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TMI Blog2020 (9) TMI 513X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench has noticed that the Applicant has already brought in substantial amount for implementing the Resolution Plan as approved by this Bench. Even though the lenders of the Resolution Applicant have already given in-principle sanction for the loan to be availed by the Applicant, there is some delay in disbursement due to the situation arising out of Covid-19 Pandemic prevailing worldwide. The prevailing situation is an unprecedented and extraordinary situation - We are thus inclined to grant time to the Resolution Applicant for arranging funds - the time is extended till 26 November 2020 for making payment as provided in the Resolution Plan approved by this Bench on 2nd July 2020. - IA No. 1184/2020 CP (IB) No. 241/NCLT/MB/2018 - - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al may deem fit and proper in the facts and circumstances of the case. 2. Heard the counsel for the Applicant, counsel for the CoC as well as the Resolution Professional. 3. This Bench by an order dated 2nd July 2020 in M.A. No. 422/2019 approved the Resolution Plan for the Corporate Debtor submitted by the Applicant herein. At Para No.14 of the above said order, in the table, it was clearly mentioned that the admitted claim of the operational creditors is of ₹ 54.71 Crores and the CoC decided to provide a sum of ₹ 50,00,000/- only for payment of Operational Creditors. The Resolution Professional who was present during the hearing, submitted that only two Operational Creditors filed claims to the extent of ₹ 54.71 C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that at the time of submitting the Resolution Plan there was no Covid-19 but however subsequently this has become a global pandemic. 6. The Applicant submits that in view of the exceptional circumstances beyond their control it was not possible to honour the payment as envisaged in the Resolution Plan and hence this Application. 7. The counsel for the Applicant, to buttress his point that extension of 90 days has to be given, relied on the following: a. Hon ble Supreme Court in Suo-Motu Writ Petition (Civil) No. 3 of 2020 in Re: Cognizance for extension of limitation ordered as under: - This Court has taken Suo-Motu cognizance of the situation arising out of the challenge faced by the country on account of Covid-19 Virus and r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal held that certain steps required to be taken by various Authorities under Insolvency and Bankruptcy Code, 2016 or to comply with various provisions and to adhere to the prescribed timelines for taking the Resolution Process to its logical conclusion in order to obviate and mitigate such hardships. The Hon ble Appellate Tribunal in exercise of powers conferred under Rule 11 of National Company Law Appellate Tribunal Rules, 2016 r/w the decision of this Appellate Tribunal rendered in the matter of Quinn Logistics India Pvt. Ltd. V/s. Mack Soft Tech Pvt. Ltd. in Company Appeal (AT) (Insolvency) No. 185 of 2018 decided on 8th May ordered as follows:- (1) That the period of lockdown ordered by the Central Government and the Sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor filed reply to the Application and submitted that the Resolution Applicant has pumped in money to the extent of ₹ 17 Crores and also arranged for the performance guarantee of ₹ 15 Crores. Therefore, out of ₹ 77.1 Crores a sum of ₹ 17 Crores has been received guarantee was received to the extent of ₹ 15 Crores and the balance outstanding is ₹ 45.1 Crores. 10. The Respondents opposes the Application on the following grounds: - a) During the hearing of the Application for approval of Resolution Plan (Application No. 420 of 2020) the Applicant herein submitted that they have sufficient balance in the accounts to meet the funding for the Resolution Plan. The Applicant has produced the certificat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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