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Showing contexts for: SONEPAT in Atlas Cycles (Haryana) Ltd. & Ors vs Vikram Kapur & Ors on 2 July, 2019Matching Fragments
7. Non-core assets of the company under the charge of 'Sonepat Unit' was shown therein which includes 'Residential House', 'Bawal Factory', 'Rasoi Factory' and 'Bhind- Malanpur Factory', as detailed below:-
S/N PROPERTY'S ADDRESS AREA
TYPE
1 Residential House 24-B, Model Town, 792 sq yard
Sonepat
2 Residential House 102 L Sonepat 504 sq yard
3 Residential House 137-L, Model Town, 500 sq yard
Sonepat
4 Residential House 110-L, Model Town, 590 sq yard
Sonepat
5 Residential House 264, Model Town, 213 sq yard
Sonepat
6 Residential House 216 HBC, Murthal 229.3 sq
Road, SNP yard
7 Residential House A-7&8, Prem Nagar, 711.11 sq yard
Sonepat
8 Residential House 115-116, Housing 573.75 sq
Board Colony, Sonepat yard each
flat
Sonepat
10 Bawal Factory Plot No.1, Sector-V,
Growth Central, Bawal
- Rewari
11 Rasoi Factory Waka Village, - .
Nathupur, GT Road,
Sonepat
12 Bhind- Malanpur Plot No. 16-17, 21-22,
Factory Industrial Area,
Malanpur, Distt.
Bhind
Company Appeal (AT) No. 57 of 2019
FURTHER RESOLVED that sanction is hereby
20. Dr. Chaudhary has rightly contended that after passing the order on 28.08.2018 by the Hon'ble Appellate Tribunal or clarifying the same on 17.09.2018 not a penny has been Company Appeal (AT) No. 57 of 2019 infused in the Sonepat unit to help and facilitate it to achieve optimum level of production nor a single cycle or parts from Sahibabad unit has been entrusted to it for sale to service its own territory. It is also evident that the issue like Insolvency and Bankruptcy Code, 2016 and company facing the Corporate Insolvency Resolution Process were also considered by this Tribunal as well as by the Hon'ble Appellate Tribunal. Moreover, in pursuance of order dated 12.10.2018 the non-core assets of Malanpur unit is already in the process of being sold and the sale proceeds are likely to be utilized for one purpose or the other. It would not lie in the mouth of the applicant- respondent No. 1 company that they would not follow the direction issued by the Hon'ble Appellate Tribunal by infusing funds in the Sonepat unit and then to raise the bogie of lack of funds and increasing liability of the Sonepat unit. Likewise, no effort has been made to supply the cycles or other parts manufactured by Sahibabad unit to Sonepat unit in terms of Company Appeal (AT) No. 57 of 2019 the order dated 28.08.2018/17.09.2018 passed by the Hon'ble Appellate Tribunal. Despite this Tribunal has shown indulgence to the parties to argue the matter finally but the matter has been got adjourned on one pretext or the other. In fact applicant-respondents No. 1, 12, 14 to 16 have jo ined h ands to d ef eat the d irections of the Hon' ble Appellate T ribunal. By not inf using f unds the applic an ts are pushing the Sonepat Un it to penury and create a situ ation to f ile an applic ation f or issuance of direction. It is wholly unf air.Therefore, we are not inclined to grant any interim relief at this stage particularly when nothing has been placed on record to show that the applicant-respondent No. 1 company as such is unable to meet the liability of the Operational Creditors who have filed petitions under the Insolvency and Bankruptcy Code, 2016.
ii. The cheques on behalf of 'Sonepat Unit' of the Company shall be signed by the Authorised person/Director of the 'Sonepat Unit' along with one of the authorised representative of the Company. For the purpose of such signature, the Company may either authorise any of its representative already posted in the 'Sonepat Unit' or may post any of its representative to ensure joint signatures on the cheque for payment in favour of workmen, employees, suppliers or raw materials, other creditors, electricity charges, water charges, tax etc. iii. Till 'Sonepat Unit' achieve optimum level of production, it will be open to the Board of Directors of the Company to make available the products, such as cycles and other parts to 'Sonepat Unit' from other units for meeting the demand and supply in the market which is under the Company Appeal (AT) No. 57 of 2019 control of 'Sonepat Unit'. 'Sonepat Unit', in its turn, will keep an account of the products, such as cycles and other parts received from other units and after sale of such products will report the same to the Company as also the unit(s) from which the products such as cycles and its parts are supplied. The 'Sonepat Unit' will not sell any product such as cycles and its parts supplied by other units on credit. The 'Sonepat Unit' will transfer the amount generated from sale of product of other units to the unit concerned within 30 days of sale failing which, in default the present order passed by this Appellate Tribunal and order passed by the National Company Law Tribunal shall stand vacated.
34. The Respondents have further taken plea that the Company Petition is pending before the Tribunal, Principal Bench and the matter is listed for hearing. The Company Petition will become infructuous if the Appellants are allowed to sell non-core assets of the 'Sonepat Unit'.
35. It is submitted that the 'Sonepat Unit' is seeking for a demerger of the Unit as per the 'Memorandum of Understanding' and 'Board Resolutions'. Non- Core Assets of the 'Sonepat Unit' are the only assets of the Unit. The Board of Directors was permitted to sell only the 'Bawal Unit' and the sale proceeds were to be infused in the 'Sonepat Unit' so that the Unit starts manufacturing again and further to repay the 'Operational Creditors'. The Board of Directors instead of infusing the said funds in the 'Sonepat Unit' and or repaying Rs. 11 Crores to the 'Operational Creditors' have changed their stand before this Appellate Tribunal.