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2021 (9) TMI 1353 - Tri - Insolvency and BankruptcySeeking revision of timelines for payment to various creditors - issuance of NOC to the Resolution Applicant so that it can transfer the existing shares of the CD in its favour - direction to members of the Monitoring Agency to provide support to the applicant to reconstitute the Board of the Directors of the Corporate Debtor in order to expedite the implementation of the approved Resolution Plan - seeking direction for the smooth implementation of the Resolution Plan by all concerned - HELD THAT:- At this stage, this Adjudicating Authority cannot be compelled to direct the financial creditors to negotiate a modification to the Resolution Plan. This is in line with the decision of the Hon'ble Supreme Court dated 23.02.2021 in Committee of Creditors of Amtek Auto v Dinkar T Venkatasubramaniam [2021 (2) TMI 1051 - SUPREME COURT], Evert taking the case of the successful resolution applicant at its highest, it can only explain that part of the resolution plan which deals with generation of revenues from the use of the corporate debtor's diagnostic equipment. It does not explain why the successful resolution applicant did not bring in the funds from external sources to revamp the corporate debtor as per the resolution plan. This only goes to show that the successful resolution applicant is hedging its bets. The present application is only to reagitate practically the same issues which were once considered by this Adjudicating Authority and orders passed on 12.04.2021., directing the successful resolution applicant to make the outstanding payments under the approved resolution plan by 30.06.2021. The conduct of the successful resolution applicant is completely lacking in bona fides. It is an attempt to arm-twist the Adjudicating Authority into acceding to its request for a direction to the financial creditors to what would practically be a renegotiation of the terms of the resolution plan. This Adjudicating Authority is of the view that although the Resolution Applicant has grossly failed in meeting its commitments in respect of implementation of the Resolution Plan, liquidation is the last resort when all other available options fail in the CIRP. In the interest of all the stakeholders and also the implementation of the Resolution Plan, after considering all the facts and circumstances of the case, this Adjudicating Authority allows one last opportunity to the Resolution Applicant to fulfil all its commitment and financial obligations stated in the Resolution Plan by 31.10.2021 failing which actions as may be deemed appropriate as per law, shall be taken - Resolution Applicant is directed to submit a Weekly Progress Report in implementation of the Resolution Plan in the Registry. Application disposed off.
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