Ingen Capital Group LLC, the successful resolution applicant, failed to implement its resolution plan approved by the Committee of Creditors and the Adjudicating Authority. The appellant was given an opportunity to deposit the upfront amount but failed to do so. The Adjudicating Authority was directed to pass appropriate orders after hearing the Resolution Professional, the Managing Committee, and the Committee of Creditors. A show cause notice was issued to the Directors of Ingen Capital Group LLC, namely Mr. Umesh Bhatia and Mr. Harish Bhatia, regarding why appropriate action should not be taken against them.
Ingen Capital Group LLC was the successful resolution applicant. It failed to implement its resolution plan as approved. The appellant was given an opportunity to deposit the upfront amount but failed to do so. The court noted that the appellant was not in a mood to implement the resolution plan. The counsel for the appellant sought permission to withdraw the appeal. The Central Government was directed to take appropriate steps against Ingen Capital Group LLC and its directors. The appellant has no office in India, and the Central Government may take up the matter with USA, where the appellant company is situated. The appeal was dismissed with costs of Rs. 10,00,000/- to be paid by the Appellant in favour of the Committee of Creditors within thirty days.
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The 'Ingen Capital Group LLC.' was the…
Earlier the Appellant was given opportunity to…
Ingen Capital Group LLC, the successful resolution applicant, failed to implement its resolution plan approved by the Committee of Creditors and the Adjudicating Authority. The appellant was given an opportunity to deposit the upfront amount but failed to do so. The Adjudicating Authority was directed to pass appropriate orders after hearing the Resolution Professional, the Managing Committee, and the Committee of Creditors. A show cause notice was issued to the Directors of Ingen Capital Group LLC, namely Mr. Umesh Bhatia and Mr. Harish Bhatia, regarding why appropriate action should not be taken against them.
Ingen Capital Group LLC was the successful resolution applicant. It failed to implement its resolution plan as approved. The appellant was given an opportunity to deposit the upfront amount but failed to do so. The court noted that the appellant was not in a mood to implement the resolution plan. The counsel for the appellant sought permission to withdraw the appeal. The Central Government was directed to take appropriate steps against Ingen Capital Group LLC and its directors. The appellant has no office in India, and the Central Government may take up the matter with USA, where the appellant company is situated. The appeal was dismissed with costs of Rs. 10,00,000/- to be paid by the Appellant in favour of the Committee of Creditors within thirty days.
The 'Ingen Capital Group LLC.' was the…
Earlier the Appellant was given opportunity to…