Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2024 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (5) TMI 205 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAI - LBReconsideration of Resolution plan - It is submitted that in order to ensure that ‘no serious prejudice’, is caused to the ‘Petitioners / Appellants rights’, and the same are not rendered ‘Fait Accompli’, it is just and necessary to secure the differential amount and deposit the same in an ‘Escrow Account’. - HELD THAT:- On a careful consideration of the respective contentions, advanced on either side, this ‘Tribunal’, keeping in mind the ‘Orders’, passed by this ‘Tribunal’ to the effect that ‘in the meanwhile, any ‘Order’ passed by the ‘Tribunal’, at Hyderabad, shall be subject to the final outcome of this ‘Appeal’, in the meantime, the ‘Plan Approval Proceedings’, to be undertaken by the ‘Tribunal’, shall be subject to the final outcome of the present appeal’, and apart from the same, to safeguard the interests of the ‘Petitioners / Appellants’, pending final decision of the main Comp. App, quite in the fitness of things, simpliciter, on the basis of ‘Fair Play’, ‘Good Conscience’, to avoid any further complications / wider implications / ramifications and to prevent an ‘Aberration of Justice’, in the subject matter in issue, passes an ‘Order’, in directing the ‘Respondents’, to place an ‘amount of Rs.543.28 Crores’, being the amount equivalent to the difference between ‘Entitlement of the Petitioners / Appellants’, in an ‘Escrow Account’, till the final determination of the main Comp. Appeal. Appeal disposed off.
|