2026 (7) TMI 531

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....)] The Appellant, being the erstwhile Chief Promoter and MD of the Corporate Debtor, M/s. ISR Infra Private Limited is before this Appellate Tribunal expressing his grievances as against the impugned order dated 10.05.2021, passed by the Ld. NCLT Amravati bench in IA No. 176/2019, which was subject matter of consideration in TCP (IB) No. 106/9/AMR/2019, to be read with CP (IB) No. 382/9/HDB/2019. By virtue of the impugned order dated 10.05.2021, the application preferred by the Respondent / Resolution Professional, by invoking the provisions contained under Section 33(1)(a) of the I & B Code, 2016, seeking an order of liquidation of the Corporate Debtor, has been allowed. 2. Briefly stated, the Appellant contends and claims to be the ....

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....d into the field of Real Estate Business and construction by establishing a partnership firm in 2007, which was later converted into a private limited company and had taken up various infrastructure projects in which they were initially successful, but later on account of business failures, mounting overdues and changes in business climate the financial viability of the CD was affected and the account with IoB slipped into NPA. 6. He has contended that the Sole Financial Creditor, i.e., Indian Overseas Bank, declared the account of the CD as to be an NPA, without making any efforts to explore possibilities of restructuring of the loan. At the same time Section 9 proceedings were initiated by one Operational Creditor M/s. CMR Transport Co....

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....erved on 24.11.2020. Citing health reasons, the Appellant filed a recall application of the order dated 24.11. 2020, with a request to grant three weeks time to him to make the payment to the sole Financial Creditor, which was granted. However, the Appellant had failed to honour the commitment made by him, on grounds of Covid-induced health conditions. 9. Further, the Appellant had once again filed an application being IA No. 30/2021, in the company petition, after the rejection of the first recall application, praying for, recalling of the order of 24.11.2020 reserving the orders in IA No. 176/2019 (2020), being the application filed for liquidation of the Corporate Debtor. Here too, the Appellant had rather tried to prolong the proceed....

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....r a further period up to 05.05.2020, and that when no Resolution Plan could be received, by the last date fixed, i.e., 15.07.2020, the Appellant herein offered a One-Time Settlement to the FC and settled the claim of one Operational Creditor, who had filed the application under Section 9 of the I & B Code, and that despite 3 time extensions given, the Appellant could not make the full payment as promised under the OTS offer, resulting in failure of settlement initiated under Section 12A of the Code. 12. Owing to the finding that has been recorded by the Ld. Tribunal taking into consideration the past conduct of the Appellant, coupled with the fact that since in the e-voting that was conducted on 19.10.2020 and 20.10.2020 in the 7th CoC m....