The case involves an application filed by the Resolution Professional, Mr. D. Ebenezar Inbaraj, under Sections 33(3) and 74 of the Insolvency and Bankruptcy Code, 2016, regarding the contravention of the approved resolution plan by the Corporate Debtor, M/s. Infonet Asia Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 02.08.2017, and a resolution plan was approved on 19.12.2019. The successful Resolution Applicant was required to pay Rs. 50 Lakh in two installments, but failed to do so, paying only Rs. 35 Lakh. The Monitoring Committee was constituted to oversee the implementation of the plan. The Resolution Applicant sought additional time for implementation, but the Adjudicating Authority directed the
…The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Infonet Asia Private Limited on 02.08.2017. A resolution plan was approved on 19.12.2019, requiring the successful Resolution Applicant to pay Rs. 50 Lakh in two installments. Only Rs. 35 Lakh was paid, constituting a mere 8.19% of the total proposed value. The Resolution Applicant, who is also the director of the Corporate Debtor, failed to adhere to the timelines and sought additional time, providing an undertaking to settle outstanding demands within six weeks (by 04.04.2022), which was also breached. The Monitoring Committee, established to oversee the plan's implementation, had no authority to grant further extensions. The Resolution Professional filed an application for liquidation due
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Corporate Insolvency…
Resolution…
The case involves an application filed by the Resolution Professional, Mr. D. Ebenezar Inbaraj, under Sections 33(3) and 74 of the Insolvency and Bankruptcy Code, 2016, regarding the contravention of the approved resolution plan by the Corporate Debtor, M/s. Infonet Asia Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 02.08.2017, and a resolution plan was approved on 19.12.2019. The successful Resolution Applicant was required to pay Rs. 50 Lakh in two installments, but failed to do so, paying only Rs. 35 Lakh. The Monitoring Committee was constituted to oversee the implementation of the plan. The Resolution Applicant sought additional time for implementation, but the Adjudicating Authority directed the
…The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Infonet Asia Private Limited on 02.08.2017. A resolution plan was approved on 19.12.2019, requiring the successful Resolution Applicant to pay Rs. 50 Lakh in two installments. Only Rs. 35 Lakh was paid, constituting a mere 8.19% of the total proposed value. The Resolution Applicant, who is also the director of the Corporate Debtor, failed to adhere to the timelines and sought additional time, providing an undertaking to settle outstanding demands within six weeks (by 04.04.2022), which was also breached. The Monitoring Committee, established to oversee the plan's implementation, had no authority to grant further extensions. The Resolution Professional filed an application for liquidation due
…Corporate Insolvency…
Resolution…