2022 (8) TMI 172

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.... Rules, 2016 for withdrawal of the Resolution Plan approved by this Adjudicating Authority vide order dated 04.06.2020. 2. The applicant is an unlisted private limited company engaged in the business of construction activities, digital media, printing industries, information technology and entertainment media industry. The promoter of the applicant is an entrepreneur having financial interest in real estate, software development, digital media and into related ancillary business activities. 3. The submissions made by the applicant in its application and presented/argued by the learned advocate are summarized hereunder: (i) An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("Code") was filed by Assets ....

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....the applicant has not implemented the said resolution plan due to financial difficulties faced during pandemic Covid-19 and has filed the present application for withdrawal of the said approved resolution plan. 4. The objection raised by the respondent/erstwhile resolution professional are summarized hereunder: (i) The present application is filed by the successful resolution applicant to withdraw the resolution plan dated 24.10.2019 which was approved by the Adjudicating Authority vide order dated 04.06.2020. The applicant is unable to implement the resolution plan due to financial crisis faced by it during pandemic of Covid-19. (ii) The applicant seeks to review/recall the order dated 04.06.2020 of this Adjudicating A....