If 330 days completes and the Resolution Applicant failed to implement the plan, the Adjudicating Authority ought to have passed the Order of Liquidation as per the provision of the Code, 2016 – R. Velu Chairman, Monitoring Committee RP For Palm Lagoon Backwater Resorts Pvt. Ltd. Vs. Invent Assets Securitisation & Reconstruction Pvt. Ltd. – NCLAT Chennai

NCLAT held that if 330 days completes and the Resolution Applicant failed to implement the plan, the Adjudicating Authority ought to have passed the Order of Liquidation as per the provision of the Code, 2016. This Tribunal is not going into the aspect with regard to the forfeiture of the performance security and withdrawal of the plan. This Tribunal confines to the reliefs sought by the Appellant before the Ld. Adjudicating Authority which was not adhere to.  The Resolution Plan approved by the Adjudicating Authority is contravened by the concerned Corporate Debtor, “any person” other than the Corporate Debtor may make an Application to the Adjudicating Authority for a Liquidation Order.(p20-22)

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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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