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Judgment
I.A. No. 576 of 2022-
Heard. By this Application, the Applicant- ‘IL&FS Energy Development Company Limited’ has prayed to clarify the order dated 24.02.2022 to the extent that Applicant Company be permitted to access the funds lying in the bank account maintained with Respondent No.2- ‘HDFC Bank Limited’, as may be necessary to maintain the going concern status of the Applicant.
Learned Counsel for the Income Tax, after obtaining the instructions, submits that the Income Tax Department has no objection in the prayer which has been made in the Application I.A No. 576 of 2022. Let Respondent No.2- ‘HDFC Bank Limited’ permit the Applicant Company to access the funds lying the bank account maintained with Respondent No.2-‘HDFC Bank Limited’, as may be necessary to maintain the going concern status of the Applicant.
Application I.A No. 576 of 2022 is disposed of.
Learned Counsel for the Applicant seeks leave to file I.A in Company Appeal (AT) No. 346 of 2018. He may file the I.A by 04.03.2022 so that it may be listed on 7th March, 2022 which is the next date fixed.
I.A. No. 599 of 2022-
Heard Shri Ramji Srinivasan, Learned Senior Counsel for the Applicant.
By this Application, the Applicant- ‘Infrastructure Leasing and Financial Services Ltd.’ has prayed for direction to the National Company
Law Tribunal, Mumbai Bench, to hear and dispose of the applications filed by the Applicant for resolution of various entities forming part of the Applicant’s group of companies on or before 31.03.2022.
Learned Counsel for the Applicant submits that Resolution Process with regard to large numbers of IL&FS subsidiaries is in process and proposed to be concluded by 31.03.2022. It is submitted that several Applications which have bearing on the final resolution of the subsidiaries are pending before NCLT, Mumbai. He has given reference of the said Applications in para 4, which are to the following effect:-
Application No. & Particulars
Filing Date
Resolution Value
1.
CA 296 of 2021 relating to InvIT Phase 2
September 30, 2021
address a debt of INR 1960 Crores.
2.
CA 209 of 2021 relating to sale/resolution of Karyavattom Sports Facility Limited (KSF)
July 14,
2021
address a debt of INR 312 Crores (approx.).
3.
CA 16 of 2021 relating to sale/ resolution of Chennai Nashri Tunnelways Limited (CNTL)
December 16, 2020
address a debt of INR 5449 Crores (approx.).
4.
CA 1192 of 2020 relating to sale/ resolution of Jorabat Shillong Expressway Limited (JSEL)
December 19, 2020
address a debt of INR 1620.5 Crores (approx.).
5.
CA 423 of 2021 relating to sale/ resolution of Urjankur Shree Tatyasaheb Kore Warana Power Company Limited (Urjankur Warana)
December 2,
2021
INR 90 Crores (approx.).
6.
CA 290 of 2021 relating to distribution of settlement amounts received by Kiratpur Ner Chowk Expressway Limited (KNCEL) and Fagne Sonagadh Expressway Limited (FSEL) and subsequent winding up.
September 20, 2021
Closure Application
7.
CA 283 of 2021 for closure of ITNL Overseas Two Private Limited (IO2PL) and ITNL Overseas Three Private Limited (IO3PL).
August 31,
2021
Closure Application
8.
CA 345 of 2021 for closure of Damodar Valley Tourism Development Private Limited (DVTDPL) AND Odisha e- Governance Services Limited (OeSL).
September 1,
2021
Closure Application
9.
CA 294 of 2021 for closure of Futerage Infrastructure India Limited (FIIL), IL&FS Infrastructure Equity Fund (IIEF) and IL&FS Infrastructure Equity Fund- I (IIEF-I)
June 19,
2021
Closure Application
10.
CA 2 of 2022 for closure/ winding up of Mahidad Wind Energy Private Limited (MWEPL), Jogihalli Wind Energy Private Limited (JWEPL) and Sipla Wind Energy Limited (SWEL)
December 28, 2021
Closure Application
In the facts aforesaid, we dispose of the Application I.A No. 599 of 2022 observing that the Applications referred to as above which are pending before the NCLT, Mumbai may be considered and disposed of at an early date preferably before 31.03.2022.
Application I.A. No. 599 of 2022 is disposed of accordingly.