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2018 (12) TMI 1708 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - rejection of resolution passed on 19th Committee of Creditors' (CoC) meeting for liquidation of Corporate Debtor - exclusions from the time period of CIRP - Section 60(5)(c) of Insolvency and Bankruptcy Code, 2016 r/w Rule 11 of the National Company Law Tribunal Rules, 2016 - HELD THAT:- The Counsel for the Applicant has submitted that since the Information Memorandum was not ready, it was not possible to understand the detail position of the business of the Corporate Debtor, and therefore, there is non-compliance of the provisions of Section 29 of the I&B Code, 2016 r/w Regulation 40 A. Even if it is assumed that the Information Memorandum has not been made ready as per the model timeline, then as to how one of the suspended Directors, who is Applicant herein, can said to be an aggrieved party. Nevertheless, the other details were available with the Resolution Professional which he stated to have shared with the prospective Resolution Applicants, such details were sufficient in nature to provide relevant information to them. The Resolution Professional has submitted that the Regulation 40-A was not in existence prior to its enforcement and the allegations leveled by the Applicant/suspended Director of the Corporate Debtor are for the period of time prior to the enforcement of the said Regulations, so, he cannot be said to have violated the said Regulation. Therefore, the submissions made by the Counsel for the Applicant stand rejected, the submissions made by the Resolution Professional seem to have force, the same are accepted. There does not appear any justification for exclusion of the period of 79 days, from the time period of CIRP. The time period of 270 days has already been completed on 08.06.2018 and Order for Liquidation of Corporate has also been passed. Application dismissed.
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