TMI Blog2018 (12) TMI 1708X X X X Extracts X X X X X X X X Extracts X X X X ..... -compliance of the provisions of Section 29 of the I B Code, 2016 r/w Regulation 40 A. Even if it is assumed that the Information Memorandum has not been made ready as per the model timeline, then as to how one of the suspended Directors, who is Applicant herein, can said to be an aggrieved party. Nevertheless, the other details were available with the Resolution Professional which he stated to have shared with the prospective Resolution Applicants, such details were sufficient in nature to provide relevant information to them. The Resolution Professional has submitted that the Regulation 40-A was not in existence prior to its enforcement and the allegations leveled by the Applicant/suspended Director of the Corporate Debtor are for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the Information Memorandum and consider all the Resolution Plans on merits in accordance with law and to pass such further order or orders as deemed fit under the circumstances and thus render justice. 3. During the course of arguments the Counsel for the Applicant has referred to various documents including the Information Memorandum and gone into details in relation to the Minutes of Meetings of the CoC held on various dates, deliberations made and decisions taken. The main contention of the Counsel for the Applicant is that during the Corporate Insolvency Resolution Process (CIRP) in respect of the Corporate Debtor viz., M/s. Oceanic Edibles International Limited, the 1st Respondent/Resolution Professional has not prepared the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;. He has submitted that for the purpose of issuance of 'Expression of Interest' there requires 'Information Memorandum', which needs to be prepared as per the Regulation 40 A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2018. Having made these submissions, the Counsel for the Applicant has prayed for exclusion of 79 days from the total period of CIR Process of 270 days which got expired on 08.06.2018. 6. The Counsel for the Applicant has also relied upon the ruling that has been given by the Hon'ble Apex Court in Arcelor mittal India (P.) Ltd. v. Satish Kumar Gupta [2018] 150 SCL 354 wherein it has been laid down that the reasonable construc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pression of Interest , after seeking the approval of the CoC and the time period was extended for filing the response to the Expression of Interest , till 14.04.2018, but there was no response from any prospective Resolution Applicant. In the process, as per the submissions of the Resolution Professional, he has been carrying on the forensic audit as the nature of the business of the Company was in the form of full cash and the documents were not made available by the suspended Directors. It is on record that in spite of issuance of the Expression of Interest for three times, there has been no response from any Resolution Applicant. However, four of the Resolution Applicants who have given the response to the Expression of Interest tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B Code 2016 as the Applicant is one of the suspended Directors, who has no locus standi to seek either for an extension of the time period or exclusion of any of the time period of CIR Process, which is the sole discretion of the CoC as per the provisions of Section 12 of the I B Code 2016. 11. Heard the Counsel for the Applicant, Resolution Professional and perused the record including the reply filed by the Resolution Professional. 12. Both the sides have submitted their arguments in detail. The Counsel for the Applicant has submitted that since the Information Memorandum was not ready, it was not possible to understand the detail position of the business of the Corporate Debtor, and therefore, there is non-compliance o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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