Examples of Approved Resolution Plan in a sentence
In terms of the Approved Resolution Plan, till the date of transfer of control of the Company to the proposed investors, the Company is being managed and controlled by the ERP under the guidance of the Secured Financial Creditors, in close co-ordination with the proposed investors.
As per the provisions of the Approved Resolution Plan, the suspended Board of Directors deemed to resign from the Board and a new Board has been formed.
In terms of the Approved Resolution Plan, till the date of transfer of control of the Company to the proposed investors, the Company is being managed and controlled by the RP under the guidance of the Secured Financial Creditors, in close co-ordination with the proposed investors.
Further, pursuant to the Approved Resolution Plan, the Board was reconstituted and subsequently the various Committees were also reconstituted by the Monitoring Committee at their meeting held on 05th June, 2021.
In terms of the Approved Resolution Plan, JMFARC (acting in its capacity as Trustee of ARC Trust) and RIL have converted such portion of their assigned debt into equity, such that their joint equity holding in the Company is 75%.
As the powers of the Board of Directors continued to remain suspended as per the terms of the Approved Resolution Plan, no meetings of the Board of Directors of the Company were held from 1st April, 2020 till 14th September, 2020.
The price at which the conversion has taken place has been determined in accordance with the Approved Resolution Plan and applicable law and consequently, the difference between the issue of 275.46 crore equity shares at face value and the amount by which the assigned debt has been proportionately reduced as stated above has been recognised as exceptional gain in the statement of profit and loss.
This framework seeks to create transparency, minimise adverse impact on the business objectives and enhance the Company’s competitive advantage.As the powers of the Board of Directors continued to remain suspended as per the terms of the Approved Resolution Plan, no meetings of the Risk Management Committee were held from 1st April, 2020 till 14th September, 2020.Post 14th September, 2020, the Company has reconstituted Risk Management Committee.
The ICS is the component of the strategy whereby all U.S.-bound maritime containers are subject to an integrated scan (image and radiation detection) at the participating overseas port before being loaded on the U.S.-bound vessel.
In terms of the Approved Resolution Plan, there has been a change in the Statutory Auditors of the Company.