# In the matter of Ingen Capital Group LLC Vs Ramkumar S.V. CA (AT) No.795-2018

> NCLAT judgment dated 2019-04-30. Citation: TCN-2019-NCLAT-00609. Ingen Capital Group LLC, the successful resolution applicant, failed to implement its…

- **Court:** NCLAT
- **Order date:** 30 Apr 2019
- **Citation:** TCN-2019-NCLAT-00609
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ingen-capital-group-llc-vs-ramkumar-sv-ca-a430c593

## Summary

### Background

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.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the appeal should be allowed given the …

**Ratio:** An appeal can be dismissed if the appellant fails to implement the resolution plan

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**Reasoning:** The court reasoned that the appellant was not in a mood to implement the resolution plan

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**Interpretation:** This interpretation suggests that the court prioritizes the implementation of

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**Application:** The court applied this ratio to the facts by dismissing the appeal because the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Ingen Capital…
- **Respondents:** Ramkumar…

## Timeline

- **2019-04-30 — Order Da…**: The 'Ingen Capital Group LLC.' was the Successful Resolution Applicant but it failed to…
- **2019-02-01 — Previous…**: Earlier the Appellant was given opportunity to deposit the upfront amount but they having…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(2) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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