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2020 (2) TMI 1321 - Tri - Insolvency and BankruptcyImplementation of Resolution Plan as approved by NCLT - Resolution Applicant has sought to modify the Resolution Plan after its approval by the CoC and thereafter by NCLT - HELD THAT:- The contention of the Resolution Applicant that he has not received detailed information of the Corporate Debtor Company is not borne out by facts. In fact, the Chairman of the Monitoring Agency, as minuted in the meeting of January 07, 2020, clearly brings out that data has been provided to the Resolution Applicant, however, the multiple data request which was being sought was being collated and was taking time because of less number of employees - The contention of the Resolution Applicant that the powers and functions of the Monitoring Agency is limited to conducting the day-today affairs and it cannot file any Application regarding the implementation of the Resolution Plan is highly misplaced. The main contention of the Resolution Applicant is that after the date of the approval of the Resolution Plan by Committee of Creditors on 10.01.2019, all the cash balances and accrual should be adjusted against the upfront payment of ₹ 420 crores. This issue has been unambiguously clarified by the Resolution Professional on more than one occasion that any amendments to the provision to the Resolution Plan as approved by the Committee of Creditors in its meeting dated 10.01.2019 and thereafter submitted to Hon'ble NCLT in the Application u/s. 30 of the IBC is not possible. It is clear from the Application preferred by the Resolution Applicant on behalf of the Monitoring Agency that the Resolution Applicant, Royale Partners Investment Fund Limited, is delaying the implementation of the Plan by raising frivolous issue which are incorrect and untenable. It has also been brought in the Application that as per the Resolution Plan within 30 business days from the date of approval of the Plan, i.e. 25.11.2019 the Resolution Applicant has to bring the upfront payment which is ₹ 420 crores in this instant case - this Bench notes that the upfront payment has not been made by the Resolution Applicant and also the NCDs of ₹ 480 crores has not been issued to the Financial Creditors. This Bench takes a very serious note of it and is also of the view that such type of non-compliance by the Resolution Applicant cannot be allowed. This Bench directs the Resolution Applicant to comply within a week’s time of the issue of this Order, the following:- (a) Payment of upfront amount of ₹ 420 crore which has already become due consequent to 30 business days getting over from the date of approval of the Resolution Plan by NCLT. (b) Issue of NCDs of ₹ 480 crore in favour of the Financial Creditors. (c) Depositing the balance performance guarantee of ₹ 48 crore within 90 days of the approval of the Resolution Plan by NCLT. Application allowed.
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