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Judgment
ORDER
28.11.2022: This appeal has been filed against the order dated 21.02.2022 passed by the Adjudicating Authority by which the I.A. No. 4675/2021 filed by the Canara Bank has been disposed of. Challenging the said order, this appeal has been filed by the Bank, the Applicant Canara Bank has made the following prayers:-
(a)Issue directions to the Non-Applicants to make payment of the remaining instalments, under the plan, in a time bound manner as per order dated 20.02.2020 passed by the Hon'ble Adjudicating Authority;
(b)Issue directions to the Non-Applicants to pay interest on the delayed payments;
(c)Issue directions to the Non-Applicants to withdraw their communications whereby they are refraining the Applicant to take action against the third party guarantors/collateral securities with respect to outstanding dues of M/s Maple Realcon Pvt. Ltd. as the action taken by the Applicant is independent of the plan which stood approved; and
(d)Pass such other/directions as this Hon'ble Adjudicating Authority may deems fits and proper in the facts and circumstances of the case.
On the aforesaid application, the Adjudicating Authority has disposed of the matter with the observation that the Resolution Applicant shall act strictly as per the Resolution Plan approved by the Authority.
Learned Counsel for Successful Resolution Applicant (SRA) submits that as per the plan, the payment was to be made by 25.12.2022. I.A. No. 3355 of 2022 has also been filed by the Respondent in this appeal. In the application, the Applicant has prayed and sought for six months' extension from 25.12.2022 which was the date, by which under the Plan, the SRA was required to pay the entire amount.
Learned Counsel for the Appellant has submitted that there has been some delay in the payments, however, the Respondents have accepted their liability to make payment of interest at MCLR rate. It is further submitted that there were some delay, and after the delay, payments are regularly being made. The application which was filed by the Canara Bank and has been disposed of basically contained three prayers. First by prayer (a) direction was sought to make payment in time bound manner and (b) further to pay interest on the delayed payment. Third direction (c) was to the non-applicants to withdraw their communications whereby they are refraining to take action against the third party guarantors/collateral securities with respect to outstanding dues.
The Resolution Plan having been approved the payments are to be made by the Successful Resolution Applicant as per Plan. The instalments as per Plan are being paid by the SRA although with some delay. The SRA being ready to pay the interest on the delayed payment @ MCLR rate, the extension of six months' time deserves to be allowed. Coming to prayer c made in the application no direction need be issued since the said prayer seeks action against third party guarantors/collateral securities which is to governed by the terms and conditions of the Resolution Plan.
We, thus, are of the view that no interference is called for in the order of the Adjudicating Authority dated 21.02.2022 except allowing the extension of six months' time for payment of entire amount as prayed by IA No. 3355/2022.
We are of the view that the Respondents are obliged to make the payment of interest on the delayed payment as per their IA No. 3355 of 2022, they undertake to make the entire payment by 23.06.2023.
The appeal is disposed of as above.