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Judgment
(Hybrid Mode)
This appeal is against an impugned order dated 01.06.2026, vide which further 45 days’ time is granted to the appellant to pay the balance resolution money subject to payment of interest @12% p.a. on the balance amount which is yet to be paid.
It is the submission of the learned counsel for the appellant, the resolution plan was accepted by the adjudicating authority on 23.02.2026, whereby 90 days’ time was given to the appellant to deposit the amount of Rs.18,81,00,000/- and that the upfront amount of Rs.4,20,43,964/- has been deposited by the appellant herein.
It is the submission of the learned counsel for the appellant the resolution plan notes the possession has to be handed over to the appellant on payment of the upfront amount but despite the payment of such upfront amount, the possession of the land viz. SP–2, RIICO Industrial Area, Kilkipura, Shivdaspura, Jaipur was never handed over to the appellant herein till date. Reference is made by the learned counsel for the appellant to various clauses of resolution plan viz. Clause 7 of Schedule 2, Implementation Actions as under:
“7.Possession of assets of the corporate debtor will be handed over on payment of upfront amount however charge/NOC of the CD will be released only after the full and final payment of the approved amount of Resolution Plan.”
Further, Clause 10 of Schedule 5 viz., Reliefs and Concessions notes as under:
“10.Upon the successful payment of the upfront amount as specified in this Resolution Plan, the Resolution Professional shall peacefully hand over the possession of all assets and properties of the Corporate Debtor to the Resolution Applicant but the charge/ mortgage shall be released only after full payment of the resolution plan amount”
And also, paragraph 14 in the same Schedule is as under:
“14… The RP shall take necessary steps to vacate the leased premises and that peaceful possession of vacated premises shall be given to the SRA. And in case there is a delay in vacation then the RP shall take necessary legal action for expediting such vacation. In the course of such delay if there is any rent accrued then it shall be a pass-through amount to the Secured Financial Creditor and further if the property is not vacated upto approval of plan by the AA then any additional time period/ delay in vacation of such property after the order of the NCL T shall be excluded from the implementation period of the Resolution plan and the implementation schedule shall be accordingly adjusted to exclude such delay and such extension of implementation schedule shall not be construed to be a delay on part of SRA in implementing the plan.”
It is the submission of the learned counsel for the appellant the resolution plan makes it clear till the possession of the property is not handed over to the appellant herein, the additional time taken for vacation of such property has to be excluded from the implementation period of the resolution plan and the implementation schedule shall be accordingly adjusted to exclude such delay and such extension of implementation schedule shall not be construed to be a delay on part of the Successful Resolution Applicant (“SRA”) in implementation of the plan.
It is the submission of the learned counsel for the appellant the impugned order so far as it directs the payment of the balance amount within 45 days of the impugned order along with 12% interest is directly in contravention of the resolution plan stated above and as approved by the adjudicating authority on 23.02.2026.
The learned counsel for the Monitoring Committee/Respondent is also present and he agrees to the submission made by the learned counsel for the appellant.
Considering the above fact, we set aside the impugned order so far as it relate to the direction given to the appellant to deposit the balance amount within 45 days with the interest 12% p.a. till the balance amount is deposited. The appeal is thus allowed and it is directed the strict observance of the resolution plan, more specifically, to the conditions as stated above be followed.
Thus if an additional time is required in vacation of the subject property, such time shall be excluded from the implementation period of the resolution plan and the implementation schedule shall be accordingly adjusted to exclude such delay and such extension of implementation schedule shall not be construed to be delay on the part of the SRA in implementing the plan.
Pending applications are also disposed of.