Whether Adjudicating Authority has the sufficient power to extend the time lines for making payments as per approved Resolution Plan and Whether Adjudicating Authority can order for fresh CIRP – Earthin Projects Ltd. Vs. Mr. Anup Kumar Singh RP of Indu Projects Ltd. – NCLAT Chennai

Several issues have been raised in the Appeal which are required to be deliberated upon before coming to final conclusion: (I) Whether the Adjudicating Authority has got the sufficient power to extend the time lines for making payments as per approved Resolution Plan and if so, whether in the present case this power was exercised or otherwise by the Adjudicating Authority correctly ? (II) Whether the Adjudicating Authority violated the principals of natural justice in the present case ? (III) Whether the Adjudicating Authority could have ordered for fresh Corporate Insolvency Resolution Process when the Successful Resolution Applicant has claimed to be in position to implement the Resolution Plan, albeit, beyond the schedule as stipulated in the Resolution Plan ? (IV) Whether, the Appellant exhausted legal remedies in view of failure to comply extended time lines permitted vide order dated 13.04.2022 as well as after dismissal of appeal filed by one Operational Creditor before the Hon’ble Supreme Court of India challenging this Appellate Tribunal’s order ?

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If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

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