2025 (5) TMI 2244

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....en filed against order dated 13.12.2024 by which the Adjudicating Authority has rejected IA No.961(KB)2024 filed by the Appellant - Successful Resolution Applicant (SRA) seeking refund of the performance security of Rs. 30 Lakhs and Rs. 5.26 Lakhs paid as 1% upfront payment. 2. Appellant participated in the CIRP of the Corporate Debtor and submitted his Resolution Plan which was approved by the CoC on 20.08.2021 and subsequently, approved by the Adjudicating Authority on 10.02.2022. The Resolution Plan could not be implemented by the Appellant and IA No.672 of 2023 was filed by the Resolution Professional as Chairman of the Monitoring Committee, where the Adjudicating Authority has held on 19.01.2024 that the SRA has failed to deposit th....

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....feited including the performance guarantee. It is submitted that all facts were well known to the Appellant since Appellant in the Resolution Plan has prayed for certain waiver by the appropriate regulatory authority, which has cancelled the lease deed. The fact that the Appellant has prayed for waiver in the Resolution Plan clearly indicate that the Appellant was well aware of the cancellation of the lease deed by the regulatory authority. 5. We have considered the submissions of learned counsel for the parties. The Adjudicating Authority in Para 18 to 22 has made following observations: "18. Further, at the third meeting of the Monitoring Committee convened on 11th May, 2022, it was duly noted that the applicant sought to r....

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.....08.2021 upto relevant Clause 3 is as follows: "Date: 30th August 2021 To The Principal Officer Indian Ocean Group Pte Ltd. Registered Office: 3791 Jalan Bukit Merah 05-28 E-centre@Redhill, Singaporo-159471 Dear Sir, Sub: Issuance of Letter of Intent (LOI) pursuant to approval of Resolution Plan submitted by Indian Ocean Group Pte Ltd. in the CIRP of M/s Jharkhand Mega Food Park Private Limited by its Committee of Creditors. It gives me immense pleasure in informing you that in accordance with the provisions of Section 30(4) of the Insolvency & Bankruptcy Code, 2016, the Committee of Creditors ("CoC") of M/s Jharkhand Mega Food Park Private Limited in its 12 meeting ....

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....is Resolution Plan. Upon successful completion of the Resolution Plan, all available assets of the CD will be transferred to the Resolution Applicant on "As is where is" basis, "As is what is" basis, "Whatever there is" basis and "No recourse" basis, Neither the Secured Creditors nor the Resolution Professional shall be liable or made responsible for the condition, content or otherwise, etc., of these assets of the CD" 7. Admittedly, the Appellant failed to deposit the amount as per the Resolution Plan and the Adjudicating Authority by order dated 19.01.2024 held that the Appellant failed to implement the plan, which order has already become final, as submitted by the Resolution Professional. The Appellant having failed to implement the ....