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2020 (1) TMI 1207 - NATIONAL COMPANY LAW TRIBUNAL, PRINCIPAL BENCH, DELHIWithdrawal of resolution plan already approved by the committee of creditors of the Corporate Debtor - refund of Earnest Money - Doctrine of Constructive Res Judicata - HELD THAT:- No doubt there was a prayer for withdrawal of resolution plan amongst others in CA No. 1252 (PB)/2019, the prayer for revaluation was specifically declined dismissal order dated 10.07.2019. While dismissing CA No. 1252(PB)/2019 the prayer for withdrawal of resolution plan was neither considered nor was ever dealt with. The issue of withdrawal of the resolution plan by the Applicant has never been considered consciously on merit and/or adjudicated upon in CA No. 1252(PB). Doctrine of Constructive Res Judicata does not apply to the issues/ points, or any "lis’ between parties that has not been decided previously, and despite being pleaded, has not been considered by a court/ tribunal and expressly dealt with in the order so passed - Even a bare perusal of the Order dated 10.07.2019 would indicate that the issue of withdrawal of the Resolution Plan by the Resolution Applicant was not dealt with on merit and that no decision has either been passed or attained finality as regards allowing the party to withdraw the Resolution Plan. The question of applying res judicata therefore cannot arise in the present application seeking withdrawal of the resolution plan. It is relevant to note here that the Corporate Insolvency Resolution Process against the Corporate Debtor was initiated vide order dated 30.05.2017 passed in IB-101 (PB)/2017a Under third proviso to sub-section (3) of Section 12 of the Code the corporate insolvency resolution process period has expired on 16.11.2019 - Ordinarily the Corporate Insolvency Resolution Process period must be completed within the outer time limit provided under the Code. However, in exceptional cases in order to achieve a resolution and to avoid to drive the corporate debtor into liquidation, Adjudicating Authority (NCLT) can extend the outer time limit provided under the Code. In the facts the Corporate Insolvency Resolution Process period in the present case is further extended by 90 days from 16.11.2019. The Resolution Professional and the members of Committee of Creditors are directed to expedite the possibility of achieving resolution of the stressed assets of the corporate debtor within the extended period. Application allowed in part with cost of ₹ 1 lakh to be paid by the applicant into the corpus of the Corporate Debtor.
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