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TMI Blog2021 (9) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the CoC i.e., sole financial creditor, and the successful Resolution Applicant agreed to pay ₹ 15,00,000/- extra over and above to the agreed amount. In view of the same, an extension of 03 months of time is granted for making the balance payment. Petition disposed of by granting 03 (Three) months of time for making the balance payment. - I.A. No. 132 of 2021 in C.P. (IB) No. 69/BB/2018 - - - Dated:- 6-8-2021 - Bhaskara Pantula Mohan, Actg. President And Hemant Kumar Sarangi, Member (T) For the Appellant : Kumar Mihir and B. Parameshwara Udpa ORDER Bhaskara Pantula Mohan, Actg. President 1. I.A. No. 132 of 2021 is filed by Bhadrashree Steel and Power Limited (Applicant), U/s. 60 (5) of the IBC, 2016, by s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Resolution Plan approved by this Adjudicating Authority. However, due to the inaction on the part of the RP despite repeated requests on the part of the Applicant to fulfil the directions of this Adjudicating Authority and complete the formalities, the implementation was delayed. (4) In view of the above, the Resolution Applicant sent an email dated 11.03.2020 to the Financial Creditor and the Resolution Professional stating as under: We are in advance stage of getting finance by Punjab National Bank, New Mandi Muzaffarnagar and HDFC Bank, Hyderabad for balance payment as per resolution plan approved by NCLT, Bangalore in favour of Resolution Applicant, M/s. Bhadrashree Steels and Power Limited. But our Bankers are unable to g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onditions discussed and agreed upon in the Monitoring Committee meeting so that it can go ahead and approach this Tribunal for the extension of revised timelines. (8) In terms of the above, the Financial Creditor sent an email on 29.10.2020 wherein it confirmed that the Resolution Applicant has to make the full and final payment under the Resolution Plan within 120 days from the date of approval by the Bank or NCLT, whichever is later and the Resolution Applicant was requested to arrange to file an appropriate Application for extension of time. (9) In terms of the above, the Resolution Applicant made a payment of ₹ 50,00,000/- in the lien account on the condition that the said amount should be appropriated on approval of ext ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the new schedule as per NCLT Order. (11) In response to the above, the Financial Creditor sent an email dated 29.12.2020 to the Applicant giving its in-principle approval to the request made for extension in time for balance payment of ₹ 12.78 Crores by 120 days from the date of approval by this Tribunal in the following manner: With reference to the trailing mail, we advise that the competent authority of the Bank has in principle agreed to your request for extension in time for balance payment of ₹ 12.78 Crores by 120 days from the date of approval by NCLT, provided you pay the interest for delay period at Bank's MCLR of 7% on the balance amount starting from 30.03.2020 till the date the complete payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Professional in discharging his duties and in obtaining the necessary approvals/compliances apart from his failure to handover the management control all the assets, documents/records in physical and/or digital form to the Resolution Applicant as mandated in terms of the order dated 26.09.2019, which has adversely affected the implementation of the Resolution Plan. 3. The Resolution Professional (RP) has filed Statement of Objections dated 11.06.2021, by inter alia contending as follows: (1) The RP does not have any objection and is in favour of granting time for making payment of Balance amount of ₹ 12.78 Crores and implementing Resolution Plan within 120 days from passing of an Order of approval. (2) It is stated that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xtension of time thereby for implementing the Resolution Plan and for making payment of Balance Amount payable under the approved Resolution. The Resolution Applicant has not paid any fees except for the initial two months amounting to ₹ 1.00 lakhs. 4. Heard Shri Kumar Mihir, learned Counsel for the Applicant and Shri B. Parameshwara Udpa, learned Resolution Professional, through Video Conference. We have carefully perused the pleadings of the parties and extant provisions of the Code and rules made thereunder. 5. The Resolution Applicant is seeking for extension of 120 days for making balance payment of ₹ 12.78 Crores as per the approved Resolution Plan from the Adjudicating Authority. Further, the matter has been negoti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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