Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (1) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (1) TMI 769 - Tri - Insolvency and BankruptcySeeking direction to Resolution Professional of Afcan Impex Private Limited and member of CoC to allow submission of the Resolution Plan by the applicant in the matter of Afcan Impex Private Limited - Section 60(5) read with Section 30 of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016 - HELD THAT:- The respondent No. 1 published Form-G on 09.06.2021 inviting expression of interest for which the last date was 07.07.2021 and the last date for submission of the resolution plan was 16.08.2021 However, the applicant expressed its willingness to submit the resolution plan on 30.09.2021 which is much beyond the last date for submission of the resolution plan - It is further noted that the CoC approved the resolution plan with 100% voting on 01.10.2021 and the application before this Adjudicating Authority for approval of the resolution plan as approved by the CoC is pending. The object of IBC is maximization of the value of Corporate Debtor in a time bound manner and commercial wisdom of CoC is the central point under the IB Code - We are not inclined to interfere in the matter where the CoC has already passed the resolution plan and moreover the extension of 90 days granted vide order dated 31.08.2021 expired on 14.11.2021. Application rejected.
|