9911796707
TMI Blog2021 (11) TMI 1019X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tricounty Premier Hearing Services Inc., the Resolution Applicant herein, under Section 60(5) of the Insolvency and Bankruptcy Code, 2076 read with Rule 11 of the National Company Law Tribunal Rules, 2016, against the Corporate Debtor mentioned hereinabove. 'Ihe reliefs sought in this application are mainly to the following effect : a. To pass an Order allowing extension of compliance of Order dated 20.09.2021 of this tribunal by another 30 days i.e., 30.11.2021 as a last chance; b. Interim and ad-interim orders in terms of above prayers; c. Such further and other Orders as this Tribunal may deem fit and proper in the facts and circumstances of the case. 2. The applicant states that being successful resolution applicant, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d not been done. Till the date of said hearing only around Rs. 15.00 crore was paid by the Resolution Applicant. 5. Ld. Counsel for the Monitoring Committee, Mr. Abhishek Sharma stated about non-compliances on the part of the Resolution Applicant. Ld. Senior Counsel Mr. Joy Saha appearing on behalf of State Bank of India stated that there are no settlement talks going on. The Liquidation Order needs to be passed as there is no provision for extension of payment time provided in the implementation of the Resolution Plan. The learned senior counsel for State Bank of India had stated that the possession of the Corporate Debtor ought to be handed over to the Monitoring Committee as the Resolution Applicant is simply enriching from the equipmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... actions as may be deemed appropriate as per law, shall be taken. The Resolution Applicant was also directed to submit a Weekly Progress Report in implementation of the Resolution Plan in the Registry. In total disregard to Orders of this Tribunal the Applicant has grossly failed in its commitments. It has not adhered to the stated timelines or the extensions allowed by this Tribunal to report compliances. Despite Orders it has not submitted any weekly progress report in the registry. The conduct of the successful resolution applicant is completely lacking in bona fides and is therefore questionable. After such non-compliances seeking further time for the required compliances, for any reason whatsoever, is not acceptable to this Tribunal at ..... X X X X Extracts X X X X X X X X Extracts X X X X
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