Sai Krishna vs Malabar Hotels Pvt. Ltd. & Anr

Sai Krishna ...Appellant

Vs.

Malabar Hotels Pvt. Ltd. & Anr. ...Respondents

Present: For Appellant:- Mr. T.N. Durga Prasad and Mr. Shivalok Yashovardhan, Advocates.

For Respondents:- Mr. Sumant Batra, Mr. Mahesh Agarwal, Ms. Aastha Mehta and Ms. Srishti Kapoor, Advocates for Resolution Professional.

Mr. Nirav Shah, Advocate for Successful Resolution Applicant.

ORDER

28.08.2018- On 20th August, 2018, when the matter was taken up, the

following order was passed:

"20.08.2018: At the fag-end of the Resolution

Process, the Appellant intended to file Resolution Plan

and for which he wanted various information. Mr.

Sumant Batra, learned counsel appearing on behalf

of the Resolution Professional submits that six

Contd/-...............

-2-

Resolution Plans have already been received and one

of the plan has been approved by the Committee of

Creditors and submitted before the Adjudicating

Authority for its approval. It is not the stage for

accepting any plan by the Committee of Creditors

particularly from a person who has not deposited

earnest money of Rs. 25 Lakhs.

The Resolution Professional is allowed to file

short written reply giving details of initiation of the

resolution process, date of issuance of the Information

Memorandum, last date of submission of resolution

plans and other details about approval of the plan,

within three days.

Post the case 'for orders' on 28th August, 2018

for final disposal."

2. An affidavit has been filed by the 'Resolution Professional' from

which it is clear that the 'Resolution Plan' has already been approved

and more than 270 days has passed. Though time was allowed by the

'Resolution Professional', the Appellant failed to deposit even the earnest

money within time.

Company Appeal (AT) (Insolvency) No. 463 of 2018 -3-

3. Learned counsel appearing on behalf of the Appellant submits

that demand draft of Rs. 25 Lakhs is ready and can handed over to the

'Resolution Professional' but it cannot be accepted at this belated stage,

much more than 270 days having passed. The appeal is accordingly

dismissed. No cost.

(Justice S.J. Mukhopadhaya) Chairperson

(Justice Bansi Lal Bhat) Member(Judicial) Ar/uk

Company Appeal (AT) (Insolvency) No. 463 of 2018