2026 (3) TMI 1079

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....889 / 2025) - -<br>Insolvency & Bankruptcy<br>JUSTICE SHARAD KUMAR SHARMA MEMBER (JUDICIAL) AND JATINDRANATH SWAIN MEMBER (TECHNICAL) For the Appellants : Mr. PH. Arvindh Pandian, Senior Advocate and For Mr. C. Haran, Advocate For the Respondents :&nbsp; Mr. Maligi Madhusudhan Reddy, Erstwhile RP / R1 Mr. Varun Srinivasan, Advocate for R2 / Bank ORDER Oral Judgment : Justice Sharad Kumar Sharma, Member (Judicial): 1. These Appeals under Section 61 of the I & B Code, 2016, had been preferred by the Appellant(s). In Company Appeal (AT) (CH) (INS) No. 302 / 2025, the Appellants are the members of the Consortium of Successful Resolution Applicants, who had challenged the Impugned Order dated 27.03.2025, that was passed by the Ld.....

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.... AM / 2025 seeking directions whether to proceed with the Resolution Plan or, to file for Liquidation, that on 23.01.2025, Ld. Adjudicating Authority in IA (IBC) / 21 / 2025 ordered Respondent No. 1 to take appropriate steps as per law, that on 10.02.2025, Respondent No. 1 filed IA (IBC) / (Liq) / 1 / AM / 2025, seeking orders to liquidate the Corporate Debtor, that on 18.03.2025 Appellants wrote to Respondent No. 1 highlighting the problems faced by them on account of non-restoration of electricity supply which has led to their request for extension of time to make payments, that on 27.03.2025, Ld. Adjudicating Authority dismissed IA (IBC) / 2 / 2025 filed by the Appellants seeking extension of time and that on 09.04.2025, Ld. Adjudicating....

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....balance amount of the 2nd and the 3rd Tranche, within 120 days and 180 days respectively as per schedule, that the Monitoring Committee in its Meeting, held on 30.01.2025, had deliberated upon the implication of the non-implementation of the Resolution Plan by the Successful Resolution Applicant, and directed the Monitoring Agent, to file an Application for Liquidation of the Corporate Debtor and that as per provisions of Section 33 of the I & B Code, 2016, it is inclined to pass orders for Liquidation of the Corporate Debtor. 6. The Appellant has contended that he has paid the 1st Tranche in time, that his revival efforts got hampered due to non-restoration of electricity supply which is beyond his control, that in similar cases Hon'ble....

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....r / Respondent No.2. 8. The terms as offered by the Financial Creditor and accepted by the Appellant are enumerated hereunder; and it will form to be part and reasons for disposal of these Appeals: "a. That the Appellant / Resolution Applicant should pay the balance payment of the 2nd tranche payment of Rs. 2,60,00,000/- and the 3rd tranche payment of Rs. 20,50,00,000/- that are due and payable as per the approved Resolution Plan vide the Order of the Hon'ble NCLT dated 06.09.2024 on or before 30.09.2025. b. That the balance amounts due and payable by the Appellant / Resolution Applicant, as per the Resolution Plan, as stipulated in clause (a) of this Affidavit must be paid together with interest on a reducing basis at ....