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TMI Blog2024 (12) TMI 1097X X X X Extracts X X X X X X X X Extracts X X X X ..... Adv. Ms. Jasmine Damkewala, AOR Mr. Nikhil Goel, Sr. Adv. Mr. Roy Abraham, Adv. Ms. Reena Roy, Adv. Mr. Adithya Koshy Roy, Adv. Mr. Yaduinder Lal, Adv. Ms. Rajni Ohri Lal, Adv. Ms. Siddhi Gupta, Adv. Mr. Himinder Lal, AOR Mr. Nidhesh Gupta, Sr. Adv. Ms. Sakshi Kakkar, AOR Mr. Shakti Singh, Adv. Ms. Vriti Gujral, Adv. ORDER 1. The present appeal, preferred by a suspended Director of the corporate debtor, Sameer Singh, impugns the judgment dated 22.05.2020 passed by the National Company Law Appellate Tribunal, For short, "NCLAT" New Delhi, on the question/factum of default. 2. On relevant consideration, we do not find any good ground and reason to interfere with the impugned judgment. 3. However, certain developments have occurred since ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... certain conditions, including payment of Rs.225 crores. 5. At present, a payment of about Rs.95 crores has been made. The balance amount of about Rs.130 crores is yet to be paid. 6. Fixed Deposit(s) For short, "FD" with a maturity value of about Rs.130.24 crores were available with Canara Bank. From them, an amount of about Rs.31 crores has been paid by Canara Bank to M/s. EKK Infrastructure Ltd., who was awarded the contract for overlaying the toll road. This work awarded to M/s EKK Infrastructure Ltd. is critical as the contract between the corporate debtor and NHAI mandates overlaying. The Resolution Professional justified the payment as a contractual obligation essential to safeguard the asset and prevent litigation with NHAI. Failur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he resolution plan submitted by Mr. Kamal Pasha and Mr. Syed Fahad remains pending, supported by their bank guarantee of Rs.8.62 crores. 13. During the hearing, our attention was drawn to Sections 12A, 24, 25A(4), 30 and 31 of the Code, as well as Regulation Nos. 5 30A and 36A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016. We are not reproducing the said sections or regulations given the order we are inclined to pass. However, we refer to the judgment of this Court in Glas Trust Company LLC v. Byju Raveendran and Others. 2024 SCC OnLine 3032 In paragraph 63 of the judgment, this Court had observed that, even if an application under Section 7, 9, or 10 of the Code is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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