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TMI Blog2021 (4) TMI 1183X X X X Extracts X X X X X X X X Extracts X X X X ..... ;ble NCLAT. In the meantime, some of the Financial Creditors who have approved the Resolution Plan have filed IA for revoking the approval of Resolution Plan. In view of the same, we hereby direct the RP to reconvene the meeting of Committee of Creditors for considering whether this Resolution Plan is still required to be proceeded with or not in view of the inordinate delay that has taken place in implementing the Resolution Plan and also taking into consideration the changed circumstances. Application disposed off. - IA No. 594/2020 in CP(IB) No. 41/7/HDB/2017 - - - Dated:- 24-3-2021 - Bhaskara Pantula Mohan, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : Hyderabad Law Associates, Rahul Sarella, Ram ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Debtor and appointed Mr. Koteswara Rao Karuchola as Interim Resolution Professional and subsequently, vide its Order dated 08.02.2018 the said IRP was replaced with Ms. Mamta Binani as the Resolution Professional of the Corporate Debtor. ii. It is averred that a Committee of Creditors (COC) was constituted by the IRP. The total claim of Kotak Mahindra Bank/Petitioner herein was ₹ 183,58,17,779/- against the Corporate Debtor having voting share of 2.24% in the COC. iii. It is averred that Srei Multiple Asset Investment Trust Vision India Fund/Respondent No. 1/Resolution Applicant herein submitted a Resolution Plan which was approved by COC on 11.12.2018 with a majority of 81.39% of voting share in value as per Section 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n on its entitlement to use the trade marks viz. Deccan Chronicle and Andhra Bhoomi and this Hon'ble Tribunal allowed the IA vide its Order dated 14.08.2019. Aggrieved by the said order, the promoters of the Corporate Debtor preferred an appeal being Company Appeal (AT) No. 982 of 2019 which is pending adjudication. viii. It is averred that on 05.12.2019, the Hon'ble NCLAT heard Company Appeal (AT) No. 982 of 2019 and Company Appeal (AT) No. 553 of 2019 and passed the following order: 05-12-2019 - Heard in part Place the case for orders on 6th January, 2020. During pendency of the appeal if 'Successful Resolution Applicant has not taken over charge of the Corporate Debtor the Monitoring Committee wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation before the Hon'ble NCLAT, there is no order passed by the Hon'ble NCLAT staying implementation of the Resolution Plan or any other order restraining Respondent No. 1 from implementing the Resolution Plan. Respondent No. 1 has deliberately contravened the terms of the Resolution Plan and on account of that the interests of the Petitioner as well as the Financial Creditors and Operational Creditors of the Corporate Debtor are prejudicially affected. xii. It is averred that the Resolution Applicant lacks bona fides on account of the fact that it has failed to implement the Resolution Plan even though the same was approved by this Hon'ble Tribunal on 03.06.2019. 3. We have heard the Counsels for Financials Creditors, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntime, some of the Financial Creditors who have approved the Resolution Plan have filed IA for revoking the approval of Resolution Plan. In view of the same, we hereby direct the RP to reconvene the meeting of Committee of Creditors for considering whether this Resolution Plan is still required to be proceeded with or not in view of the inordinate delay that has taken place in implementing the Resolution Plan and also taking into consideration the changed circumstances. A proper resolution by the COC be put up before us after considering the matter afresh. The COC is directed to submit their views with a proper fresh resolution to this bench by the next date of hearing. This present application for revoking the approval of Resolution Plan h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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