TaxTMI 
TaxTMI 
2022 (8) TMI 175
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.... Rohit Gupta , Advocate ORDER Per : Shri H. V. Subba Rao , Member ( Judicial ) 1. The above Interlocutory Application has been filed by M/s. Globomet Engineering Private Limited on 30.06.2021 praying mainly the following reliefs: a. Direct the members of CoC to forthwith refund and release the amount to the tune of INR 3,25,00,000 (Indian Rupees Three Crores Twenty-Five Lakhs only) to the Applicant held by them in no-lien account, in the name of members of CoC, with the Financial Creditor; b. Direct Respondent No. 1 to record the decision of the Applicant of withdrawing from the Resolution Plan and to facilitate the CoC for the refund and release of amount of INR 3,25,00,000 Indian Rupees Three Crores Twenty Five ....
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.... and TJSB Sahakari Bank Ltd and RARC for JDECL. 4. In pursuance of the proceedings under the Code, the COC of UCL had decided to liquidate UCL since there was no prospect of receiving any Resolution Plan, and the NCLT, Mumbai Bench reserved its orders on 16.07.2019 in an application (M.A. No. 2589/2019) filed seeking approval for liquidation of ULC. 5. However, during the pendency of the aforesaid order, a Resolution Plan was received from the promoter of UCL belatedly, which was not accepted since the CIRP period of UCL had ended on 23.07.2019. 6. Subsequently, another M.A. bearing No. 3465/2019 ("Stay M.A.") was filed by a director of UCL seeking directions to be issued to the COC of UCL to consider the submitted Resolution Plan.....
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....ll (i) resolution plan of UCL is approved by the Hon'ble NCLT, Mumbai (ii) an application under Section 12A of the IBC, for withdrawal of proceedings against JDECL is allowed by the Tribunal, subject to conclusion of both before 30.06.2020. 9. However, due to completely unforeseen and unprecedented situation of the COVID-19 pandemic and the ensuing lockdown, evidently the stipulation in the 1st MOU could not be adhered to. Thus, consequently, Globmet and the creditors of UCL and JDECL (including TJSB), revised the 1st MOU, by way of a fresh MOU dated 07.08.2020 ("2nd MOU) wherein the obligation to (i) obtain approval of the Resolution Plan for UCL and (ii) allowing of the application under Section 12(A) of the IBC was set to be 30.09.202....
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....o be listed on 10.06.2021. Since the Resolution Plan was submitted to the COC of UCL on 12.09.2020 and the same was allowed by the COC, it is not possible now for Globomet to renege on the 1st MOU and 2nd MOU by asking for refund of the Settlement Amount. 12. The Tribunal had disposed of the stay petition bearing MA by its order dated 04.02.2021 and directed the Resolution Professional of UCL to convene the COC of UCL immediately and to place the Resolution Plan submitted by the Resolution Applicant for consideration. This Tribunal also disposed of the Going Concern MA by its order dated 04.02.2021 and directed that in view of the direction given to the RP to place the Resolution Plan of the Resolution Applicant before the COC of UCL, th....
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....erved that Respondent Nos. 3 to 6 are the people who are really responsible for failure of CIRP process of M/s Unimetal Castings Ltd and the same Respondents are also part of the present Applicant M/s Globomet Engineering Pvt. Ltd. Therefore, it is very clear from the above conduct of the Applicant that the applicant is trying to take advantage of their own wrong and demanding refund only from COC by exonerating its own people from their personal liability. Therefore, the above I.A. is nothing but a collusive application filed by Applicant at the behest of Respondent Nos. 3 to 6. 6. It is also observed that the applicant is altogether a third party who has nothing to do with the CIRP process of either of the Companies and the present App....