Arvensis Energy Private Limited initiated proceedings against Lakshmi Transcon Private Limited under Section 9 of the IBC, 2016. The SRA failed to comply with the payment terms of the approved resolution plan, even after receiving an extension. A financial creditor reported a payment of Rupees One Crore made by the Corporate Debtor, but this payment was not disclosed to the Tribunal during the pendency of the liquidation application. The court is concerned about the lack of compliance by the SRA and the failure of the financial creditors to inform the Tribunal about the payment.

Arvensis Energy Private Limited initiated proceedings against Lakshmi Transcon Private Limited under Section 9 of the IBC, 2016. The SRA failed to comply with the payment terms of the approved resolution plan, even after receiving an extension. A financial creditor reported a payment of Rupees One Crore made by the Corporate Debtor, but this payment was not disclosed to the Tribunal during the pendency of the liquidation application. The court is concerned about the lack of compliance by the SRA and the failure of the financial creditors to inform the Tribunal about the payment.