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TMI Blog2022 (5) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... fessional of Sree Bhadra Parks and Resorts Limited, (Corporate Debtor) under Section 60 (5) read with Section 65 (1) of the Insolvency and Bankruptcy Code, 2016 against the Operational creditor- Sri Ramani Resorts and Hotels Private Limited seeking the following reliefs: i. Direct the respondent to deposit Rs.4,43,377/- forthwith to the account of the RP maintained for the purpose of CIRP towards the contribution towards its share of CIRP Cost. ii. If the respondent failed to deposit Rs.4,43,377/- to the account of the RP, impose 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 c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt provisionally admitted Voting Percentage 1 Phoenix ARC Private Limited (secured) 31,16,92,846 52.90% 2 Class of Creditors (Home Buyers) (Unsecured) 20,86,86,043 35.42% 3 Sri Ramani Resorts and Hotels Pvt Ltd. (Unsecured) 5,65,98,301 9.60% 4 Basal Products India Pvt Ltd (Unsecured) 1,22,48,320 2.08% 58,92,25,510 100% 5. The learned counsel for the Resolution Professional further argued that the RP sent emails to the Respondent/ Operational Creditor on 03.04.2021, 09.04.2021, 05.05.2021, 12.05.202 1, 20.05.2021, 24.05.2021 and 11.06.2021 directing the Respondent/ Operational Creditor to deposit the initial deposit of Rs. 2 Lakh, considering the necessity of funds to meet various ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication and the IRP was paid Rs.2,00.000/- towards the professional fee. It is further stated that the said settlement failed and IBA/13/KOB/2020 was restored by this Tribunal and appointed Mr. Parmeswaran Nair as IRP and subsequently as RP also. 8. The learned counsel for the Respondent stated that the Applicant herein raised invoices for Rs.4,43,337/- and when the respondent questioned about the expenses and the clarifications, the Applicant threatened to file the present application. It is further stated that the Respondent has already paid the previous IRP of Rs.2,00,000/- and was also ready to pay the present RP upon giving a clear picture of the expenses, and that even through the Applicant claims to take care of the assets of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12. 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 set ..... X X X X Extracts X X X X X X X X Extracts X X X X
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