Under what category, the applicant who was once the Successful Resolution Applicant and could not fulfil the conditions of the Resolution Plan would fall? – M/s. Earthin Projects Ltd. Vs. Indu Projects Ltd. – NCLT Hyderabad Bench

In this case, the Counsel submits that the Applicant herein is not an Unsuccessful Resolution Applicant and he is in fact a Successful Resolution Applicant and hence, dismissing the application on the premise that the Applicant is an Unsuccessful Resolution Applicant and hence does not have locus, is erroneous. He contends that the Court was mislead as regards the status of the Applicant as Unsuccessful Resolution Applicant which he is not. The Adjudicating Authority held that the Counsel could not satisfy us as to under what category, the Applicant who was once the Successful Resolution Applicant and could not fulfil the conditions of the Resolution Plan, would fall. The Supreme Court, in fact used the term “unsuccessful resolution applicant” in respect of the resolution applicant who submitted his plan in response to the invitation and was in the fray. The applicant herein does not even fall under the definition of “unsuccessful resolution applicant” much less resolution applicant, since he did not submit any plan when invitation was made afresh. His grievance expressed through the counsel, at the time of arguments, as to what would happen to his earnest money, cannot be redressed by this tribunal in this application since it is beyond the scope of this application.

Scroll to Top