2019 (3) TMI 1809

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..... cess was initiated against M/s Forward Shoes (India) Pvt. Ltd. (Corporate Debtor). Pursuant to the resolution process M/s Ace Star Properties Pvt. Ltd., Chennai (Respondent No.3 herein) become the Successful Resolution Applicant. M/s Siddharth Credit & Investment (Chennai) Pvt. Ltd. (Respondent No. 4) was also to make some financial contribution in support of Respondent No. 3 - M/s Ace Star Proper .....

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..... tead of passing order of liquidation, the Adjudicating Authority should have taken steps for revival of the Corporate Debtor by accepting other plan. However, such submission cannot be accepted. 3. In the situation where a Resolution Applicant succeeds as Corporate Debtor but if fails to comply its assurance in terms of the resolution plan, what step is to be taken has been already been laid down .....

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