Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2017 (11) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (11) TMI 424 - Tri - Insolvency and BankruptcyExtension of time for completion of the Insolvency Resolution Process - Whether the Applicant, being Promoter/Director of the Corporate Debtor Company is entitled to file this Application under Section 60(5)(c) read with Section 12 of the IB Code and Rule 11 of the NCLT Rules and Whether time can be extended for completion of the Corporate Insolvency Resolution Process? - Held that:- Sub-section (2) of Section 12 of the Code clearly lays down that it is only the Resolution Professional who can file an Application to the Adjudicating Authority to extend the duration of Corporate Insolvency Resolution Process beyond 180 days on the basis of Resolution passed at a meeting of the Committee of Creditors by a vote of 75 per cent of the voting shares. As we efer to the Fourth Meeting of the Committee of Creditors of Gujarat Oleo Chem Limited held on 19th day of September, 2017. In Agenda No.4 of the said Resolution, it is mentioned that the Resolution which has been proposed by the Promoter was discussed in the Meeting and resolved not to accept the Resolution Plan put forward by the Promoter/Director and asked the Promoter/Director to propose an improved Plan within 30 days. On Agenda No.3, the Committee of Creditors resolved that Mr. Anil Goel, Resolution Professional is instructed to file an Application before the National Company Law Tribunal, Ahmedabad under Section 12(2) of the IB Code for approval of extension of the duration of Corporate Insolvency Resolution Process. But, no such Application is filed by the Resolution Professional, Mr. Anil Goel so far. This Application filed by the Promoter/Director is not in accordance Section 12(2) of the Code and not in accordance with the Resolution on Agenda No.3 of the 4th Meeting of the Committee of Creditors held on 19th September, 2017. Thus as Applicant is not qualified under Section 12 of the Code, the jurisdictional function of this Adjudicating Authority under Section 60(5)(c) of the Code cannot be invoked by the Applicant Promoter/Director.
|