TaxTMI 
TaxTMI 
2021 (4) TMI 1183
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....erein under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 praying the Tribunal to- i. Set aside the Resolution Plan dated 11.12.2018 passed by this Hon'ble Tribunal by its Order dated 03.06.2019; ii. Reinstate the Committee of Creditors of the Corporate Debtor and the Resolution Professional; iii. Direct the Resolution Professional to invite fresh Resolution Plans from interested parties for being considered by the Committee of Creditors of the Corporate Debtor for the Corporate Insolvency Resolution Process in relation to the Corporate Debtor in the interest of all stakeholders; and iv. Direct Respondent No. 5/Canara Bank (in its capacity as the agent of the Committee of Creditors) to inv....
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....xtended from time to time and was last extended till 01.10.2020. v. It is averred that aggrieved by the approval of the Resolution Plan by the Committee of Creditors, the other Financial Creditors/Members of COC i.e. IDBI Bank Limited and Indian Overseas Bank filed IA No. 24/2019 and IA 121/2019 respectively before this Tribunal seeking an order to set aside the Resolution Plan submitted by the Resolution Applicant. This Hon'ble Tribunal by a Common Order dated 09.05.2019 dismissed the above two IAs i.e. IA 24/2019 and IA 121/2019. Aggrieved by the Order dated 09.05.2019 issued by this Tribunal, IDBI Bank filed Company Appeal (AT) 553 of 2019 before the Hon'ble NCLAT and Hon'ble NCLAT passed the following order on 22.05....
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....pany Appeal (AT) No. 982 of 2019 within a week after serving copy of advocates to parties. Parties may also file short written submissions not more than 3 pages". ix. It is averred that Respondent No. 1/Resolution Applicant had filed an application IA No. 1351 of 2020 in Company Appeal (AT) 553 of 2019 before the Hon'ble NCLAT seeking an order for submitting a fresh Resolution Plan. The IA has been heard by the Hon'ble NCLAT and reserved for orders. While the said IA was reserved for orders, the Respondent No. 1 filed another application on 28.07.2020 withdrawing the IA 1351/2020. x. It is averred that the relevant provisions relating to the discharge of the liability of the Petitioner/Kotak Mahindra Bank Limited a....
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....Canara Bank on 24.03.2021. 4. The Petitioner herein/Kotak Mahindra Bank among the various prayers in one of the prayers is that to set aside the Resolution Plan dated 11.12.2018 passed by this Hon'ble Tribunal vide its Order dated 03.06.2019; and Reinstate the Committee of Creditors of the Corporate Debtor and the Resolution Professional and several other reliefs. 5. As it could be seen from the circumstances and available records and from the facts that the Resolution Plan has not been implemented till date even though two years have already elapsed. The reason for non-implementation of the Resolution Plan according to the Successful Resolution Applicant is that since the matter questioning the approval of the Resolution Plan by ....