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Presumption under Section 139 read with Section 118 of the NI Act is essentially based on pure common sense – Amit Jain Vs. Sanjeev Kumar Singh and Anr. – Delhi High Court

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Presumption under Section 139 read with Section 118 of the NI Act is essentially based on pure common sense – Amit Jain Vs. Sanjeev Kumar Singh and Anr. – Delhi High Court Read Post »

Once the Resolution Applicant is found to have been breached the terms and conditions of Resolution Plan a NCLT, it is the duty of the Resolution Professional to move for liquidation – Anurag Kumar Sinha RP of M/s  PPS Enviro Power Pvt. Ltd. – NCLT Hyderabad Bench

The Adjudicating observes that we fail to understand why the Resolution Plan was submitted by the Resolution Professional to the Adjudicating Authority for approval when the conditions of RFRP were not fulfilled. In this backdrop, we are astonished to note that the Resolution Professional has filed IA 478/2021 seeking a direction to Resolution Applicant to furnish PBG. We have no hesitation to hold that the act of filing IA 478/2021 is nothing but dereliction of his functions as Resolution Professional, besides violation of CIRP Regulations referred supra. Here the conduct of CoC member also raises serious questions/doubts in approving the resolution plan in a mechanical and callous manner and presenting it for approval before this Authority. It is needless to say that, once the Resolution Applicant is found to have been breached the terms and conditions of Resolution Plan a this Tribunal, it is the duty of the Resolution Professional to move for liquidation. It is noted by the Adjudicating Authority that the Resolution Applicant has not yet furnished Performance Bank Guarantee as required under amended Liquidation Regulation 39B(4A). We feel that despite granting sufficient opportunity, the Resolution Applicant has miserably failed in complying with the orders of the Adjudicating Authority with regard to furnishing of the performance bank guarantee.

Once the Resolution Applicant is found to have been breached the terms and conditions of Resolution Plan a NCLT, it is the duty of the Resolution Professional to move for liquidation – Anurag Kumar Sinha RP of M/s  PPS Enviro Power Pvt. Ltd. – NCLT Hyderabad Bench Read Post »

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