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2021 (3) TMI 754 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - applicant filed this application seeking appropriate direction to the RP to place the resolution plan of the applicant being H2 bidder before the CoC for confirmation - HELD THAT:- It is matter of record that resolution plan of respondent No. 3 was approved by a vote of approximately 82.41 per cent. voting share of the CoC members. It is to be noted that resolution plan submitted by the resolution applicant(s) are subject to deliberation of commercial wisdom of the CoC and the CoC are to consider the resolution plan(s), keeping in mind, to achieve, maximisation of value of assets of the "corporate debtor", as also the value of assets of the "financial creditor" and the "operational creditor", thereby balancing the interest of all stake holders, which is the spirit of the Code. Further, the CIRP has to be completed in time bound manner and 270 days was got over in January 28, 2020 itself. It is also matter of record that 22 days are excluded from CIRP on filing the application before the Adjudicating Authority. Pursuant to such exclusion permitted by this Adjudicating Authority, the period of 270 days was expired on February 19, 2020. Such exclusion was sought for in the interest of stake holders of the corporate debtor as CIRP was in the advance stage of finalising successful resolution applicant for CD. It is also matter of record that on approval of the resolution plan by the CoC member, an application under section 30 of the Insolvency and Bankruptcy Code has already been filed before this Adjudicating Authority for sanction of plan and same is sub judice, under such circumstances if commercial wisdom is interfered at this stage which is the prerogative of CoC, in that event, the whole process will get frustrated and the CIRP has to be started afresh, which will frustrate the very objective of the IB Code as the time is the essence of the Code. The instant application was not only premature on the date of filing, but is also devoid of merit and hence dismissed.
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