9911796707
TMI Blog2021 (5) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... ution Professional, declare the CIRP culminating with the acceptance of the Resolution Plan of M/s. Hi-tech Bio Products Pvt. Ltd. as null and void and to direct to restart of the CIR process. 2. In the averments made in the present Application viz., condone delay Application, it is seen that allegations have been made against the Resolution Professional alleging that copies of the status report as filed by the Resolution Professional were not handed over and that the documents were handed over to the Counsel on record of the Applicants only in the last week of October 2019 and in the circumstances the Applicants came to know of the serious flaws and mistakes committed by the Resolution Professional, particularly in regard to the calculati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2019 and that the same had also attained finality. 6. Subsequently, the appeals which came to be filed before the Hon'ble NCLAT as well as Hon'ble Supreme Court came to be also dismissed. Further it is also brought to the notice of this Tribunal that in relation to the Resolution Plan the one as submitted by M/s. Hi-tech Bio Products Pvt. Ltd. was approved by this Tribunal vide order dated 19.07.2019 and the said order had also attained finality as there has been no challenge mounted in relation to the said order dated 19.07.2019 approving the Resolution Plan. 7. It is also brought to the notice of this Tribunal that the Section under which the Applicants have sought to invoke the main Application itself is not sustainable as Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor was initiated on 13.11.2018 and that the CoC was constituted in accordance with the provisions of IBC, 2016 on 14.12.2018. 11. Subsequently, on 26.04.2019, in the 6th CoC meeting and the e-voting on 01.05.2019 the Resolution Plan submitted had been approved by the CoC with 100% voting. However, in MA/484/2019 the Resolution Plan came to be approved by this Tribunal on 19.07.2019 and that the Resolution Applicant had paid Rs. 21.66 Crore as envisaged in the Resolution Plan approved by the CoC and by the Adjudicating Authority. 12. It is also highlighted that the Resolution Plan was fully implemented and that the commercial production was started in the Paper Mill on 19.02.2020 and that all payments have been made to all the Credito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n relation to the main Application the 1st Respondent seeks for a dismissal/seeks for its rejection of the same. 16. We have carefully considered the submissions of Learned Counsels as well as the averments made in the respective affidavits filed by the respective parties as well as the memo as filed by the 1st Respondent. It is evident that the Resolution Plan itself has been approved by this Tribunal against which no appeal seems to have been preferred and even in relation to the rejection of the Applicants being declared as ineligible under Section 29(A) of IBC, 2016 even though Appeals have been preferred up to the highest Court of the land, no worthwhile relief has been granted to the Applicants herein. 17. However, in this order we ..... X X X X Extracts X X X X X X X X Extracts X X X X
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