Creative Solutions
should provide an opportunity for genuine effort to explore restructuring/ rehabilitation with consensus of
Committee of Creditors (Praveen)
introduction of domestic products through online platform
help regain faith of Committee of Creditors (Ajith)
Companies Act, 2013- ease of doing business and regain our trust in each other
Section 8 and 9 of IBC in Ajith’s case since he is an operational creditor- demand notice served and then
next current step
to settle differences and cut off losses because through negotiation, the matter can be resolved very
expeditiously without furthering the losses that we would normally have to bear without having to resort to
the tedious court process. (Praveen)
money suit (last resort) under order IV of the CPC against the companies- summary proceeding so as to
save time and minimize losses (Ajith)
Opening Statement
Thank you, Praveen. Good Afternoon! I hope I am audible. My name is Priyanka Ray, feel free to refer to me as
just Priyanka if that’s convenient for you. I am the legal counsel for Mr. Praveen and I am accompanying my
client to negotiate terms favourable to both the parties. As a lawyer, I care about legitimacy, responsibility and
risk management and those are the principles that I had like you to help me keep at the front during this
discussion. Thank you for accepting our invitation to sit at this negotiation table. (Only if we begin first.) For
the record, everything that will be discussed here, shall be strictly confidential. Mr. Praveen and I are glad that
we could mutually agree to sit down here for this negotiation. It is imperative that we try to reconciliate rather
than break away from each other. I am here to look after any technicalities or legal complications on the part of
Mr. Praveen that may arise in the course of this negotiation. I would also like to state that I am present here
merely in an advisory capacity and the power to make decisions, rests with my client. In the event that the
parties decide to turn to court, litigation will be time consuming, contentious and mostly unpleasant. Moreover,
this is a long-term business relationship and litigation doesn’t fix relationships I think. We recognize your
interests and hope that our mutual interests are cared for as well. Concisely, our interests are to not sell off the
company and instead to improve the growth and performance of the company so that there is no harm to the
reputation that it has already achieved. We hope that a compromise between the parties regarding the finances
and products could be the desired outcome of this session.
That being said,
Agenda- At the very beginning, I would like to mention the issues that we will discuss in this negotiation,
To reach an amicable settlement so that Schrems Mendex Limited is not sold off in bits and pieces
To explore the potential of negotiating a deal so that Mr. Ajith does not want to liquidate the company
Stop before 2 minutes and summarize- I see that the time is expiring, so we can take this forward to the next
meeting. I would like to summarize the takeaways from the negotiation so that we have complete clarity of what
both parties have established during the negotiation…….
1. Praveen- monetary settlement
Ajith- domestic products
2. Praveen- reputation and brand image
Ajith- liquidation
6. ideal middle ground- restructuring plan, and domestic products and faith
7. primary- does not want to sell, and secondary- reputation, brand image [Praveen]
primary- wants the money and so liquidate the company, and secondary- avoid competition from imported
products [Ajith]
okay but we need not go into that question itself
try starting with yes or no and then explanation
we respect your point but
while we agree…..we believe
we understand your situation, but we think we have run out of time so
Touch chin when I want you to speak
Adjust specs when I want to speak or want you to cut short (he will adjust earphones)