the rigors af law and allow the appellant company to Aunction in dependently through its Board of Directors:
Te will be also open to the Tribunal to decide as to what amount spent by the Resparvient towards advertisement, payment of fees to the interim Resolution professional étc., and whether the dues wil be borne by the Appellant or the Respondent. The Appellant is given Hberty to mention the matter before the Tribunal with request to take up the matter on an early date, preferably by 'March, 201% By the next date, the Appellant may clear the cues of rest of the Snancial creditors and aperational creditors, if any.
We have noticed the subrission made on behalf of the Appellant that the Appellant has not paid the dues from any of the OOOO bank account of the company which stued freezed under the law, and the aforesaid amount have been paid through other sources. With the aforessid observation, the appeal stands disposed of. In the facts and circumstances, there shall he no order as to CORLL idustice S.J. Mukhopadhaya) Chairpersart {Mr Balvinder Singh} Member ro PFPA I Potton