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2022 (5) TMI 715 - AT - Insolvency and BankruptcyCIRP - Physical inspection of plant and machinery of the Corporate Debtor - seeking to undertake detailed analysis and assessment of the plant for four days with their technical team which was declined by the Monitoring Committee observing that first the SRA should deposit the substantial amount as required under Resolution Plan and then only they can undertake the necessary visits - HELD THAT:- After approval of the Resolution Plan on 30.05.2019, Appellant by 10.06.2019 has made payment of INR 10.55 Crores. The Monitoring Committee has met in the month of June, 2019 itself on several occasions to consider steps towards implementation of the plan. In the meeting of the Monitoring Committee dated 06.06.2019, the request made by representative of the Successful Resolution Applicant to undertake visit of the plant for four days was noticed and not acceded to with observation that first the Appellant should deposit the substantial amount as required under the Resolution Plan and only then they can do undertake the necessary visit - It is also relevant to notice that the Appellant made request to the Monitoring Committee to permit the Appellant to make payment in a revised time schedule. The Monitoring Committee held its meeting on 29.08.2019, in which revised schedule for payment of the amount was decided and the lenders recorded their no objection. The Adjudicating Authority passed an order dated 03.09.2019 which order records the decision of the Monitoring Committee taken on 29.08.2019. After approval of the Resolution Plan, Monitoring Committee under the statutory scheme is to function for process of implementation of Resolution Plan and has not to act as any adversary body to the Resolution Applicant. If there were any genuine roadblocks found in the implementation of the plan, Monitoring Committee as well as Monitoring Professional is to use their good offices to sort out the difficulties and not to create roadblocks themselves in successful resolution of the Corporate Debtor. First prayer in the application is direction is sought against the Appellant under Section 74(3) read with Section 235A of the Code. In the entire application there is not even pleading that Appellant has even primafacie knowingly and willfully contravened any provision of plan within the meaning of Section 74 - For offence under Section 74(3), there is to be pleading that SRA or any person knowingly or willfully contravened any of the terms of the Resolution Plan. In entire application neither any pleadings nor averments have been made that SRA has willfully and knowingly contravened the terms of Resolution Plan. The Adjudicating Authority has not even adverted to Section 74(3) and had directed for making a reference to IBBI for taking appropriate action under Section 74(3), which order is unsustainable. Application disposed off.
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