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Step 2 – Draft Generation
Once you approve the issues, the AI performs issue-wise legal research and prepares a structured draft response.
• Relevant statutory provisions • Judicial precedents and Supreme Court, High Court and other citations • Issue-wise legal analysis • Practical arguments and supporting content • Professionally structured draft ready for further review.
Tribunal Dismisses Delay Condonation Application in CIRP Investigation Case The Tribunal dismissed the delay condonation application for the main application seeking to investigate the Resolution Professional's conduct and declare ...
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Tribunal Dismisses Delay Condonation Application in CIRP Investigation Case
The Tribunal dismissed the delay condonation application for the main application seeking to investigate the Resolution Professional's conduct and declare the Corporate Insolvency Resolution Process (CIRP) null and void. The Applicants failed to provide sufficient reasons for the delay in filing the main Application, and their invocation of Section 87 of the Insolvency and Bankruptcy Code (IBC) was deemed unsustainable. Despite the successful implementation of the Resolution Plan by M/s. Hi-tech Bio Products Pvt. Ltd., the Applicants' failure to submit necessary documents and plans led to rejection by the Committee of Creditors (CoC) under Section 29(A) of the IBC.
Issues: Delay condonation application for main application seeking to investigate Resolution Professional's conduct and declare CIRP null and void.
Analysis: 1. The Applicants filed an Application seeking to condone a 381-day delay in filing the main Application, which aimed to investigate the Resolution Professional's conduct and challenge the acceptance of the Resolution Plan by M/s. Hi-tech Bio Products Pvt. Ltd. 2. Allegations were made against the Resolution Professional for not providing necessary documents on time, leading to the discovery of serious errors in tax calculations and dues to the Electricity Board. 3. The State Sales Tax Department filed a case against the Resolution Professional for incorrect tax calculations, and the Applicants were only made aware of this after inspecting records in October 2019. 4. Respondent No. 2 contended that the Applicants were ineligible under specific sections of the IBC, and previous challenges to this decision were dismissed by the NCLAT and the Supreme Court. 5. The Resolution Plan submitted by M/s. Hi-tech Bio Products Pvt. Ltd. was approved by the Tribunal and no challenges were raised against this approval. 6. The Applicants invoked Section 87 of the IBC, which was deemed unsustainable for their case, and failed to provide sufficient reasons for the delay in filing the main Application. 7. The Resolution Professional highlighted that the Resolution Plan was successfully implemented, all creditors were paid, and commercial production commenced as per the approved plan. 8. Despite opportunities, the Applicants failed to submit necessary documents and plans, leading to rejection by the CoC under Section 29(A) of the IBC. 9. The Tribunal dismissed the Application for delay condonation, citing insufficient cause beyond administrative reasons, and no costs were awarded in this matter.
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