2021 (7) TMI 497

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....ea Estate [hereinafter referred to as the Corporate Debtor"]and to appoint the Resolution Professional as the Liquidator of the Corporate Debtor. 2. It is stated in the application that the Resolution Plan submitted by Mr. Jose Pradeep was approved by this Tribunal on 08.01.2021, and the Monitoring Committee was formed under the Chairmanship of the Resolution Professional to implement the Resolution Plan. In the approved Resolution Plan, it was agreed by the Resolution Applicant to pay an interim fund of Rs. 1.60 Crores within two weeks from the date of approval of the Resolution Plan by the Adjudication Authority. However, Resolution Applicant Mr. Jose Pradeep failed to infuse funds as agreed to by him. Meanwhile, the Resolution Applica....

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....ntravened the provisions of the Resolution Plan approved by this Tribunal. 6. In this respect, it is relevant to reproduce Section 33(3) & (4) of the Insolvency and Bankruptcy Code, 2016 which is as under: "3) Where the resolution plan approved by the Adjudicating Authority is contravened by the concerned corporate debtor, any person other than the corporate debtor, whose interests are prejudicially affected by such contravention, may make an application to the Adjudicating Authority for a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). (4) On receipt of an application under sub-section (3), if the Adjudicating Authority determines that the corporate debtor has contr....