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2023 (4) TMI 445 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAIDiminishing the possibility of implementation of the Resolution Plan, and in the absence of an Approval, from NHAI - despite its all possible endeavours NHAI, had declined to agree to a Terms of Resolution Plan - HELD THAT:- It is to be remembered that the Terms of Resolution Plan, being implemented, ofcourse, depends upon the contingent on execution of necessary documents, by NHAI (inclusive of the Supplementary Agreement) - In any event, the refusal on NHAI, in not accepting the Terms of Resolution Plan, cannot in any manner, be attributed, to the Appellant, which took all reasonable and commercially possible steps, to fulfil the Conditions Precedent. That apart, it cannot be brushed aside that the Appellant, had not claimed a relief of Cancellation of the Resolution Plan. Instead, it was sought for by the 1st Respondent, in its own commercial wisdom. This Tribunal, on an entire conspectus of the attendant facts and circumstances of the case, in a holistic fashion, to prevent an aberration of justice, and to secure the ends of justice, hereby Expunges, the Observations / Findings (including the aspect of Initiation of Proceedings, under Section 74 (3) of the I & B Code, 2016), made by the Adjudicating Authority / Tribunal - Application disposed off.
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