IN RE Vs. GUJRAT NRE COKE LTD

JUDGEMENT

(1.) Ld. Counsel for the Petitioner is present.

(2.) Petition has been filed by Mr. Sumit Binani, Ld. PCS praying to extend the period of corporate insolvency resolution process of M/s. Gujarat NRE Coke Ltd. by a period of 90 days beyond 3rd October, 2017. Petitioner (Applicant) has annexed a copy of the minutes of the 6th meeting of the Committee of Creditors held on 24th August, 2017 which is placed at Annexure-F. It shows that the Committee of Creditors discussed on the Resolution Plan submitted by the company and it was also discussed in the meeting regarding the proposal of JM Financials Asset Reconstruction Company (JMFARC) .

(3.) It is stated in the minutes of the meeting that Mr.'Mahesh Mimani, Representative from J M Financials Asset Reconstruction Company -Financial Creditors was asked to reconfirm and put forward their proposal in more detail for consideration of all Members. JMFARC informed that they do not propose liquidation of the Company. They indicated that they are in principle agreeable to aggregate the debt of all the Financial Creditors of the CoC, excluding the FCCB holders, by way of assignment of debt along with all rights, titles, interest, security at a value which shall be commensurate to the value of the assets of the company in the event of liquidation.