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Judgment
Learned Senior Counsel for Applicant Mr. Arvindh Pandian, Advocate appears for Learned Counsel Mr. Rajkumar Jhabakh, Advocate and Learned Counsel for Liquidator Mr. S. Satish, Advocate appears along with Liquidator viz., Mr. V. Mahesh through video conferencing mode.
IA/449/2020 is an Application moved by M/s. Haldia Petrochemicals Ltd., who have prepared and submitted a Scheme pursuant to the directions passed by the Hon'ble NCLAT vide order dated 23.07.2019 giving a liberty to prefer the Scheme before the Liquidator, it is represented. Consequently the Liquidator after considering the Scheme as filed by the Applicant, it is represented by Counsel for the Liquidator that the Scheme is placed before this Tribunal in Company Application No.CA/216/2020 for consideration.
Learned Senior Counsel appearing for the Applicant represents that as per the letter enclosed as issued by SIPCOT dated 08.06.2020 particularly referring to clause 7' of the said letter wherein SIPCOT has stressed that the Scheme approval process is required to be completed within a maximum period of 90 days from the date of issue of the said NoC dated 08.06.2020. It is also represented that even though this letter may not be binding on this Tribunal but in the interest of the Scheme proponents and also taking into consideration the interest of the Company in liquidation and the employees, an urgency is prevalent to take up CA/216/2020, as filed by the Liquidator.
Learned Counsel for the Liquidator as well as the Liquidator represent that they do not have any objection in allowing the Application seeking for the urgent listing of CA/216/2020 filed by the Liquidator.
Taking into consideration the averments expressing urgency in the Application as well as no objection as expressed by the Liquidator, IA/449/2020 stands allowed and CA/216/2020 to be listed on 16.07.2020.