# In the matter of M.S. Ramesh J, and M.S. Mohammed Shaffiq J. W.P.No.13942 of 2022
and W.M.P.Nos.13194, 13196, 13197 of 2022

> HC judgment dated 2022-06-02. Citation: TCN-2022-HC-00039. The case involves a Corporate Debtor who submitted a Resolution Plan that was approved by the…

- **Court:** HC
- **Order date:** 2 Jun 2022
- **Citation:** TCN-2022-HC-00039
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/ms-ramesh-j-and-ms-mohammed-shaffiq-j-wpno13942-of-2022-and-wmpnos13194-13196-13-15ed114f

## Summary

### Background

The case involves a Corporate Debtor who submitted a Resolution Plan that was approved by the Tribunal on 2019-09-30. According to the approved plan, the successful Resolution Applicants were required to pay Rs.156.78 Crore to the Financial Creditors within 45 days, i.e., by 2019-11-15. However, Axis Bank, one of the Financial Creditors, moved an IA/1266/2020 seeking liquidation of the Corporate Debtor because the Resolution Applicant failed to adhere to the terms of the Resolution Plan and did not pay the amount. A request for modification of the Resolution Plan was made, but SBI, holding 78% of the shares, did not object. The Tribunal rejected the request for modification and ordered liquidation, appointing a liquidator.

## Facts

A Corporate Debtor's Resolution Plan was approved by the Tribunal on 2019-09-30, requiring successful Resolution Applicants to pay Rs.156.78 Crore to Financial Creditors by 2019-11-15. Axis Bank, a Financial Creditor, filed IA/1266/2020 seeking liquidation because the Resolution Applicant failed to comply with the Resolution Plan. SBI, holding 78% of the shares, did not object to a request for modification of the Resolution Plan. The Tribunal rejected the modification request and ordered liquidation, appointing a liquidator. The petitioner filed a writ petition seeking an interim injunction to prevent advertisements regarding the liquidation process. The petitioner intends to challenge the NCLT order and requested interim relief to file an appeal.

## Issues and analysis

### Issue 1: Whether the court should grant interim relief to enable the petitioner to file an appeal against …

**Ratio:** The court is inclined to accept the request for grant of relief for a short period to

…

**Reasoning:** The petitioner intends to challenge the order of NCLT, and if the liquidator takes

…

**Interpretation:** The court recognizes the potential hardship to the petitioner if the

…

**Application:** The court applied this reasoning by granting an interim stay of the impugned

…

## Parties

- **Judges:** M.S.RAME…; M.S.MOHAMMED…

## Timeline

- **2019-09-30 — Tribunal…**: The Tribunal approved the Resolution…
- **2019-11-15 — Payment De…**: Deadline for the successful Resolution Applicants to pay Rs.156.78 Crore to the Financial…

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