Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2018 (9) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (9) TMI 1833 - Tri - Insolvency and BankruptcyRejection of Resolution Plan - permission to participate in the COC meeting whenever Resolution Plan comes up - exclusion of certain period for the purpose of counting total period of CIRP - HELD THAT:- It is necessary to re-determine the Liquidation Value before considering the Resolution Plan filed by MSL. After re- determining the Liquidation Value as directed, the COC has to examine the Resolution Plan of MSL. Hon'ble NCLAT has held in the [2018 (6) TMI 905 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] that If the facts and circumstances justify exclusion in unforeseen circumstances, Hon'ble NCLAT says some circumstances wherein the period involved can be excluded in computing the period of total 270 days. The Resolution Professional has to convene the COC to comply the directions of the Tribunal. The last date after extension for submission of Resolution Plan was 30.03.2018. Thereafter 6th COC meeting was held on 04.04.2018, the 7th COC meeting was held on 13.04.2018 and 8th COC meeting held on 20.04.2018. The Resolution Plan came up for scrutiny in 7th & 8th COC meeting. For this a minimum of 30 days is required for the COC and Resolution Professional to comply the direction. Therefore, 30 days is required to be excluded from the CIRP period of 270 days with effect from today so that the entire process can be completed. Application allowed.
|