9911796707
TMI Blog2024 (1) TMI 899X X X X Extracts X X X X X X X X Extracts X X X X ..... 3) Company Appeal (AT) (CH) (Ins.). No. 391/2023 (IA No. 1194/ 2023 &IA No. 8/2024) - - - Insolvency & Bankruptcy - Seeking extension of time for implementation of the Plan - seeking relaxation of timelines of a period more than 8 months to implement the Resolution Plan - HELD THAT:- Having regard to the scope and objective of Insolvency and Bankruptcy Code, 2016, to avoid Companies going into Liquidation, as Liquidation of the Corporate Debtor should be a matter of last resort; that the IBC recognizes a wider public interest in resolving corporate insolvencies and its object is not the mere recovery of monies due and outstanding; that the Successful Resolution Applicant has indicated its bona fide, at least prima facie at the present st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Plan, keeping in view that there was no Restoration of Power Supply to the Corporate Debtor till the intervention of the Hon ble Apex Court in Civil Appeal No. 4587 / 2022. 2. It is submitted by the Learned Senior Counsel for the Appellant Mr. PH. Arvindh Pandian that the Adjudicating Authority has rightly observed in Para 26 of the Impugned Order dated 04.01.2023 that there is no change in the situation regarding the Restoration of Power Supply to the Corporate Debtor from the previous Order dated 10.10.2022, till date, as admittedly Southern Power Distribution Company of Telangana Limited (SPDCTL) had not restored the power connection to the Corporate Debtor. 3. It is strenuously argued by the Learned Senior Counsel for the Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of power and delay in obtaining necessary approvals from the concerned authorities. The delay that has ensued is therefore, neither willful nor wanton and the resolution applicant is serious and willing to implement the resolution plan in letter and spirit, with the cooperation of all concerned statutory authorities. To this end, the Resolution Applicant, in addition to the aforesaid amounts, intends to infuse further funds required for operationalization of the plant of the Corporate Debtor, which, the Resolution Applicant herein seeks to bring to operationalization on or before 19.05.2024 with the receipt of necessary approvals from the concerned authorities. 5. On a pointed query from the Bench to Mr. Varun Srinivasan, Learned C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on hand and the fact that the power supply was restored to the Corporate Debtor Company only with the intervention of the Hon ble Apex Court in Civil Appeal No. 4587 / 2022 in the year 2023 and the consent given by the Appellant / Union Bank of India to the Proposal given by the Successful Resolution Applicant vide Affidavit dated 18.01.2024 and having regard to the scope and objective of Insolvency and Bankruptcy Code, 2016, to avoid Companies going into Liquidation, as Liquidation of the Corporate Debtor should be a matter of last resort; that the IBC recognizes a wider public interest in resolving corporate insolvencies and its object is not the mere recovery of monies due and outstanding; that the Successful Resolution Applicant has ind ..... X X X X Extracts X X X X X X X X Extracts X X X X
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