In Brief
Kridhan Infrastructure submitted a resolution plan for Tecpro Systems Limited which was approved by creditors (89.92% majority) and the NCLT in 2019. The appellant deposited Rs 5 crores but failed to complete equity infusion and other obligations within six months, leading to a liquidation order in January 2020. The NCLAT upheld liquidation. The Supreme Court initially granted an interim stay pending deposit of Rs 50 crores by January 10, 2021 (later extended to February 25, 2021). Despite nearly five months elapsing, no payment was made. The Court held that time is crucial under the IBC scheme, noted the applicant's repeated failures and circular reasoning, and dismissed the appeal, forfeiting the Rs 20 crores already deposited.
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