9911796707
TMI Blog2023 (4) TMI 445X X X X Extracts X X X X X X X X Extracts X X X X ..... n not accepting the Terms of Resolution Plan, cannot in any manner, be attributed, to the Appellant, which took all reasonable and commercially possible steps, to fulfil the Conditions Precedent. That apart, it cannot be brushed aside that the Appellant, had not claimed a relief of Cancellation of the Resolution Plan. Instead, it was sought for by the 1st Respondent, in its own commercial wisdom. This Tribunal, on an entire conspectus of the attendant facts and circumstances of the case, in a holistic fashion, to prevent an aberration of justice, and to secure the ends of justice, hereby Expunges, the Observations / Findings (including the aspect of Initiation of Proceedings, under Section 74 (3) of the I B Code, 2016), made by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank Guarantee, with the sole objective of reaching a closure of the issues involved and for the purpose of putting matters to rest once and for all, the Appellant is willing to forego its prayer for restoration of the bank guarantee or the amounts recovered by the Respondent No.1 from the same. It is clarified that does not admit to any fault nor does it admit to the legality of the invocation of the Bank Guarantee but is only ready to waive / forego its claim in that regard with the sole objective of putting all issues to rest for good. It is submitted that the Appellant is making the aforesaid concession on the basis that all adverse observations and directions against the Appellant, save and except for the directions for invocation of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. It is to be remembered that the Terms of Resolution Plan , being implemented, ofcourse, depends upon the contingent on execution of necessary documents, by NHAI (inclusive of the Supplementary Agreement ). 8. In any event, the refusal on NHAI , in not accepting the Terms of Resolution Plan , cannot in any manner, be attributed, to the Appellant , which took all reasonable and commercially possible steps, to fulfil the Conditions Precedent . 9. That apart, it cannot be brushed aside that the Appellant, had not claimed a relief of Cancellation of the Resolution Plan . Instead, it was sought for by the 1st Respondent , in its own commercial wisdom . 10. Be that as it may, in view of the foregoings and also considering ..... X X X X Extracts X X X X X X X X Extracts X X X X
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