SRA cannot be heard to say that unless the ROC change the status of the Corporate Debtor from ‘under liquidation’ to ‘active’, implementation of Rplan cannot proceed further | When Adjudicating Authority expressly refused to grant any reliefs and concessions, Resolution Plan has to be implemented by Successful Resolution Applicant – PKH Ventures Ltd. Vs. Monitoring Agency of Amar Remedies – NCLAT New Delhi
Hon’ble NCLAT held that:
(i) When the Adjudicating Authority expressly refused to grant any reliefs and concessions, as prayed, the plan was to be implemented by the Successful Resolution Applicant and Appellant cannot be heard to say that unless the Registrar of Companies change the status of the Corporate Debtor into active implementation of plan cannot proceed further.
(ii) When the Resolution Plan has not been implemented by the SRA, there was no option left with the Adjudicating Authority except for direction for liquidation.
(iii) Present is a case where the SRA’s case is that he having not been able to infuse the fund by share capital, the implementation of plan cannot begin. The Appellant is not entitled for any relief. All the appeals are dismissed.
