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2022 (7) TMI 311 - NATIONAL COMPANY LAW TRIBUNAL , AHMEDABAD BENCHSeeking direction to the Respondents to consider the resolution plan of the Applicants - seeking for quashing the 7th CoC meeting dated 13.10.2021 - HELD THAT:- The CoC considered all the resolution plans submitted by the prospective resolution applicants in the 7th meeting at 4:00 PM including the revised resolution plan of the Successful Resolution Applicants. The CoC did not approve the resolution plan of the Applicants as the payment term of the resolution plan was 6 years. Moreover, the Applicants had proposed in the resolution plan to extinguish the guarantee given by the Suspended Management of the Corporate Debtor. The resolution plan of the Successful Resolution Applicant was considered by the CoC as more feasible and viable hence the sole member of the CoC approved the resolution plan of the Successful Resolution Applicant. It is also noted that the Applicants were given an opportunity to revise the resolution plan but, the Applicants had not submitted the resolution plan at a given time. The contention of the Applicants that the offered value of the resolution plan of the Applicants was more than the offered value of the Successful Resolution Applicant even then the CoC rejected the resolution plan of the Applicants is not well-founded - It is not a disputed fact that the Applicants had not submitted the revised resolution plan at 3:30 PM on the day of the 7th CoC meeting. Moreover, the CoC in its commercial wisdom considered the resolution plan of the Successful Resolution Applicant more feasible and viable and approved the plan which is equally important as the maximization of the value of the assets of the Corporate Debtor. Thus, no violation of the IB Code was committed by Respondents during the 7th CoC meeting - application rejected.
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