IN RE Vs. COIMBATORE POINEER MILLS LTD

JUDGEMENT

(1.) Under consideration is CA/56/2018 that has been filed under Rule 11 of the National Company Law Tribunal Rules 2016, sections 31 and 60 of the IBC, 2016 read order (removal of difficulties) dated 24.05.2017 issued by the Ministry of Company Affairs.

(2.) It is on record that the BIFR has sanctioned the scheme; the copy of which is placed at page Nos. 37 to 48 and the order sanctioning the scheme is placed at page No.49 of the type set filed with the petition. As per the scheme sanctioned, the Applicant Company was supposed to sell 20.19 acres of land in order to repay the Creditors and meet out the other expenses. But, during the implementation of the scheme, the scenario got changed. The Applicant Company has been in a position to revive its business, now there is no requirement of selling 20.19 acres of land as mentioned in the scheme. Presently the requirement is to sell 9.5 acres of land in order to repay the Creditors and meet out the other expenses or even less than 9.5 acres, which is in the interest of the Applicant Company.

(3.) Therefore, in exercise of the power conferred upon this authority under section 31 of the IBC, 2016 read with Notification No. 1683(E) dated 24.05.2017, para 7 of the scheme sanctioned by the BIFR stands modified to the extent that instead of selling 20.19 acres of land of the Applicant Company, the Company may sell 9.5 acres of land or lesser than the said area to repay to the Creditors and meet out the other expenses. Accordingly, CA/56/2018 stands disposed of.