The appeal arises from an order of the National Company Law Appellate Tribunal (NCLAT) dated 8 September 2020. The appellant, Kridhan Infrastructure Pvt Ltd, submitted a Resolution Plan for Tecpro Systems Limited, which was undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) 2016. The Resolution Plan was approved by the Committee of Creditors (CoC) on 8 March 2019 and by the National Company Law Tribunal (NCLT) on 15 May 2019. The appellant deposited Rs 5 Crores in an Escrow Account of the Corporate Debtor. However, the appellant failed to fulfill its further obligations, including equity infusion. The CoC voted for the liquidation of the Corporate Debtor on 11 November 2019, due to the appellant's failure to
…Kridhan Infrastructure Pvt Ltd (appellant) submitted a Resolution Plan for Tecpro Systems Limited (corporate debtor), which was undergoing CIRP. The Resolution Plan was approved by the CoC and the NCLT. The appellant deposited Rs 5 crores in an escrow account. The appellant failed to fulfill further obligations, including equity infusion. The CoC voted for liquidation due to the appellant's failure to implement the plan. The NCLT allowed liquidation, and the NCLAT upheld the order. The Supreme Court granted the appellant an opportunity to deposit Rs 50 crores, later extended. The appellant was unable to raise funds because term lenders required the company's status to be changed from 'under liquidation' to 'active'. The appellant had already deposited Rs 20 crores,
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Insolvency and…
The corporate insolvency resolution process…
The appeal arises from an order of the National Company Law Appellate Tribunal (NCLAT) dated 8 September 2020. The appellant, Kridhan Infrastructure Pvt Ltd, submitted a Resolution Plan for Tecpro Systems Limited, which was undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) 2016. The Resolution Plan was approved by the Committee of Creditors (CoC) on 8 March 2019 and by the National Company Law Tribunal (NCLT) on 15 May 2019. The appellant deposited Rs 5 Crores in an Escrow Account of the Corporate Debtor. However, the appellant failed to fulfill its further obligations, including equity infusion. The CoC voted for the liquidation of the Corporate Debtor on 11 November 2019, due to the appellant's failure to
…Kridhan Infrastructure Pvt Ltd (appellant) submitted a Resolution Plan for Tecpro Systems Limited (corporate debtor), which was undergoing CIRP. The Resolution Plan was approved by the CoC and the NCLT. The appellant deposited Rs 5 crores in an escrow account. The appellant failed to fulfill further obligations, including equity infusion. The CoC voted for liquidation due to the appellant's failure to implement the plan. The NCLT allowed liquidation, and the NCLAT upheld the order. The Supreme Court granted the appellant an opportunity to deposit Rs 50 crores, later extended. The appellant was unable to raise funds because term lenders required the company's status to be changed from 'under liquidation' to 'active'. The appellant had already deposited Rs 20 crores,
…Insolvency and…
The corporate insolvency resolution process…