TaxTMI 
TaxTMI 
2021 (9) TMI 8
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....alance payment of Rs. 12.78 Crores from the date of approval by this Tribunal; to direct the Resolution Professional (RP) to complete all formalities including but not limited to opening of Bank Account, transfer of shareholding and directorship and hand over the management of the Corporate Debtor to the Resolution Applicant 2. Brief facts of the case, as mentioned in the instant Application, which are relevant to the issue in question, are as follows: (1) Initially, C.P.(B) No. 69/BB/2018 was filed by M/s. Shantha Projects Ltd. (Corporate Applicant), U/S. 10 of the IBC, 2016 and the same was admitted by the Adjudicating Authority vide its Order dated 07.10.2018 by initiating CIRP appointing Shri B. Parameshwara Udpa as IRP; imp....
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.... to your highness to kindly complete all compliance as required". (5) Subsequent to the above, lockdown was imposed in the entire country since 24.03.2020. However, the Financial Creditor sent an email on 27.03.2020 to the Resolution Applicant seeking balance payment of the Plan amount and accordingly, the Resolution Applicant sent a letter on 28.03.2020 to the Financial Creditor informing that the management of the Corporate Debtor was still not handed over nor were the shares allotted in favour of the Resolution Applicant apart from the lock down and therefore, some more time may be granted to it. (6) In view of the above, the Applicant had been requesting for extension of time of the implementation schedule and the paym....
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....Tribunal and in case the request for extension is not approved either by the Bank or by this Tribunal, then the amount should be refunded back. (10) As per the discussions held in the meetings of the Monitoring Committee, the Resolution Applicant sought a no objection for extension of time from the Financial Creditor and vide its email dated 07.12.2020 informed him that: "As per the approved Resolution Plan we have already paid the upfront amount of Rs. 1.92/- Crores and the balance amount of Rs. 12.78/- was to be paid. As per discussions held in 5th Monitoring Committee meeting held on 22nd October, 2020 and your mail dated 17.11.2020, we have deposited Rs. 50,00,000/- in the "no lien account". This amount should....
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....aid mail of SBI vide its email dated 02.01.2021 reiterating its commitment to pay the amount as per the approved plan in the following manner: "With reference to your email dated 29.12.2020, I wish to mention again that we are moving ahead in spite of all hard circumstances due to COVID-19. After COVID valuation of all assets especially power plants has come down drastically. We again remind that RP has not discharged his duties till today. Being a true business man and looking forward strong relationship with SBI purpose to pay 15 lakhs plus i.e., Rs. 12.93 Crore out of which we have already paid Rs. 50 lac in no lien account." (13) Further to the above, the Financial Creditor, State Bank of India finally gave its approva....
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....s and in obtaining necessary compliances/approvals apart from his failure to hand over the Management Control all the assets, Documents/Records in Physical Form or Digital Form to the Resolution Applicant as mandated in terms of the order dated 26.09.2019 has adversely affected implementation of the Resolution Plan. (3) As per Order dated 26.09.2020, the Resolution Applicant shall obtain necessary approvals as required under any law for the time being in force, within a period of one year from the date of approval of Resolution Plan or within such period as provided by such law, whichever is earlier. (4) The Form DIR-12 was not filed by the Resolution Applicant earlier till March 2020. The IBBI clarification during March 2....