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TMI Blog2018 (12) TMI 1439X X X X Extracts X X X X X X X X Extracts X X X X ..... CoCs with the prayer to direct the Resolution Professional to place the 'Resolution Plan' for consideration before the CoCs and consequently direct the Members of the CoCs to consider the 'Resolution Plan' submitted by the Applicant on 17.08.2018. 2. It has been submitted that the Resolution Applicant is a Firm managed by the professionally qualified and seasoned Partners having expertise in the field of food processing. The Resolution Applicant would potentially be in a position to revive the Corporate Debtor and run it as a going concern, which is in the interest of all stakeholders. 3. The 'Resolution Plan' contemplates taking over of the Corporate Debtor on "as is where is" basis by way of a proposed considera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the CoCs have filed the reply stating therein that the market value of the assets of the Corporate Debtor as well as the Promoters is Rs. 121.60 crores excluding the non-core assets which the Resolution Professional failed to take into consideration and liquidation value of the assets of the Corporate Debtor as well as the Promoters is Rs. 89.10 crores as informed by the Resolution Professional. However, the quote made by the Resolution Applicant is Rs. 71.17 crores which is considered to be far low and unacceptable, as the Resolution Professional brought the Resolution Plan for presentation to the CoC Members at the end of the CIRP without proper evaluation. 7. It has further been contended that a lot of transactions took place betwe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eriod of CIRP as provided under the provisions of Section 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 . 9. 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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