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2020 (4) TMI 351 - AT - Insolvency and BankruptcyFailure to implementation of plan as given in Resolution Plan - failure to make payment of upfront amount - HELD THAT:- In view of the fact that both the ‘Resolution Plans’ submitted by ‘Liberty House Group Pte. Ltd.’ in respect of ‘M/s. Adhunik Metaliks Limited’ and ‘M/s. Zion Steel Limited’ have now been given effect by making full payment of upfront amount, learned counsel appearing on behalf of the ‘Committee of Creditors’ submits that he has been instructed not to press the appeal preferred by the State Bank of India - the ‘Resolution Professional’ submitted that for ‘M/s. Adhunik Metaliks Limited’, cost of the ‘Corporate Insolvency Resolution Process’ has been partly paid. In the present case, both the ‘Resolution Plans’ are now being implemented and ‘Liberty House Group Pte. Ltd.’, has paid additional amount of ₹ 10 Crores, we are inclined to interfere with the impugned order of liquidation. We, in exercise of powers conferred under Rule 11 of the NCLAT Rules, 2016 and to ensure that the CIRP of both the ‘Corporate Debtors’- ‘M/s. Adhunik Metaliks Limited’ and ‘M/s. Zion Steel Limited’ now reaches finality, the ‘Committee of Creditors’, other Creditors etc., now have no objection and the liquidation will not be in the interest of both the ‘Corporate Debtors’- ‘M/s. Adhunik Metaliks Limited’ and ‘M/s. Zion Steel Limited’, its employees etc., set aside the impugned order dated 9th July, 2019. Appeal allowed.
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