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2021 (9) TMI 1272 - AT - Insolvency and BankruptcyLiquidation of the Corporate Debtor - no Resolution Plan was approved by the Committee of Creditors within the CIRP period - Section 33(1)(a) of the I&B Code - HELD THAT:- In the present case, it cannot be brushed aside that the ‘Committee of Creditors’ had rejected the Resolution Plan in the meeting that took place on 15.11.2019. Moreover, the ‘Corporate Insolvency Resolution Process’ came to an end on 15.11.2019, which date 651 days rolled by from the commencement date of insolvency on 02.02.2018 - As a matter of fact, the Resolution Applicant, on 19.11.2019 had acknowledged the rejection of its Resolution Plan by the Committee of Creditors and had prayed for the refund of ‘Earnest Money Deposit’ and subsequently had requested for a deliberation / discussion with the State Bank of India for mutual Resolution of the concerns of the Bank. Apart from that, the Resolution Professional filed CA 1077/2019 on 19.11.2019 and sought for an additional 75 days to complete the CIRP process. In the present case, it is to be borne in mind that the Resolution Applicant had acknowledged the decision of the CoC in regard to the rejection of the Resolution Plan through an email dated 19.11.2019 and claimed the refund of the ‘Earnest Money Deposit’. Further, it cannot be lost sight of that the Resolution Applicant had not furnished the revised Resolution Plan including the suggested changes and instead proposed, more modifications to the commercials and term of the Resolution Plan and later withdrew its interest in any Resolution Plan. Suffice it for this Tribunal to point out that on 19.3.2020 the Resolution Applicant withdrew its interest for pursuing the Resolution Plan, perceiving that the Committee of Creditors had not approved the Resolution Plan till date of withdrawal - In the present case, indisputably, the CIRP period came to an end on 15.11.2019 and because of the direction dated 30.10.2019 issued by the ‘Adjudicating Authority’ the ‘Resolution Professional’ had no option but to file an IA. No. 412/2020 praying for a ‘Liquidation Order’ be passed as per Section 33(1)(a) of the Code. Moreover, liberty was prayed for to withdraw an application seeking extension of CIRP period as grounds were claiming extension and holding further CoC meeting for consideration of Resolution Plan had disappeared and the CIRP period got lapsed on 15.11.2019. This Tribunal considering the facts and circumstances of the entire conspectus of the instant case in an encircling manner, bearing in mind a primordial fact that the ‘Committee of Creditors’ had not approved the ‘Resolution Plan’ till 15.11.2019(viz. the final day of CIRP), the CIRP period was not extended by the Adjudicating Authority on 19.03.2020 when the Resolution Applicant / Maritime Trade Corporation had withdrew its interest for pursuing the Resolution Plan, the CoC becoming ‘Functuous Officio’ and the Resolution Applicant despite the State Bank of India conveying the acceptance of Plan by its authorities subject to the inclusion of changes proposed by its legal team on 07.02.2020 and the ‘Resolution Applicant’ / Maritime Trade Corporation had not submitted the modified ‘Resolution Plan’ etc.; comes to a consequent conclusion that in the present case, there is no approved plan of the ‘Committee of Creditors’. Appeal dismissed.
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