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2021 (5) TMI 731 - Tri - Insolvency and BankruptcyTime limitation of Resolution Plan - timelines set out in the Resolution Plan not adhered - HELD THAT:- The new management of the Corporate Debtor could not be held liable and responsible for the malfeasance and misfeasance committed by the former promoters / directors of the Corporate Debtor. It could not be saddled with the repercussions of reprehensible actions of the erstwhile management. Though the present predicament faced by the Applicant is not in respect of any new claim, the principle and sentiment echoed by the Hon’ble Court can be applied to resolve the present imbroglio. Rules of procedure are but handmaidens of justice. The Hon’ble Court in Sardar Amarjit Singh Kalra v. Pramod Gupta [2002 (12) TMI 607 - SUPREME COURT] observed that laws of procedure are meant to regulate effectively, assist and aid the object of doing substantial and real justice and not to foreclose even an adjudication on merits of substantial rights of citizens under personal, property and other laws. Procedure has always been viewed as the handmaid of justice and not meant to hamper the cause of justice or sanctify miscarriage of justice. The present management of the Corporate Debtor shall be permitted to approve the Accounts and Returns of the Corporate Debtor for the period prior to 16.10.2019 in its next meeting. The Applicant shall file the relevant Returns and Statements for the period within three months hence - Application allowed.
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