TMI Blog2022 (4) TMI 776X X X X Extracts X X X X X X X X Extracts X X X X ..... additional amounts as agreed by it in the previous order dated 06.08.2021 and also the latest letter of the State Bank of India dated 18.01.2022. Application disposed off. - I.A. Nos. 352/21 and 49/22 in CP(IB) No. 69/BB/2018 - - - Dated:- 24-3-2022 - Ajay Kumar Vatsavayi, Member (J) And Manoj Kumar Dubey, Member (T) For Appearing Parties : Party-in-Person, Kumar Mihir and Vignesh Shetty, Advs. ORDER I.A. No. 49 of 2022 1. This application has been filed for seeking early hearing of I.A. No. 352 of 2021. Since, the I.A. No. 352 of 2021 is taken up for hearing today, the instant I.A. No. 49 of 2022 becomes infructuous and accordingly, disposed of. I.A. No. 352 of 2021 2. This application has been filed by the S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eshwara Udpa was appointed as the Interim Resolution Professional who was subsequently appointed as the Resolution Professional for the Corporate Debtor. (b) The Applicant submitted that his Resolution Plan for the Corporate Applicant on 22.03.2019 and after much negotiation, the said Plan was duly approved in the CoC which had State Bank of India as the Sole Financial Creditor having 100% voting share as its member in the meeting held on 20.07.2019. (c) The said Plan as approved by the CoC was subsequently placed before this Tribunal and this Tribunal vide its detailed order dated 26.09.2019 was pleased to approve the said plan with the following directions: (i) The Resolution Plan dated 23rd September, 2019 submitted by M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seeking for clarification, if any, in the implementation of the terms and conditions to the Resolution Plan. 5. Thereafter, the Applicant having failed to complete the payment of the Resolution Plan amount, for the reasons mentioned therein, filed an I.A. No. 132 of 2021 in CP(IB) No. 69 of 2018 seeking for extension of 120 days for payment of balance amount on the date of approval of the Plan. 6. This Adjudicating Authority after hearing the Resolution Applicant and the erstwhile RP vide order dated 06.08.2021 disposed of the said I.A. as under: (a) The Resolution Applicant is seeking for extension of 120 days for making balance payment of ₹ 12.78 Crores as per the approved Resolution Plan from the Adjudicating Authority. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Please note that the Hon'ble NCLT vide its order dated 06.08.2021 provided you extension by 3 months i.e. by 05.11.2021 for making balance payment of ₹ 12.93 Crores, out of which ₹ 0.50 Crores have already been deposited by you. You have failed to pay the remaining amount by the due date. 3. In this regard we advise that the Bank is willing to examine your request for extension in time by one month subject to approval from Hon'ble NCLT and also subject to our internal approvals and you pay the following amounts over and above the balance payment of ₹ 12.43 Crores. Delayed period interest at Bank's 1 year MCLR @ 7 % compounded monthly on the balance amount of ₹ 12.43 Crores from 06.11.2021 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor till date. 11. Mr. Kumar Mihir, learned Counsel for the Resolution Applicant undertakes that all the dues of the said Monitoring Committee Member shall be paid before the expiry of the extended period of the Plan. 12. In the circumstances and for the reasons mentioned in the application and in view of the intervening Covid-19 difficulties after the approval of the Plan, the Instant I.A. is allowed to the limited extent of granting one month from today to the Resolution Applicant to implement the Resolution Plan and also to pay the additional amounts as agreed by it in the previous order dated 06.08.2021 and also the latest letter of the State Bank of India dated 18.01.2022. 13. The applicant shall also pay the remuneration as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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