Judgment Summaries (NCLT) – In the matter of Gujarat NRE Coke

  December 22, 2021

In the matter of Gujarat NRE Coke (Kolkata Bench (02.03.2020))

 

In this matter, the Tribunal disposed of 6 applications simultaneously:

CA(IB) No. 1305/KB/2019 was filed by the Liquidator, praying to direct fifteen secured creditors to either relinquish their security interest under Section 52, or to proceed under it. Apart from Laxmi Vilas Bank which had 2.49% security interest in the CD’s assets, all other creditors had relinquished their claims. The Tribunal noted that the liquidation process could not proceed without the cooperation of creditors, and took it upon itself to relinquish their claim. Resultantly, the present application was allowed, and the Liquidator was directed to proceed with the liquidation process.

CA(IB) No. 1828/KB/2019 was also filed by the Liquidator for extension of the liquidation period. The Tribunal allowed it by granting an extension of 6 months.

CA(CAA) No. 20/KB/2020 was filed by the Liquidator presenting the scheme file of the equity shareholders under Sections 230-232 of the Companies Act, 2013. The Chairperson of the meeting of creditors and the equity shareholders had filed a report, and was directed to provide its copy to the equity shareholders and the Liquidator at their cost. The Liquidator had also filed a report of a special CoC meeting, and was directed to circulate its extracts among the equity shareholders for their consideration.

IA(IB) No. 122/KB/2020 was filed by the State Bank of India bringing on record certain facts about encashing the bank guarantee of 62 windmills. While recording the fact, the Tribunal clarified that the allegations made in Part XVIII of that application were not considered, and were deleted. 

IA(IB) No. 305/KB/2020 was filed by Commission CGST Excise, Gandhinagar. The Tribunal directed the Liquidator to consider its claims as per the rules.

IA(IB) No. 194/KB/2020 was filed by ICICI Bank with direction to the Liquidator to consider its claim. The Tribunal noted that it had already directed the Liquidator to consider its claim, which the Liquidator had already considered. In light of this, the application was infructuous and was disposed of.

 

Full text of the order accessible here.

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