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2021 (3) TMI 111 - Tri - Insolvency and BankruptcySeeking direction to Respondent to conduct the revaluation of the Corporate Debtor taking into account the current functioning of the Hospital - seeking to send back the current resolution plan to CoC of the Resolution applicant for enhancement of plan consideration or for consideration - seeking to allow the applicant to submit a settlement plan to the CoC and initiate withdrawal of the CIRP - Section 12A of the Insolvency and Bankruptcy Code. HELD THAT:- The Resolution Professional took all steps as per the provisions of IBBI Regulations, before submitting the Resolution Plan to the CoC for its approval. Thereafter, only after the approval of CoC, the Resolution Professional filed the Resolution Plan for approval of this Adjudicating Authority. It is seen that wide publicity has been made inviting expression of Interest for getting a prospective Resolution Applicant, so that the maximum value be received for the assets and properties of the Corporate Debtor - The value assessed by both the valuers are more or less same, except few difference in the value. The resolution professional has not accepted the value given by Mr. Patel only. He has computed the value in accordance with the internationally accepted valuation standards, after physical verification of the fixed assets of the Corporate Debtor. The fair value and the value arrived at by both groups of the registered valuers were not significantly different. Hence, he has not appointed a fresh valuer. This Tribunal finds that the Resolution Professional had complied with the provisions of Regulation 27 and 35 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, before arriving at a decision to place the Resolution Plan before the CoC. The CoC approved the Resolution Plan with 100% voting right for approval by the Adjudicating Authority. Under Section 31(1) of the Code, for final approval of a Resolution Plan, the adjudicating authority has to be satisfied that the requirement of Sub Section (2) of Section 30 of the code has been complied with - the applicant has approached with this IA only on 15.2.2021 ie., at the eleventh hour, when the Plan is to be approved. It seems, this is only for delaying the approval of the Resolution Plan by the Adjudicating Authority, which cannot be accepted. As rightly stated by the Resolution Professional, if the applicant is aggrieved by the Resolution Plan, under Section 61(3), she can very well approach the appellate authority for redressal of her grievances. In view of the pronouncements of the Hon’ble Supreme Court and the Hon’ble NCLAT, as stated earlier in this order, this Tribunal cannot entertain the claim put forward by the applicant herein for rejection of the Resolution Plan at this stage. Submission of Settlement Plan to the CoC - HELD THAT:- It is too late to grant such a prayer because the events narrated by the Resolution Professional in his reply regarding non-cooperation of the Suspended MD/Directors of the Corporate Debtor during the CIR Process makes it very clear that there is no attempt on the part of the Corporate Debtor to produce a better settlement plan. The Resolution Professional has produced various emails sent by him to the suspended Directors since they sent a mail to him to submit a better Resolution Plan, requesting them to give such a settlement plan immediately, so that he can place it before the CoC. But they did not care to do so. Even in the CoC meeting held on 26th December, 2020 the email received from Mrs.PV Mini, applicant herein, which was a mail stating that possibility to bringing a fresh resolution plan by a prospective resolution applicant has been placed. Since the email does not contain any specific details about prospective applicant, plan consideration, timelines to be followed etc. and that the mail is completely silent about the submission of the Expression of Interest, after detailed deliberations, the CoC unanimously decided to reject the proposal submitted by the applicant herein in view of insufficiency of information and due to the limited time period available to complete the CIR Process. In the same CoC the final Resolution Plan was discussed and approved by the COC - the applicant/Suspended MD of the Corporate Debtor is not diligent in bringing in another Resolution Applicant, who can offer better amount, but it seems that the applicant’s only intention is to delay the proceedings - the Corporate Debtor cannot file a Section 12A application as per the Insolvency and Bankruptcy Code. This Tribunal do not find any cogent reason to entertain this application and grant any relief sought for in this application - Application dismissed.
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