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Judgment
ORDER
16.11.2022: This is an application praying for condonation of 135 days' delay in refiling of the appeal. The additional affidavit has been filed on behalf of the Appellant where the reasons have been explained for late refiling the appeal. It is submitted that the delay was caused due to non-availability of the Counsel handling the matter in Kolkata and further Resolution Professional was to apprise the facts to the CoC in which sufficient time was taken. Delay in refiling the appeal is condoned.
Heard Learned Counsel for the Appellant.
This appeal has been filed against the order dated 08th April, 2022 passed by the Adjudicating Authority by which IA(IB)356/KB/2020 filed by the Respondent is allowed. The application was filed by the Respondent for seeking refund of the Earnest Money deposited before submission of the Resolution Plan.
Learned Counsel for the Appellant submitted that the Respondent No. 1 submitted Expression of Interest (EOI) but failed to submit the Resolution Plan although information asked for were supplied.
The Adjudicating Authority while allowing the application has made the following observations in para 3:-
"3.We consider this letter to be a complete dereliction of duties and responsibilities on the part of the Resolution Professional. It is in the teeth of regulation 36((4)(d) of the CIRP Regulations, which specifies that the detailed invitation shall not require payment of any fee or any non-refundable deposit for submission of EOI, on the part of the prospective Resolution Applicant. The fact remains that the Resolution professional has not only not read the regulation in the right spirit: he has additionally compounded the matter by directing the applicant herein to file its claim before the Liquidator in the matter."
The Respondent No. 1 never submitted the Plan, hence, there was no occasion for forfeiting the security and Regulation 36A(4)(d) clearly requires that no non-refundable deposit be asked for while giving the invitation to submit Expression of Interest. We do not find any good ground in the appeal.
The appeal is dismissed.