ORDER

Per: V.G. Bisht, Member (J)

1. This Company Application CA 225/2023 is filed by Infrastructure & Financial Services Limited ("Applicant") in the Company Petition (IB) No. 3638 of 2018 ("Petition") seeking following reliefs:

a. Approve the proposal to distribute the Residual ACEL Settlement Amount of INR 110.94 crores (plus any interest accrued till the date of actual distribution) to the creditors of Amravati Chikhli Expressway Limited (for claims admitted and verified by the Claims Management Consultant as of October 15, 2018) as per the Revised Distribution Framework (after discharging all outstanding liabilities accruing post October 15, 2018 and payment of Resolution Process Costs and retention of costs of winding up);

b. Direct that the Applicant be permitted to utilize and/ or pay from the Residual ACEL Settlement Amount:

i.

an amount of INR 0.59 crores towards Resolution Process Costs that have accrued or been incurred including any additional cost that is likely to accrue in connection with the resolution of Amravati Chikhli Expressway Limited as per Annexure 21 hereto; and ii.

an amount of INR 50,00,000 (i.e. the Winding Up Costs) towards estimated costs of the proposed winding up of Amravati Chikhli Expressway Limited to be maintained in a designated bank/ escrow account to be intimated by the Applicant/ Amravati Chikhli Expressway Limited and direct that the same shall not be adjusted or set off against any other dues pertaining to any bank/financial institution.

In CP 3638/2018 3 c. Direct that the Applicant be permitted to distribute the balance Residual ACEL Settlement Amount (i.e. an amount less the payments to be made to discharge all liabilities accruing post October 15, 2018, INR 0.59 crores towards Resolution Process Costs that have accrued or been incurred, including any additional costs that are likely to accrue in connection with the resolution of Amravati Chikhli Expressway Limited and retention of Winding up Costs of INR 0.50 crores) to the creditors of Amravati Chikhali Expressway Limited as per the Revised Distribution Framework in the manner illustrated in Annexure 13 hereto for the claims verified and admitted up to October 15, 2018;

d. Declare and direct that upon payment to the creditors of Amravati Chikhli Expressway Limited in terms of prayer C above:

i.

all claims against Amravati Chikhli Expressway Limited (disclosed or undisclosed, and whether existing at or relating to a period prior to October 15, 2018) of all the creditors (including, the Central Government, any State Government, statutory, local or regulatory authorities to whom such claim is owed under any law including any claim arising out of regulatory or enforcement action which pertains to a period prior to October 15, 2018); and ii.

all liabilities whether actual or contingent and whether existing at or relating to a period prior to October 15, 2018 including such claims in respect of which arbitration proceedings have been initiated against Amravati Chikhli Expressway Limited e. Approve the proposal to initiate winding up Amravati Chikhli Expressway Limited under Section 271(a) of the Companies Act, In CP 3638/2018 4 2013 after distribution of the Residual ACEL Settlement Amount as per prayer C above; and f. Direct that the liquidator appointed pursuant to the initiation of winding up of Amravati Chikhli Expressway Limited in terms of prayer E above, shall distribute any subsequent recoveries made on behalf of Amravati Chikhli Expressway Limited to the Residual Creditors of Amravati Chikhii Expressway Limited in the same proportion that the Residual ACEL Settlement Amount was distributed to such creditors as per the Revised Distribution Framework in terms of prayer C above, g. For any further reliefs as this Hon'ble Tribunal deems fit and proper in the facts and circumstances.

2. The Applicant has filed the present Company Application (Application) in the Company Petition