Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2018 (12) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (12) TMI 653 - Tri - Insolvency and BankruptcyUpfront payment of at least one third of the total payment to the Financial Creditors as per the approved Resolution Plan - Resolution Applicant not infused any funds into the company despite the Resolution Plan contemplation - Held that:- If at all this company is to be saved from falling into the liquidation, it is very much essential on the part of the Resolution Applicant to deposit the amount as prayed by the Resolution Professional, therefore, this Bench hereby directs the Resolution Applicant to deposit, within five days from hereof, an amount of ₹ 334 Crores, which is one third of payment that has to be paid to the financial creditors into the Corporate Debtor Account which will lie in Escrow as Security for performance of the obligations of the Respondents in implementing the approved Resolution Plan and will be adjusted against the total payment of ₹ 1060crore to be paid by R1 within 30 days from 17.09.2018 as per the Resolution Plan, or else, the RP is at liberty to take up further course of action in accordance with law.
|