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2021 (5) TMI 18 - Tri - Insolvency and BankruptcyRequirement of submission of Resolution Plan in the name of the Corporate Debtor - eligibility to submit the Resolution Plan in view of the Govt. of India Gazette Notification dated 26th June, 2020 - HELD THAT:- As per the IBBI Regulations, the Corporate Debtor cannot submit a Resolution Plan in the CIR Process. When this issue was argued, the learned counsel for the applicant stated that the applicant is ready to submit the Resolution Plan in the name of the applicant in his individual capacity. Eligibility to submit the Resolution Plan in view of the Govt. of India Gazette Notification dated 26th June, 2020 - HELD THAT:- Considering the revised criteria laid down by the MSME as per Notification dated 26.6.2020, the Corporate Debtor qualified as a MSME under the revised norms. However, the notification was issued after admission of the application for initiation of CIRP considering the covid 19 pandemic in the country. The Resolution Professional further states that the Corporate Debtor meets the statutory requirements and revision in the MSME criteria and the Resolution Professional is ready to accept the Resolution Plan from the applicant, if a direction to that effect is granted by this Tribunal - In SWISS RIBBONS PVT. LTD. AND ANR. VERSUS UNION OF INDIA AND ORS. [2019 (1) TMI 1508 - SUPREME COURT], the Hon’ble Apex Court made it clear that I&B Code envisages maximisation of value of Assets of the Corporate Debtor so that they are efficiently runs as going concerns and in turn will promote entrepreneurship. The liquidation can be ordered as a last resort if there is no Resolution Plan and the Resolution Plans submitted are not fulfilling the criteria laid down therein. Application is disposed off.
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