TMI Blog2021 (7) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... amounts were paid, which fact is not disputed on the side of 1st Respondent/ Resolution Professional . This Tribunal taking note of the fact that all the amounts were paid by the Appellants (as informed by the Learned Counsel for the Appellants ) application passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Special Bench Court-1) inter alia to the effect that, it is prima facie clear that successful resolution applicant had paid first instalment and dragged on the matter till date without implementing the plan or without making payment. The approval of the plan, which has already been approved by the bench on 18.12.2019 and which was modified on 15.07.2020, requires reconsideration by the CoC. In v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have preferred the present Appeal being aggrieved with the order dated 20.04.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Special Bench Court-1 in IA(IBC) No.143 of 2021 and IA No.19 of 2021 in CP(IB)No.269/9/HDB/2018). The Adjudicating Authority (National Company Law Tribunal, Hyderabad Special Bench Court-1) while passing the Impugned Order on 20.04.2021 in IA(IBC) NO.143 of 2021 and IA No.19 of 2021 in CP(IB)No. 269/9/HDB/2018 had observed the following: Counsel for RP is connected through video conference. Counsel for resolution Applicant is also connected through video conference. IA No.19/2021 This application is filed by the Resolution Professional complaining that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s submitted the resolution plan to the Resolution Professional, which was approved by the Committee of Creditors in the tenth meeting and thereafter, post receiving 100% approval of the Resolution Plan by the Committee of Creditors , the Resolution Professional moved IA No.439 of 2019 seeking approval of the Resolution Plan from the Adjudicating Authority . It is represented on behalf of the Appellants that no claims were received from the workmen within the specified period or before approval of the Resolution Plan and the same was made mention of in the Resolution Plan . In fact, the Appellants , in the interests of fair and equitable resolution of the Corporate Debtor along with its workmen and in the light of the dicta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19 to 28.08.2020) towards the implementation of the Resolution Plan . Besides this, on 01.09.2020 and 02.09.2020, the Appellants had paid a further sum of ₹ 15,67,625/- as interest on delay of payment as per the revised schedule and a sum of ₹ 37,268/- as compound interest. The prime contention advanced on behalf of the Appellants is that despite payment of the First Tranche as mentioned in the Resolution Plan within the prescribed timeline, they had not received any control of the Corporate Debtor for a long time. In fact, the Appellants filed IA/143/2021 seeking appropriate orders before the Adjudicating Authority on the Respondents for handing over of the operational control of the Corporate Debtor which ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same. Assessment: At the outset, this Tribunal pertinently points out that the Appellants before this Tribunal reiterates that they remain committed to the Resolution Plan and as a matter of fact, as on date, according to the Learned Counsel for the Appellants , all amounts were paid, which fact is not disputed on the side of 1st Respondent/ Resolution Professional . At this juncture, it is useful to recall and recollect the judgment of the Hon ble Supreme Court in Kalparaj Dharamshi and Anr. v. Kotak Investments Advisors Ltd. and Anr. (vide Civil Appeal Nos. 2943-2944 of 2020 dated 10.03.2021) wherein it is observed that the object and spirit of the code is paramount and further that the technical issues pertaining to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Committee of Creditors become functus officio . Further, it may be clarified that the Insolvency and Bankruptcy Code 2016 provides for liquidation of the corporate debtor in case of failure of the approved resolution plan. Under no circumstance on the failure of the approved resolution plan, COC is empowered for fresh consideration. While dealing with insolvency matters, the role of Adjudicating Authority is confined to the four corners of the Code. Section 33 (3) and (4) specifically deals with the course of action available in case of failure of the approved Resolution Plan. Section 33 of the Code is given below for ready reference; Sec 33 of Insolvency and Bankruptcy Code 1* 2* (3) Where the resolution p ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
