9911796707
TMI Blog2020 (10) TMI 548X X X X Extracts X X X X X X X X Extracts X X X X ..... a, Adv. Ms. Shagun Matta, AOR Mr. Deepak Bashta, Adv. Mr. Anurag Bhatt, Adv. ORDER 1 Admit. 2 We have heard Dr Abhishek Manu Singhvi, Senior counsel in support of the appeal. Ms Meenakshi Arora, Senior counsel appears on behalf of Edelweiss Asset Reconstruction Company Limited (EARC), a financial creditor, who had appeared before the National Company Law Appellant Tribunal. EARC has supported the appellant. Mr Ashish Makhija, learned counsel appears on behalf of the liquidator to oppose the appeal and support the order of the National Company Law Appellate Tribunal. 3 The corporate insolvency resolution process (CIR process) was initiated against the Corporate Debtor on 7 August 2017. The Resolution Plan submitted by the appellant was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndertaking on affidavit on 18 August 2020, accepting its obligation to make an upfront payment of Rs. 50 crores within three months from the date of the reversal of the liquidation order. The appellant agreed to the stipulation that the amount of Rs. 15 crores deposited by it in escrow would stand forfeited if it failed to deposit the payment of Rs. 50 crores. NCLAT by its order dated 8 September 2020, dismissed the appeal and upheld the order of liquidation. 6 Dr Abhishek Manu Singhvi, Senior counsel appearing on behalf of the appellant submits that liquidation of the undertaking should be a matter of last resort and, consistent with the understanding which was arrived at on 25 February 2020, the appellant is willing to abide by the terms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... comply with the requirement of depositing an additional amount of Rs. 50 crores within a period of three months in terms of the understanding that was arrived at on 25 February 2020. In order to enable the appellant to have one final opportunity to do so, we direct that the appellant shall, in order to demonstrate its bona fides deposit an amount of Rs. 50 crores upfront in terms of the understanding which was arrived at on 25 February 2020. The appellant is specifically placed on notice of the fact that should it fail to do so in whole or in part, the entire amount of Rs. 20 crores which has been deposited thus far, shall stand forfeited without any further recourse to the appellant. Accordingly, the following interim directions are issue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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