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2021 (2) TMI 1242 - Tri - Companies LawSeeking resolution passed at the twelfth CoC meeting of the Corporate Debtor - rejection of Applicant’s request for extension of time to submit its resolution plan - seeking order to RP and the CoC to consider the resolution plan proposed to be submitted by the Applicant - HELD THAT:- This is a case where the CIRP had commenced on 21.11.2019, the first invitation to EoI was published on 18.01.2020. The last date of submission of resolution plan had been extended four times at the instance of prospective resolution applicants including the Applicant herein. Upon receiving an email from the RP, the resolution applicants, including the Applicant herein, had submitted their revised resolution plans before the eleventh CoC meeting was held on 03.09.2020 - it is seen that four opportunities were granted for submission of resolution plan vide dates 16.04.2020, 30.05.2020, 29.06.2020, 31.07.2020, and two opportunities were granted to submit revised resolution plan vide 19.08.2020 and 03.09.2020 to the Applicant herein. Despite several opportunities being granted, the Applicant herein has failed to submit its revised resolution plan. The Applicant’s submission that the resolution plan could not be finalised due to lockdown and due to its directors, other than the authorised representative, being either infected or exposed to Covid-19 on various dates is also not very tenable since by the September 2020, remote working technologies were abundantly available, most of the proceedings had moved online, and the board meetings could also have been held online during the extended time already granted by the CoC. This Adjudicating Authority is neither inclined towards quashing and setting aside the resolution passed at the twelfth CoC meeting of the Corporate Debtor held on 10.09.2020 to the extent that it rejects the Applicant’s request for extension of time to submit its resolution plan nor inclined towards directing the RP and the CoC to consider the resolution plan proposed to be submitted by the Applicant - Application dismissed.
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