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TMI Blog2021 (11) TMI 1019X X X X Extracts X X X X X X X X Extracts X X X X ..... Plan, after considering all the facts and circumstances of the case, allowed one last opportunity to the Resolution Applicant to fulfil all its commitment and financial obligations stated in the Resolution Plan by 31.10.2021, clearly stating that if it fails this time, 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. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deem fit and proper in the facts and circumstances of the case. 2. The applicant states that being successful resolution applicant, it had earlier filed an application vide CA (IB) No. 58/CTB/2020 seeking, inter alia, issuance of appropriate directions for the revision of timelines for due implementation of the resolution plan that was approved vide Order dated 22.01.2019. The said application was disposed of by this Tribunal vide an Order dated 20.09.2021. While several observations of this Adjudicating Authority are reflected in the aforesaid Order the Applicant was allowed one last opportunity to fulfil all its commitments and financial obligations stated in the Resolution Plan by 31.01.2021. It was also clearly mentioned in the Or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... possession of the Corporate Debtor ought to be handed over to the Monitoring Committee as the Resolution Applicant is simply enriching from the equipment of the Corporate Debtor without implementation of the Resolution Plan. 6. This Adjudicating Authority after hearing all the counsel, constraining pandemic situation in the country etc., had passed an Order on April 12, 202t allowing time up to 07.06.2021 to the Resolution Applicant and from the total outstanding amount of ₹ 30.00 crore to pay ₹ 20.00 crore on or before 07.06.2021 to show their bona fides and also to file an affidavit stating that the plan is being complied within all other aspects. It has been noted that the Resolution Applicant has grossly failed in compl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s therefore questionable. After such non-compliances seeking further time for the required compliances, for any reason whatsoever, is not acceptable to this Tribunal at this stage, more particularly when conduct of the applicant in its earlier commitments and compliances in response to earlier Orders of Tribunal in itself is questionable. We are inclined to outrightly reject this Application while questioning the conduct of the Resolution Applicant in the entire matter. 8. Accordingly, IA (IB) No. 115/CB/2021 in TP No. 01/CTB/2020 (earlier CP (IB) No. 1283/MB/2017) is DISMISSED . 9. All other connected matters, which were earlier kept in abeyance, shall be listed on 09.12.2021 for consideration and disposal. 10. The Registry is he ..... X X X X Extracts X X X X X X X X Extracts X X X X
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