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2021 (4) TMI 1183 - Tri - Insolvency and BankruptcyValidity of Resolution Plan - reinstatement of Committee of Creditors of the Corporate Debtor and the Resolution Professional - invitation of fresh Resolution Plans from interested parties for being considered by the Committee of Creditors of the Corporate Debtor - direction to invoke and appropriate the Performance Bank Guarantee - HELD THAT:- We are surprised the manner in which the members of the Committee of Creditors have not taken any steps for the proper implementation of the Resolution Plan even though long time has elapsed and no stay was granted by Hon'ble NCLAT. In the meantime, some of the Financial Creditors who have approved the Resolution Plan have filed IA for revoking the approval of Resolution Plan. In view of the same, we hereby direct the RP to reconvene the meeting of Committee of Creditors for considering whether this Resolution Plan is still required to be proceeded with or not in view of the inordinate delay that has taken place in implementing the Resolution Plan and also taking into consideration the changed circumstances. Application disposed off.
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