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2018 (7) TMI 2139 - Tri - Insolvency and BankruptcySubmission of Resolution Plan - section 60(5) of I&B Code, 2016 - HELD THAT:- Regulation 36A has recently been amended (03.07.2018). Subclause(6) of 36A mandates the RP to reject the EOI received after the time specified in the invitation. In this case, last date of submission of EOI was 30.05.2018 and the last date of submission of RP was 18.06.2018. Admittedly, the applicant did not submit EOI on or before 30.05.2018 and the RP on or before 18.06.2018. The reason for non-submission of EOI in the plan is not at all convincing. Whether the authority while invoking its jurisdiction under section 60(5) of the Code can direct the RP to consider the applicant's plan? - HELD THAT:- The CIRP period of 180 days would be completing on 05.09.2018. No doubt it can be extended further for 90 days but it can be done only if COC desires. The broad object of the Code is that for insolvency process of Corporate Persons in time-bound manner for maximization of value of assets of such person. In this case, the RP has already received three plans. In order to have maximization of the value of assets of the Corporate Debtor on competitive basis, I feel that the RP should be directed to consider the applicant's plan also because CIRP period of 180 days is yet to be completed and more particularly, even further period of 90 days is still at the hands of the COC. The RP is directed to receive the Resolution Plan of the applicant for consideration of COC. The plans to be submitted on or before 30.07.2018. The applicant to pay cost of ₹ 1,00,000/- by cheque/Demand Draft to be drawn on account of the Corporate Debtor which is being operated by the Resolution Professional and RP shall use that amount as resolution cost - Application allowed.
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