# In the matter of PKH Ventures Limited & Ors. vs. Monitoring Agency of Amar Remedies & Ors.

> NCLAT judgment dated 2024-07-01. Citation: TCN-2024-NCLAT-00371. The case involves a company appeal against an order dated 11.03.2024 passed by the…

- **Court:** NCLAT
- **Order date:** 1 Jul 2024
- **Citation:** TCN-2024-NCLAT-00371
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/pkh-ventures-limited-ors-vs-monitoring-agency-of-amar-remedies-ors-9b69f195

## Summary

### Background

The case involves a company appeal against an order dated 11.03.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-I, which allowed I.A. No.2969 of 2021 filed by the Financial Creditor for liquidation and decided other I.As. The Corporate Debtor, Amar Remedies Ltd., was subjected to insolvency under Section 10 of the Insolvency and Bankruptcy Code, 2016, by order dated 16.06.2017. The Appellant, PKH Ventures Limited, submitted a Resolution Plan that was approved by the Committee of Creditors (CoC) by 88.78% voting share on 08.01.2021. I.A. No. 137 of 2021 was filed by the Resolution Professional seeking approval of the Resolution Plan, which was allowed by the Adjudicating Authority on 25.03.2021. However, the Adjudicating Authority

…

## Facts

PKH Ventures Limited (Appellant) submitted a resolution plan for Amar Remedies Ltd. (Corporate Debtor), which was approved by the CoC on 08.01.2021. The NCLT approved the resolution plan on 25.03.2021 but did not grant certain waivers sought by PKH Ventures. The resolution plan stipulated payment of Rs.31.59 crores within 180 days of approval. PKH Ventures failed to make the upfront payment of Rs.525 Lakhs within 90 days. The Monitoring Committee noted the default on 16.08.2021. PKH Ventures filed I.A. No.2747 of 2021 seeking direction to the Registrar of Companies to update the status of Amar Remedies as 'active'. PKH Ventures also filed I.A. No.2399 of 2021 seeking direction to SEBI to not take coercive action and sought waiver of applicability of amendment in the

…

## Issues and analysis

### Issue 1: Whether the Appellant has failed to implement the Resolution Plan approved by the Adjudicating …

**Ratio:** The implementation of the resolution plan is not dependent on sourcing of funds, as

…

**Reasoning:** The Adjudicating Authority found that the Appellant sought certain waivers which were not

…

**Interpretation:** The Resolution Plan, once approved, becomes binding, and the Successful

…

**Application:** The Appellant failed to make the upfront payment of Rs.525 Lakhs within 90 days

…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** PKH VENTURES…
- **Respondents:** Amar Remedi…; MONITORING AGENCY…

## Timeline

- **2017-06-16 — Insolvency Com…**: Corporate Debtor, Amar Remedies Ltd., was subjected to insolvency under Section 10 of the…
- **2021-01-08 — Resolution Plan…**: The Appellant, PKH Ventures Limited, submitted a Resolution Plan that was approved by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/pkh-ventures-limited-ors-vs-monitoring-agency-of-amar-remedies-ors-9b69f195