Sr Prayers Nitin Jain Topworth Devaiah Gland SREI Elecon

No Pipes & Pagidipati Celsus Bio Equipment Engineering

Tubes Chemicals Finance Company
Private Private Limited
Limited Limited
A. Direct that sale of the Corporate Debtor as going concern on Para-3 Yes Para 13 Yes Yes Para-I
an “as is where is basis”, "as is what is basis", "whatever there Pg. 58 Pg. 121 Pg. 148
is basis" and "no recourse" basis to be treated in the same
manner and modalities as applicable to a Resolution Plan
approved under section 31 of the Code (including but not
limited to the operation of section 31 sub-section 1 and
section 32A of the Code) and all attendant benefits, privileges
and exemptions under various laws including but not limited
to benefit of any tax holiday, exemption, deduction, carry
forward of losses and unabsorbed depreciation of any prior
years & current year and set-off against the income of any
financial year under the taxation laws, as they are available to
a resolution plan shall be available to this sale of Corporate
Debtor under the liquidation process as particularly observed
by this Hon’ble Tribunal in the matter of Nitin Jain Liquidator
of PSL Ltd. V/s. Lucky Holdings Pvt. Ltd., in I.A. 391 of 2021 in
C.P. (I.B.) 37 of 2017;
B. An order of the NCLT allowing this Application pursuant to the Para-7 (a) Yes Yes Yes Yes
Code shall be deemed to be adequate compliance with all Pg. 59
relevant provisions of any applicable law that would
otherwise have become applicable in relation to the steps
that comprise any part of the Application.
C. The transfer of the Corporate Debtor to the Applicant shall be Para-7 Partial Para 15 Para-1 Para-II (e)
implemented in accordance with the sequence set out in the Pg. 58-69 Para-34 (a) Pg. 122 Pg. 85 Pg. 149
steps below: Pg. 107
a. After the Appointed Date, the Applicant shall: Para 19 & Para-11 Para-II (g)
i. infuses such amount, from the Sale Consideration, as 20 Pg. 86 Pg. 149
determined by the Applicant pursuant to a valuation exercise Pg. 124
for subscribing to the share capital of the Corporate Debtor.
Such subscription shall be by way of issuance of such number
of equity shares as determined by the Applicant pursuant to a
valuation exercise;
ii. deposit the remainder of the Sale Consideration in
the account of the Corporate Debtor towards loan or
subscription to such securities as may be decided by the
Applicant; and 1|Page
iii. notify the NCLT of the quantum of such infusion,
subsequently through a supplemental affidavit.
b. The entire issued equity share capital of the
Corporate Debtor existing as on the date hereof together with