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2019 (5) TMI 1830 - Tri - Insolvency and BankruptcyRejection of the Resolution plan - Section 60(5) read with other Provisions of Insolvency and Bankruptcy Code, 2016 and Rules made thereafter - HELD THAT:- As per record, it is undisputed position in the matter that the Resolution Professional did not consider the resolution plan of the Applicant for such reason that resolution plan was filed by resolution applicant after expiry of EOI and at a very belated stage i.e. on 268th day. Hence, the main reason for not considering of the resolution plan of the applicant is that there was no time left to entertain any resolution plan and to consider at this stage, as the Resolution Professional has conducted the entire process as per timeline defined under IBC and so as he was duty bound to adhere to such timeline thus he refused to consider such resolution plan. The Resolution Professional and the COC should make all possible efforts towards Insolvency Resolution of a Corporate Debtor company and its liquidation can only be lost resorts. Further, the time spent in the present proceedings and to be consumed in further consideration by the COC (eg. 30 days) is excluded and exempted from the period of the CIRP. Application disposed off.
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