The case involves an application filed under section 74 of the Insolvency and Bankruptcy Code (IBC) against the Successful Resolution Applicant (SRA) for contravening the resolution plan approved by the Adjudicating Authority on 2019-10-21. The SRA was required to make the entire payment within 60 days of the plan's approval, but failed to do so despite multiple opportunities granted by the Monitoring Committee. The matter has been under consideration since 2021-01-04.
The Adjudicating Authority approved a resolution plan on 2019-10-21, requiring the Successful Resolution Applicant (SRA) to make full payment within 60 days, i.e., by 2019-12-20. The SRA failed to meet this deadline despite multiple opportunities granted by the Monitoring Committee. The applicant filed an application under section 74 of the IBC, alleging contravention of the approved resolution plan. The SRA cited reasons for non-compliance, including an appeal against the resolution plan, the COVID-19 pandemic, and the illness of a family member of the authorized representative. The SRA had submitted affidavits assuring payments within specific timeframes, but these commitments were not honored. The approved resolution plan involves a total payment of ₹568 crore, but
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The Adjudicating…
Deadline for the SRA to make the entire payment…
The case involves an application filed under section 74 of the Insolvency and Bankruptcy Code (IBC) against the Successful Resolution Applicant (SRA) for contravening the resolution plan approved by the Adjudicating Authority on 2019-10-21. The SRA was required to make the entire payment within 60 days of the plan's approval, but failed to do so despite multiple opportunities granted by the Monitoring Committee. The matter has been under consideration since 2021-01-04.
The Adjudicating Authority approved a resolution plan on 2019-10-21, requiring the Successful Resolution Applicant (SRA) to make full payment within 60 days, i.e., by 2019-12-20. The SRA failed to meet this deadline despite multiple opportunities granted by the Monitoring Committee. The applicant filed an application under section 74 of the IBC, alleging contravention of the approved resolution plan. The SRA cited reasons for non-compliance, including an appeal against the resolution plan, the COVID-19 pandemic, and the illness of a family member of the authorized representative. The SRA had submitted affidavits assuring payments within specific timeframes, but these commitments were not honored. The approved resolution plan involves a total payment of ₹568 crore, but
…The Adjudicating…
Deadline for the SRA to make the entire payment…