TMI Blog2018 (12) TMI 1439X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 12 of the I&B Code, 2016 has already got expired. Moreover, it has been submitted by the Resolution Professional that during the CIRP, M/s. Pepsi Co., has terminated the contract which was the only contractual arrangement for running the business of the Corporate Debtor that has caused the Corporate Debtor to run high and dry without any business to do on its own. Thus, the Corporate Debtor has suffered huge loss and lost its concept of “going concern". In view of the circumstances stated above and the cold response of the CoCs towards the Resolution Plan circulated, there does not appear any reasonable ground for giving the direction to the Resolution Professional and the CoCs to consider their proposed 'Resolution Plan', as the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Resolution Professional invited the Applicant to present the Resolution Plan at the meeting of the CoCs scheduled on 12.07.2018. However, there was no deliberation or discussion on the Resolution Plan, submitted by the Resolution Applicant, as no opportunity was given to the Resolution Applicant to discuss the Resolution Plan before the CoCs for its consideration. Thereafter, as per the direction of the Resolution Professional, a 'Revised Resolution Plan' dated, 13.08.2018 was sent vide e-mail dated 17.08.2018. The Resolution Professional informed the Resolution Applicant that the meeting of the CoCs is scheduled to be held on 20.08.2018 at 02.30 P.M. wherein the Resolution Plan shall be taken up for discussion by the CoCs Membe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with M/s. Lakshmi Vilas Bank, and the CoCs requested the Resolution Professional to check these transactions with respect to under Section, 43, 45, 50 and 66 of the I B Code, 2016 and the eligibility of the prospective Resolution Applicants under Section 29A of the I B Code, 2016. But the Resolution Professional has not completed the above scrutiny till date and focused only on discussion of the Resolution Plan in an arbitrary manner. In the concluding part of the reply, the CoCs once again reiterated for extension of the period of time by excluding the period of time consumed by the present Resolution Professional and to appoint a new IRP replacing him. Based on these premises, it has been prayed to reject the Application as devoid of fa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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