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Judgment
Under consideration is RA-04/2020, wherein it is prayed to rectify the errors that have crept in the Order dated 08.06.2020.
It is noted that the time period for Implementation of resolution plan, as noted in the plan was 30 days, the same was mentioned in the order. However, the plan indicates that upfront payment of Rs. 22.55 Crore was to be made to the Secured Financial Creditors in proportion to their admitted amount within a period of 90 business days from the date of approval of the Resolution Plan by the Authority. This aspect was not noted specifically in Para 20 of the order.
Therefore, in exercise of the power conferred under Rule 154 of NCLT Rules, 2016, the Order dated 08.06.2020 stands rectified by inserting the wording in Para 20 against column no. 4 as follows:
"It is noted that the upfront payment of Rs. 22.55 Crore is to be made to the Secured Financial Creditors in proportion to their admitted claims within a period of 90 business days from the date of the approval of the Plan by this Authority."
Further, there is a typographical error in the title line "The CA-856/2019 is filed under Section 3(6) IBC, 2016 r/w Regulation 9(4) of the IBBI (CIRP) Regulations, 2016" is replaced with "The CA-856/2019 is filed under Section 30 (6), 31 (1) IBC, 2016 r/w Regulation 39 (4) of the IBBI (CIRP) Regulations, 2016."
The rest of the prayers are not relating to the errors apparent on the face of record, and stand rejected.