9911796707
TMI Blog2020 (10) TMI 548X X X X Extracts X X X X X X X X Extracts X X X X ..... fails to comply with the requirement of depositing an additional amount of ₹ 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 ₹ 50 crores upfront in terms of the understanding which was arrived at on 25 February 2020. The following interim directions are issued: (i) The operation of the impugned order of the NCLAT dated 8 September 2020, is stayed; (ii) The appellant shall, in order to demonstrate its ability to implement the Resolution Plan and in compliance with the understanding arrived ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted by the appellant was approved on 30 April 2018 by the Committee of Creditors (CoC). The Resolution Plan was approved by the NCLT on 15 May 2019. The NCLT was thereafter moved on the ground that the Resolution Plan had not been implemented by the appellant. Hence an application was filed under Section 33 of the Insolvency and Bankruptcy Code 2016 seeking liquidation of the Corporate Debtor. This was allowed by the NCLT by its order dated 16 January 2020. 4 After the appellant filed an appeal before the NCLAT on 3 February 2020, an opportunity was granted to them to file an affidavit indicating the time frame for compliance of the Resolution Plan. On 25 February 2020, a meeting took place between the member of the erstwhile CoC, the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uary 2020, the appellant is willing to abide by the terms as agreed. He has submitted that within a period of three months, the appellant would bring in the upfront payment of ₹ 50 crores, failing which the amount of ₹ 15 crores which has already been deposited in escrow would stand forfeited together with the amount of ₹ 5 crores that was deposited following the approval of the Resolution Plan. 7 Ms Meenakshi Arora, Senior counsel appearing on behalf of EARC supports the proposal which has been submitted by the appellant on the ground that the erstwhile members of the CoC have in their commercial decision found it in their best interest to allow the Resolution Plan to be implemented. 8 Mr Ashish Makhija, learned counse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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