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2022 (5) TMI 82 - Tri - Insolvency and BankruptcySeeking direction to respondent to deposit the amount forthwith to the account of the RP maintained for the purpose of CIRP towards the contribution towards its share of CIRP Cost - levy of maximum penalty of one crore rupees to the respondent for initiating the Insolvency Resolution Process with malicious intent under Section 65(1) of Insolvency and Bankruptcy Code, 2016 in addition to the CIRP cost (in case of failure to deposit the amount) - HELD THAT:- Since the Operational Creditor has not paid the amount to the RP, which the operational creditor has to pay for the initiation and completion of the CIRP, the Resolution Professional is forced to file this application. After issue of notice, the respondent appeared through counsel on 17.12.2021 and stated that the Respondent wanted to file a counter to the application and the matter was adjourned to 06.01.2022 granting time. However, since no reply/ counter has been filed by the Respondent, this Tribunal on 06.01.2022 directed Shri. P. R. Shanmugham, Director of the Respondent Company to appear in person through VC. On 31.01.2022, Shri. P. R. Shanmugham appeared and stated that he has paid Rs. 1,00,000/- and sought further time to settle the dues - He was directed to deposit the balance amount within two weeks. However, the balance amount was not deposited by him. Hence, vide order dated 17.02.2022, he was directed to pay the balance amount of Rs. 3,43,377/- to the account of RP on or before 08.03.2022. But this direction was also not complied with by the Respondent and as a special case; the time for payment was extended upto 16.03.2022 making it clear that no further time will be granted. Even though the Tribunal gave amble opportunity to the Respondent to make the payment, all the directions have been flouted by him. In order to proceed with the CIRP, it is necessary that all the parties should cooperate and make the respective payments. The Operational Creditor who filed this IB petition should be a party who should take more vigilant action to complete the process, so that they will get their share of money at the earliest possible. Respondent is directed to make the payment of Rs. 3,02,358/- to the Resolution Professional immediately at any rate within 2 weeks from the date of receipt of this order - Application disposed off.
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