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2022 (5) TMI 16 - NATIONAL COMPANY LAW TRIBUNAL , KOLKATA BENCHSeeking issuance of no-objection certificate for transfer of the premises - extension of time for making payment by the application under the resolution plan approved - directions to compute the time to make the payment under the Resolution plan on and from the date of the order to be passed - HELD THAT:- Even though the upfront payment of ₹ 5.0 Cr was made as per the plan, the SRA was not able to make the requisite payment as per the plan due to intervention by Pandemic and also due to the fact that two units of the business of the corporate debtor were not handed over to him by the IMC. The payment plan got further derailed due to holding back of the NOC by the financial creditors/IMC - In terms of the approved resolution plan attached with the application, it is seen that the SRA had proposed to dispose of non-business assets of the CD in accordance with Regulation 37(a) & (d) of the CIRP regulations, and had stated that the same may be used for payment of the Resolution amount proposed under the plan. The Applicant had at least twice written to Respondent Nos. 2 and 3 dated 24.03.2021 and 20.09.2021 seeking NOC for 'sale of the asset but the respondent did not issue the same. Had this NOC been issued on time the remaining proceeds of the plan could have been met from the sale of the assets which were otherwise provided for in the resolution plan. Further whereas IMC had extended the time for payment till 11.03.2021 as depicted in the minutes of the 4th meeting of the IMC, still on 22.02.2021, chose to file I.A. No. 252/2021 before this Tribunal for proceeding with the liquidation of the corporate debtor and pursued the application despite receiving sizeable payments in March 2021, thus showing their disinterest in putting the Corporate Debtor back on its feet in accordance with the approved resolution plan. Application allowed.
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