Supreme Court orders Rs. 100 crore deposit, IRP to finalize plan, officials travel allowed

The Supreme Court directed respondent no.4 to deposit the second instalment of Rs. 100 crores by a specified date, with further directions scheduled. The Insolvency Resolution Professional (IRP) was granted liberty to finalize the resolution plan. Company officials were permitted to travel to Bhutan, Nepal, and the United Kingdom within specified time frames. The court ordered any deposited amount to be invested in a short-term fixed deposit with a nationalized bank for prudent management pending further directions.

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Issues Involved:
1. Compliance with court orders for depositing instalments.
2. Liberty granted to IRP for resolution plan.
3. Permission for travel requests by company officials.
4. Investment of deposited amount.

Compliance with Court Orders for Depositing Instalments:
The Supreme Court noted that respondent no.4 had deposited the first instalment of Rs. 100 crores as per the court's order. The court directed the respondent to deposit the second instalment of Rs. 100 crores by a specified date. The matter was scheduled for further directions on the next day for deposit. The court granted the Insolvency Resolution Professional (IRP) the liberty to finalize the resolution plan as per the previous order's terms. Additionally, the company was allowed to submit a representation to the competent authority, emphasizing that the court had not expressed any opinion on the matter.

Liberty Granted to IRP for Resolution Plan:
The court granted the IRP the freedom to finalize the resolution plan in accordance with the specified paragraphs of the previous order. This decision allowed the IRP to proceed with the resolution process within the defined framework without undue restrictions.

Permission for Travel Requests by Company Officials:
The court considered multiple applications seeking permission for company officials to travel abroad. The court allowed the requests for travel to Bhutan, Nepal, and the United Kingdom within the specified time frames, as per the additional affidavits filed. The court emphasized that failure to comply with the deposit deadlines would result in steps being taken to attach the personal properties of the directors.

Investment of Deposited Amount:
The court directed that any amount already deposited and held by the Registry should be invested in a short-term fixed deposit with a nationalized bank. This decision aimed to ensure the prudent management and preservation of the deposited funds pending further directions or resolution of the legal proceedings.

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