Rakesh Niranjan Ranjan vs State Bank Of India And Ors

IN THE MATTER OF: Rakesh Niranjan Ranjan ...Appellant

Versus

State Bank of India & Ors ...Respondents

Present: For Appellant : Mr. Suraj Bhise, Advocate

For Respondent : None

ORDER

(Hybrid Mode)

18.12.2024 I.A. No. 7954 of 2024 This is an application praying for

condonation of 14 delay in filing the appeal. The sufficient cause has been

shown in paragraphs 2e to j of the delay condonation application.

Delay is condoned.

Company Appeal (AT) (Insolvency) No. 2134 of 2024

Heard Learned Counsel for the parties.

This appeal has been filed against the order dated 30.07.2024 by which

order Adjudicating Authority has allowed the I.A. No. 3945 of 2022 directing

liquidation of the Corporate Debtor. The Appellant is a Successful Resolution

Applicant. Resolution plan was approved on 21.07.2021, when the SRA could

not deposit the amount as per the time lines fixed in the resolution plan. JLM

meeting took place on 04.10.2022 and 16.11.2022 where it was decided to apply for liquidation for of the Corporate Debtor. Consequently, I.A. No.3945

of 2024 was filed which was allowed by the impugned order.

Learned Counsel for the Appellant challenging the order submits that

the plan could not be implemented since the father of the SRA was not well

and suffering from cancer and further submits that Appellant is at present

ready to deposit the entire amount.

We have considered submission of the Counsel for the Appellant and

perused the record.

The time line for deposit having contravened and the JLM took a

decision on 04.10.2022 filed an application for liquidation which was filed in

the October, 2022 itself and has been allowed by the impugned order. The

fact that the Appellant had any personal problems of illness of father of the

Appellant may not be a ground to condone the non-implementation of the

plan within the time line. The resolution plans are to be implemented as per

the terms and conditions of the plan and on non-implementation of the plan,

liquidation is the only option open to the Adjudicating Authority which has

rightly been directed. So far as the Appellant's submissions that the Appellant

is ready to deposit the entire amount, at this stage are unable to accept the

said prayer. Learned Counsel for the Appellant submits that the Appellant is

MSME. Appellant being MSME it shall be always open for the Appellant to

submit scheme of arrangement in the liquidation to the liquidator as per

Company Appeal (AT) (Insolvency) No. 2134 of 2024 2 of 3 Regulation 2A of the Liquidation Regulations, 2016 which may be considered

before proceeding further in the liquidation by the Liquidator. With these

observations, we dismiss the Appeal.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical) pks/nn

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