Case Law Details
State Bank of India Vs MBL Infrastructures Limited (NCLAT Delhi)
NCLAT Delhi held that held that the Lenders and Banks are obliged to discharge their obligations as per the Resolution Plan and Resolution Applicant must also perform its obligation as per the Resolution Plan.
Facts- This Appeal by State Bank of India (“SBI”), one of the Member of the erstwhile Committee of Creditors (“CoC”) of M/s MBL Infrastructures Limited has been filed challenging the order dated 11.03.2022 passed by National Company Law Tribunal, Kolkata Bench, Kolkata in I.A. No.(IB)626/KB/2021 filed by Respondent herein, in which IA, the Adjudicating Authority has issued certain directions to the Appellant for implementation of the approved Resolution Plan. Aggrieved by the order and directions issued by the Adjudicating Authority, the Appellant has come up in this Appeal.
Conclusion- In the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, under Regulation 39, sub-regulation (9), a creditor is allowed to apply to Adjudicating Authority for direction in case there is any non-implementation of the Resolution Plan. At no point of time, the Appellant made an application praying for any direction to the Resolution Applicant towards implementation of the Plan alleging any non-implementation.
The Lenders and Banks are obliged to discharge their obligations as per the Resolution Plan. The fact that directions have been issued to the Appellant, cannot mean that Resolution Applicant is not to perform its obligation as per the Resolution Plan.
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