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2022 (5) TMI 803 - Tri - Insolvency and BankruptcyMaintainability of appeal - submission of resolution plan for the Corporate Debtor - Whether the Applicant be allowed to submit a resolution plan at this stage considering the timelines specified under IBC? - HELD THAT:- In the instant Application relief is sought to permit the Applicant alone to submit a resolution plan. However, when the Respondents has contented in their reply that as the net worth of the Applicant alone is below Rs. 5 crore, the Applicant does not fulfill the criteria specified by CoC as per Section 25 (2) (h), thereafter the Applicant in its rejoinder submits that she is willing to submit the Resolution plan along with her husband and the net worth of applicant along with her husband is more than Rs. 5 crore. Making such a contention much later to request to file plan and before this Adjudicating Authority without amending the Application also does not qualify the Applicant to submit a resolution plan. It is an undeniable fact that the Applicant had wasted the time of this Adjudicating Authority by withdrawing IA No. 552/2020 at such a belated stage by filing a fresh application with same issues against the same parties with an additional ground that Applicant and Respondent No. 3 Jay overseas Pvt. Ltd. be treated at par. It is noted that the Hon'ble NCLAT has nowhere directed the CoC or the Resolution Professional to consider the resolution plan of any other prospective resolution applicant other than Respondent No. 3. The CoC had approved the resolution plan of Respondent No. 3 in its 12th meeting held on 28.12.2020 and accordingly, Resolution Professional had filed an application for approval of same before this Adjudicating Authority on 03.01.2021 vide IA No. 36/2021 and thereafter this Application is filed by the Applicant on 11.01.2021. Application rejected.
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