TMI Blog2022 (8) TMI 172X X X X Extracts X X X X X X X X Extracts X X X X ..... 91 of 2017] - - - Dated:- 21-7-2022 - M.B. Gosavi, Member (J) And Kaushalendra Kumar Singh, Member (T) For the Appellant : Vijayesh Atre, Ld. Adv. For the Respondents : Helly Parikh, Ld. Adv. ORDER 1. The instant application is filed by M/s. Shraddha Buildcon Private Limited through its directors Mr. Dushyant Pahare ('the Applicant'), under Rule 11 of the National Company Law Tribunal Rules, 2016 for withdrawal of the Resolution Plan approved by this Adjudicating Authority vide order dated 04.06.2020. 2. The applicant is an unlisted private limited company engaged in the business of construction activities, digital media, printing industries, information technology and entertainment media industry. The promot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was Rs. 21,53,38,179/- Rs. 4,05,248/- respectively. The funds were proposed to be infused by the applicant through equity subscription and secured as well as unsecured loans. (iv) The resolution professional filed an application before the Adjudicating Authority for the approval of the resolution plan, which was approved by the Adjudicating Authority vide order dated 04.06.2020. However, the applicant has not implemented the said resolution plan due to financial difficulties faced during pandemic Covid-19 and has filed the present application for withdrawal of the said approved resolution plan. 4. The objection raised by the respondent/erstwhile resolution professional are summarized hereunder: (i) The present application is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicant whose resolution plan was approved by the CoC and subsequently was approved by the Adjudicating Authority vide order dated 04.06.2020. However, the successful resolution applicant never implemented the said plan and has filed the present application seeking withdrawal of the said resolution plan approved by the Adjudicating Authority. 6. The law has been well settled by the Hon'ble Supreme Court in the case of Ebix Singapore Private Limited Vs. Committee of Creditors of Educomp Solutions Limited Anr. in the following words: 223. .........In this context, we hold that the existing insolvency framework in India provides no scope for effecting further modifications or withdrawals of CoC-approved Resolution Plans, at the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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