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TMI Blog2022 (5) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... onal creditor has to pay for the initiation and completion of the CIRP, the Resolution Professional is forced to file this application. After issue of notice, the respondent appeared through counsel on 17.12.2021 and stated that the Respondent wanted to file a counter to the application and the matter was adjourned to 06.01.2022 granting time. However, since no reply/ counter has been filed by the Respondent, this Tribunal on 06.01.2022 directed Shri. P. R. Shanmugham, Director of the Respondent Company to appear in person through VC. On 31.01.2022, Shri. P. R. Shanmugham appeared and stated that he has paid Rs. 1,00,000/- and sought further time to settle the dues - He was directed to deposit the balance amount within two weeks. However, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal of Sree Bhadra Parks and Resorts Limited, (Corporate Debtor) under Section 60 (5) read with Section 65 (1) of the Insolvency and Bankruptcy Code, 2016 against the Operational creditor- Sri Ramani Resorts and Hotels Private Limited seeking the following reliefs: i. Direct the respondent to deposit Rs.4,43,377/- forthwith to the account of the RP maintained for the purpose of CIRP towards the contribution towards its share of CIRP Cost. ii. If the respondent failed to deposit Rs.4,43,377/- to the account of the RP, impose maximum penalty of one crore rupees to the respondent for initiating the Insolvency Resolution Process with malicious intent under Section 65(1) of Insolvency and Bankruptcy Code, 2016 in addition to the CIRP co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me of FC (secured/ unsecured) Claim Amount provisionally admitted Voting Percentage 1 Phoenix ARC Private Limited (secured) 31,16,92,846 52.90% 2 Class of Creditors (Home Buyers) (Unsecured) 20,86,86,043 35.42% 3 Sri Ramani Resorts and Hotels Pvt Ltd. (Unsecured) 5,65,98,301 9.60% 4 Basal Products India Pvt Ltd (Unsecured) 1,22,48,320 2.08% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution of the Corporate Debtor but with malicious intent to recover its dues committing an offence under Section 65(1) of the Insolvency and Bankruptcy Code, 2016. 7. The Respondent/ Operational Creditor in their written submission stated that before paper publication was done the Corporate Debtor expressed willingness to settle the matter and sent mail to them and they have consented to the Settlement and withdrawn the said Application and the IRP was paid Rs.2,00.000/- towards the professional fee. It is further stated that the said settlement failed and IBA/13/KOB/2020 was restored by this Tribunal and appointed Mr. Parmeswaran Nair as IRP and subsequently as RP also. 8. The learned counsel for the Respondent stated that the App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce with the order, the RP has submitted the statement regarding the bifurcation of the estimated CIRP Cost of the Corporate Debtor. 11. From the statement it is seen that the total CIRP Cost till the date of Liquidation is Rs. 51,74,338.03 and the amount payable by Respondent is Rs. 5,00,358.49 and the amount paid till date by the respondent is Rs. 1,98,000/-. The balance receivable as stated by RP from the respondent is Rs. 3,02,358/-. 12. Since the Operational Creditor has not paid the amount to the RP, which the operational creditor has to pay for the initiation and completion of the CIRP, the Resolution Professional is forced to file this application. After issue of notice, the respondent appeared through counsel on 17.12.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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