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2021 (6) TMI 1085 - NATIONAL COMPANY LAW TRIBUNAL, HYDERABAD BENCHExtension of timelines for RFRP while two Resolution Plans submitted before the CoC as per the earlier timelines are for consideration, by CoC - power of CoC to keep on extending timelines beyond 330 days in the guise of maximization of value - HELD THAT:- The two Resolution Plans pending before the committee were deliberated at length and the contents known to all the CoC members. The CoC in its commercial wisdom has requested the Resolution Professional to extend the RFRP timelines beyond 330 days with a view to give an opportunity to Vedanta Limited to submit their Resolution Plan in the name of value maximization of Corporate Debtor, albeit opportunity was given to the other two resolution applicants to revise their proposal. As this being status, the CoC and Resolution Professional have taken the process into their own hands even though they cannot extend timelines beyond 330 days unilaterally without the approval of the Adjudicating Authority. This action of Resolution Professional is contrary to the letter and spirit of the Code and its Regulations. The CoC and the Resolution Professional has categorically violated the timelines in the name of value maximization, thereby kept on extending the process beyond 330 days and CoC in its wisdom has stepped into the shoes of the Adjudicating Authority and extended the period without any rhyme or reason. The CoC has no business to extend RFRP beyond 330 days without the specific approval of the Adjudicating Authority - the Resolution Professional/CoC directed to consider the two plans received prior to last extension of RFRP timeline i.e. received before 330 days period to complete the CIRP. Application allowed.
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