Case Law Details
Shyson Thomas Vs Madhugiri Venkatarayappa Sudarshan (NCLAT Chennai)
NCLAT Chennai held that ‘Order of Dissolution’ sustainable as the ‘Promoters’ failed to project the ‘Resolution Plan’ within the specified time limit.
Facts- The Appellant / Promoter, is the Managing Director of M/s. Air Pegasus Private Limited, has preferred the instant appeal before this Tribunal as an ‘Aggrieved Person’ in respect of the impugned order passed by the `Adjudicating Authority’ (`National Company Law Tribunal’, Bengaluru Bench).
The Appellant / Promoter of the ‘Corporate Debtor’ had sold his Properties, infused funds from many sources, to keep the Company afloat. However, due to the `Working Capital’ crunch and `Non-availability of Funds’, had affected the business very badly and added further, the high `Lease Rental Cost’, huge `Advance Security Deposit’, etc., had affected the profitability of the business.
According to the Appellant, when the `Aircraft’, was acquired, the `Lease Costs’ and `Security Deposit’, for the `Aircraft’, were more than twice its actual rate, due to Kingfisher debacles. But, the situation had changed, and there is a drastic reduction in the `Lease Rentals’ and `Aircraft Operators’, needing only the minimal `Security Deposit’.
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