Case Law Details
Cimco Projects Ltd. & Ors. Vs Anup Kumar (NCLAT)
Held that CIRP cannot be allowed to continue for indefinite period. Refusal to approve the resolution plan due to non-serious, casual and non-diligent conduct of the resolution applicant is within the four corners of law.
Facts-
Corporate insolvency resolution process (CIRP) of the corporate debtor was initiated. Accordingly, the resolution plan submitted by the Appellant was approved in the 10th Committee of Creditors meeting held on 07.11.2018. The resolution professional filed an application for the approval of the resolution plan in November, 2018 and the successful resolution applicant was impleaded as one of the respondents to the plan approval application by the NCLT on 3rd of March 2021.
Thereafter the successful resolution applicant did not appear before the NCLT and non bailable warrants were also issued against the successful resolution applicant by the NCLT vide order dated 03.09.2021. Further, NCLT dismissed the plan approval application vide its order dated 24.11.2021 and order of liquidation was passed and liquidator was directed to take necessary steps for filing a Complaint under Section 74(3) of the IBC against the Resolution Applicant. The Resolution Applicant aggrieved by the said order has come up in this Appeal.
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