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TMI Blog2019 (5) TMI 1850X X X X Extracts X X X X X X X X Extracts X X X X ..... new Government is to be formed on May 30, 2019. Modification of the resolution plan may have financial implications, which requires approval from different Departments of Government of India ; therefore, we are of the considered opinion that time should be allowed for filing affidavit of acceptance/rejection of modified resolution plan on this basis the applicant has sought 30 days - We think it a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the affidavit stating its acceptance or rejection of the modifications in terms of order dated May 8, 2019-(DBM Geotechnics and Constructions P. Ltd. v. Dighi Port Ltd. [2021] 224 Comp Cas 284 (NCLT)) passed by this Tribunal. 2. It is pertinent to mention that while accepting the resolution plan, it was directed by this Tribunal that : 1. The unilateral termination of the contracts as ment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be allowed as per law. The resolution applicant is required to submit on affidavit its approval to the resolution plan with modifications as mentioned above within seven days from the date of receipt of this order . . . 4. The resolution applicant has to adhere to all the applicable law for the time being in force. Since we have approved the resolution plan with certain conditions, therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T being the Government of India undertaking, it is required to follow a certain procedure for obtaining appropriate internal approvals, including from the Ministry of Shipping before proceeding further on the resolution plan because it has financial implications, this may also require consultations with Ministry of Finance and finally approval of highest levels in the Government of India. 6. It ..... X X X X Extracts X X X X X X X X Extracts X X X X
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