2018 (12) TMI 653

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....the Resolution Plan was approved, i.e., 17.09.2018, now to avert this live Company to get into liquidation, the Resolution Professional has filed this application seeking direction against the applicant for implementation of the approved resolution plan with immediate effect at least from hereof and also for a direction against the Resolution Applicant (R1) to immediately deposit an amount of Rs. 334 Crores, which is one third of the upfront payment the Resolution Applicant agreed to pay to the financial creditors in the Resolution Plan approved by this Bench, which shall lie in Escrow as Security for the performance of the obligations of the Respondents in implementing the approved Resolution Plan and shall be adjusted against the total pa....

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....ents of the Corporate Debtor. 5. By reading this application as well as on hearing the submissions of the Resolution Professional and the counsel appearing on various Banks behalf, it appears 30 days period for implementation of the Resolution Plan was already over, the promise made by the Resolution Applicant in the Plan has not seen the light of the day till now, though the Resolution Applicant placed the Resolution Plan for approval of CoC with a proposal that it would bring in upfront payment of Rs. 1,060 Crores within 30 days from the date of approval i.e., from 17.09.2018, but till date not even a single pie has come from the Resolution Applicant even after completion of 30 days' time mentioned in the Resolution Plan. 6. Fortuna....

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....s factual scenario, the Monitoring Committee on 17.10.2018, "discussed and agreed that an upfront payment of at least one third of the total payment to the Financial Creditors as per the approved Resolution Plan needs to be brought into the Escrow Account by Ingen (the Resolution Applicant) for them to consider the following: "* Ingen's request for inclusion of their representatives in the Monitoring Committee, * Ingen's request for additional information with regards to the Company's operations." 12. Today this MA is backed by the Monitoring Committee resolution asking the Resolution Applicant to immediately infuse at least one third of the total payment to the Financial Creditors. 13. On perusal of this resolution ....