9911796707
TMI Blog2021 (7) TMI 497X X X X Extracts X X X X X X X X Extracts X X X X ..... ed, any person other than the Corporate Debtor can apply for Liquidation of the Corporate Debtor - In the present case, the Liquidation Value of the Corporate Debtor is ₹ 41,74,00,000 which is more than the upfront payment offered in the Resolution Plan i.e. ₹ 26,75,00,000 and that the Resolution Applicant has failed to honour his commitments in the Resolution Plan. The only course open to this Tribunal is to invoke Section 33(3) and (4) of the I B Code, 2016 and order Liquidation of the Corporate Debtor. Shri Jasin jose, the proposed Liquidator has not filed the prescribed form accepting his appointment as Liquidator. Hence he has to be directed to produce the consent as per rules. M/s. Churakulam Tea Estate Private Lim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Plan. The Applicant Bank submits that the Resolution Applicant has contravened the provisions of the Resolution Plan approved by this Tribunal. 3. It is also stated that the 1st meeting of the Monitoring Committee held on 01.02.2021 determined that the Resolution Applicant had failed to infuse funds as provided in the Resolution Plan. Moreover, it also proves the Resolution Applicant's financial inability to meet the commitments made under the Resolution Plan. The initial payments were approximately less than 10% of the total committed fund infusion. Therefore, they state that the contravention of the Resolution Plan has been prejudiced the interests of the Applicant. 4. It is further stated that the Liquidation Value o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on (1). 7. From a reading of the above provision, it is clear that if the Resolution Applicant fails to implement the Resolution plan within the timeframe as agreed, any person other than the Corporate Debtor can apply for Liquidation of the Corporate Debtor. In this Application, the Financial Creditor South Indian Bank who has 89.12% of secured debt of the Corporate Debtor has by filing this Application prayed before this Tribunal to liquidate the Corporate Debtor. Moreover, to uphold the notion with which I B Code, 2016 was enacted is to protect of the interests of the stake holders and maximisation of the value of assets of the Corporate Debtor. In the present case, the Liquidation Value of the Corporate Debtor is ₹ 41,74,00,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
