There is no provision for re-commencement of CIRP of Corporate Debtor | No need for filing an application seeking directions for forfeiture of the performance security deposit from Adjudicating Authority, Chairman of Monitoring Committee can proceed in accordance with terms of EoI – Mr. Niraj Agrawal Vs. Indian Ocean Group PTE Ltd. – NCLT Kolkata Bench
In this case, SRA failed to deposit the upfront payment in terms of the Resolution Plan approved by Adjudicating Authority and continue to do so.
Hon’ble NCLT Kolkata Bench holds that there is no provision for re-commencement of CIRP of the Corporate Debtor. As per forfeiture of the performance security deposit is concerned, the Chairman of the Monitoring Committee can proceed in accordance with the terms of EoI. There is/was no need for filing an application seeking such directions from Adjudicating Authority. The application is disposed of in view of the above observation.