Mr. Markand Adhikari vs Central Bank of India & Anr

Heard Learned Counsel for the Appellant- Mr. Arpit Dwivedi, Advocate and Ms. Udita Singh, Advocate appears on behalf of Respondent No. 2- RP and Mr. O.P. Gaggar, Advocate appears on behalf of Respondent No. 1.

In terms of Order dated 13th August, 2021, the Learned Counsel for the Appellant has filed Rejoinder Affidavit on behalf of Appellant. Reply-Affidavit has also been filed by Respondent No. 1-Central Bank of India. Kept on record.

In the Rejoinder-Affidavit, the Appellant has recorded their earlier stand and in Paragraph 7 and 8 the same read as under:

"7. With regard to averment of Respondent No. 1 that OTS has been rejected by Financial Creditors/Bank, I say that the OTS submitted by the Appellant has not been rejected by Financial Creditors as stated in the Affidavit. As a matter of fact, the Financial Creditors/Banks have given a period of seven (7) days to the Appellant to improvise upon the OTS and submit revised OTS.

Accordingly, the present counter affidavit/objection is being filed by the Appellant to place on record the revised OTS proposal of Appellant, the details of which are as under:

a. The Appellant is ready and willing to offer Rs. 1.00 Crore as upfront payment to the Financial Creditors/Banks. The said amount is equivalent to the amount offered by the proposed Resolution Applicant at the time of submitting the Resolution Plan.

b. Pertinently, Pen India Limited, acting has the Resolution Applicant had submitted Resolution Plan of approximately Rs. 20 crores before the Committee of Creditor. While Marvel Media Pvt. Ltd. & SAB Events & Governance Now Media Limited (jointly acting as Prospective Resolution Applicant), the Company belonging to Promoter entity had submitted a Resolution Plan of approximately Rs. 21 Crores. Admittedly, despite the plan of Promoter Entity (Marvel Media Pvt. Ltd. & SAB Events & Governance Now Media Limited) being better, it was not allowed to act as the Resolution Applicant due to hyper technical objections raised by the RP. I say that a holistic comparison of Resolution Plans received and OTS submitted by the Appellant clearly reveals that the OTS of the Appellant is best among all the Resolution Plans received.

c. With regard to proposal of cash payment of Rs. 33.06 crores to the Financial Creditor/Banks within eleven (11) months of acceptance of OTS, I say that the said amount is duly secured as the Appellant has a buyer ready for purchasing the properties of Respondent No. 2 and thus, the said amount could be paid immediately upon liquidation of property."

Now, Learned Counsel for Respondent No. 2-RP submits that meanwhile the Committee of Creditors have recommended for Liquidation of the Appellant's Company on 24th August, 2021. Learned Counsel for Respondent No. 2-RP is directed to bring on record the hard-copy of the Resolution of the Committee of Creditors dated 24th August, 2021 whereby they have recommended for Liquidation of the Appellant's Company, within two weeks.

There is no possibility of Settlement. The matter should be heard on merits.

List this mater 'For Hearing' on 10th November, 2021.