Taguda Pte Ltd. Vs State Bank of India & Anr. (NCLAT Delhi)
NCLAT Delhi held that application for liquidation of Corporate Debtor should be proceeded as there was sufficient ground to hold that resolution plan is not implemented. Accordingly, the appeal is dismissed.
Facts- This appeal by a Successful Resolution Applicant (SRA) has been filed challenging the order dated 08.12.2023 passed by the adjudicating authority (National Company Law Tribunal, Mumbai Bench, Court – II), partly allowing application filed by the State Bank of India (SBI), Respondent No. 1, praying for direction to the SRA to implement the revised resolution plan. By the impugned order, prayers made in the application has been allowed directing the SRA (appellant) to implement the resolution plan within a period of 2 months. Aggrieved by which order, this appeal has been filed.
Conclusion- We need not enter into the reasons due to which appellant could not deposit the amount offered by it in order dated 05.07.2024. The order dated 05.07.2024 was passed on the request of the appellant to show his bona fide that he has capacity to park the amounts under the resolution plan with the branch of SBI at Singapore or UAE. The said direction dated 05.07.2024 by this Court was made only on the request made by the appellant that it shall deposit the balance amount to show his bona fide to deposit the amount in implementing the plan. The fact remains that the said amount has not yet been deposited even in the UAE. However, from the reply which has been filed by the SBI, it is clear that amount which was to be paid to the foreign lender under the resolution plan with respect to assigning of debt was only ₹2.4 crore.
