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2021 (9) TMI 412 - AT - Insolvency and BankruptcyDirection to give a chance to submit Resolution Plan - time limitation - major part of the CIRP Proceedings and the approval of the present Resolution Plan had taken place during Covid Pandemic Period - Corporate Debtor is an MSME Unit a Corporate Guarantor to the Principal Borrower - HELD THAT:- This is the case of the CD which is an MSME Unit, a corporate guarantor to the principal borrower – National Board Limited. The CD was established on 11.12.1973 - Section 29-A R/w Section 240-A of the Code refers to the Resolution Applicant in respect of CIRP of any MSME and these two sections provide for certain reliefs to the promoter of the MSME as a prospective Resolution Applicant and is entitled to have opportunity to place Resolution Plan. Keeping in mind the intention of the legislature, there is no harm in giving an opportunity to the MSME in accordance with the provisions of the Code for keeping the promotion of entrepreneurship alive. The Adjudicating Authority has only provided an opportunity to the MSME and has given the liberty to the CoC to negotiate with existing Resolution Applicant and MSME unit also and accept the one which is commercially viable and technically feasible. There are no infirmity in the order - appeal dismissed.
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