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2018 (12) TMI 1439 - Tri - Insolvency and BankruptcyPlacing 'Resolution Plan' for consideration before the CoCs - Held that:- In spite of 'Information Memorandum' being shared and Resolution Plans circulated amongst the CoC Members, the same were not taken up for discussion. The potential Resolution Applicant was called by the Resolution Professional for discussion with the CoCs in the last two CoCs meetings, the CoCs refused to take up that agenda for the reasons not known to the Resolution Professional and the Resolution Applicant. Besides this, the maximum period of CIRP as provided under the provisions of Section 12 of the I&B Code, 2016 has already got expired. Moreover, it has been submitted by the Resolution Professional that during the CIRP, M/s. Pepsi Co., has terminated the contract which was the only contractual arrangement for running the business of the Corporate Debtor that has caused the Corporate Debtor to run high and dry without any business to do on its own. Thus, the Corporate Debtor has suffered huge loss and lost its concept of “going concern". In view of the circumstances stated above and the cold response of the CoCs towards the Resolution Plan circulated, there does not appear any reasonable ground for giving the direction to the Resolution Professional and the CoCs to consider their proposed 'Resolution Plan', as the same will be an exercise in futility.
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