A Financial Creditor filed an Application for a declaration that the Resolution Applicant, ABC Ltd and its promoters have knowingly contravened the terms of the resolution plan, having failed to implement the same and fo

In the case of Corporation Bank vs. Amtek Auto Ltd. & Ors. the Financial Creditors filed an Application for a declaration that the Resolution Applicant, Liberty House Group PTE Ltd. and its promoters have knowingly contravened the terms of the resolution plan, having failed to implement the same and for the reinstatement of the Committee of Creditors (CoC) to run the Corporate Debtor, as a going concern. The NCLT held that the Resolution Applicant is not capable of implementation of resolution plan. It allowed the application and excluded the time from the date when Decan Valuers Investors LP, the only other Resolution Applicant, submitted its plan upto the date of the receipt of this order from the CIRP period. It observed: "No matter if the corporate debtor ultimately has to face liquidation, but the permission to restart the process, make advertisement and invite fresh plans etc., would defeat the very mandate of Section 12 of the Code." The Committee of Creditors can only discuss the Resolution Plan which was submitted by DVI (Decan Valuers Investors LP) only by exclusion of certain period of time while calculating 270 days. "It, however, granted liberty to any member of the CoC or the Resolution Professional to file a complaint before the IBBI or the Central Government with a request to file a criminal complaint."