Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (1) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (1) TMI 617 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABADSeeking direction to Committee of Creditors (CoC) and Resolution Professional (RP) to consider the Resolution Plan submitted by one M/s. Alkon Projects - HELD THAT:- If we pass order of liquidation of the Corporate Debtor, it may prejudicially affect the rights of such Horne-buyers. Some of them may render to be home-less despite paying some amount to the Corporate Debtor. Hence, we have taken for consideration these two applications, so that we can set right the CIRP of the Corporate Debtor. Moreover, the application for liquidation of the Corporate Debtor filed by RP has not been supported [confirmed final account and even 'by the resolution of the CoC. In this case, we are faced with the difficulty that CIRP period of 330 days has been over on 05.03.2020. Accordingly, RP has filed application for liquidation of the Corporate Debtor, but due to the declaration of 'Lock Down,' that application remained pending. In our considered view, since, the RP and CoC have received the resolution plans of one M/s. Alkon Projects, it would be appropriate if we direct the RP and CoC to consider the resolution plans first - in view of facts that the grievances of Some of the Home-Buyers/Plot-Holders can be addressed to. It is seen from the record that a period of 172 days was wasted due to pendency of application of RP for appointing an authorized representative of the Financial Creditors. It is seen from the record that RP could not hold CoC meeting during that period for want of corum and hence, that period has to be excluded from the CIRP period. Thereafter, when the matter was listed before this Adjudicating Authority, for the first time on 17.06.2020, the 'Lock-Down' was declared. Therefore, we stayed the proceedings. RP and CoC are directed to consider the Resolution Plan - application disposed off - The main matter to appear on 12.02.2021.
|