TMI Blog2018 (6) TMI 1665X X X X Extracts X X X X X X X X Extracts X X X X ..... - Dated:- 26-6-2018 - Justice P. K. Saikia, Member (J) For The Applicant/Resolution Professional : Mr K. Goswami and A. Sandilya, Advocates ORDER 1. This application has been filed by the applicant, CA. Kannan Tiruvengadam, Resolution Professional (in short, RP) appointed by this authority for bringing the Corporate Insolvency Resolution Process (in short, CIRP) initiated by this authority against the Corporate Debtor, namely, Assam Company India Limited vide order dated 12.01.2018 to its logical conclusion. 2. The applicant herein has prayed for the following reliefs: (a) Exclude the time period of 22 days from the total time period for the corporate insolvency resolution process of the Corporate Debtor and extend the time period for the corporate insolvency resolution process of the Corporate Debtor by a further period of 22 days after July 23, 2018 in terms of section 60(5) of the IBC, 2016 such that the corporate insolvency resolution process for the Corporate Debtor can continue till 14th August, 2018; and (b) Pass any other order or orders which this Hon ble Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PRA) requiring them to submit their bid so as to demonstrate their capability to submit proper resolution plan(s) for revival of Assam Tea Company Ltd. In the advertisement, aforesaid, it was stated that 26th April, 2018 was the last date for submission of EoI. 9. In the meantime, one M/s. M.K. Shah Exports Ltd. approached this authority challenging inter alia, the eligibility criteria qua requirement of minimum Tangible Net worth (in short, TNW) of INR 400 crores for Category A PRAs. This authority, on hearing parties thereto by order dated 26.04.2018 partially accepted the prayer made by aforesaid M/s. M.K. Shah Exports Ltd. requiring the RP/CoC to reconsider the eligibility criteria qua requirement of minimum TNW of INR 400 crores for Category A PRAs. 10. The order aforesaid was served on the RP on the same day and since the CoC/RP felt aggrieved, they proposed to prefer an appeal against the order rendered by this authority on 26.04.2018 in I.A. No. 24 of 2018 and as such, they/could not open the proposals received from various PRAs wanting to file resolution plan(s) for revival of the Corporate Debtor undergoing CIRP. 11. The Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ished for submission of Resolution Plan (26.04.2018 fixed for last date of submission of E.O.I.) April 18, 2018 M.K. Shah Exports Ltd. (MKS) approached the N.C.L.T. Guwahati (Adjudicating Authority) challenging, inter alia, the aforesaid Eligibility Criteria regarding requirement of minimum tangible net worth of ₹ 400 crores for category 'A' prospective resolution applicants. April 26, 2018 N.C.L.T. Guwahati (Adjudicating Authority) order in M.K. Shah Exports Ltd. (MKS) v. ACIL (being I.A. No.24 of 2018) to reconsider eligibility criteria. April 26, 2018 As per E.O.I, dated 11.4.2018, R.P.'s office received 9 E.O.I's from Prospective Resolution Applicants (PRA); however in view of the N.C.L.T., Guwahati order dated 23.4.2018 R.P. did not open E.O.I. April 29, 2018 Notice for Seventh meeting of the Committee of Creditors enclosing copy of the N.C.L.T. Guwahati order dated 26.4.2018 was sent out by the RP. May 2, 2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wards its logical conclusion. That apart, some other entities too had filed other proceeding from time to time some dragging the RP and COC to the Adjudicating Authority again and again which also profoundly interferes with work assigned to COC and RP. 14. According to the RP, if the period is not extended, as prayed for, to compensate the period, so lost in defending various steps, taken by the RP/COC, then the RP or for that matter COC may be handicapped in presenting proper resolution plan(s) which is certainly not in the interest of any of the stakeholders, involved in the proceeding under consideration. 15. Under all those circumstances, the RP has prayed for relief aforementioned. In support of his contention, he has relief on a decision of Hon ble NCLAT in the case of Quinn Logistic India (P.) Ltd. Vs. Mack Soft Tech Pvt. Ltd. Relevant part of the order is also reproduced below: 9. From the decisions aforesaid, it is clear that if an application is filed by the Resolution Professional or the Committee of Creditors or any aggrieved person for justified reasons, it is always open to the Adjudicating Authority/Appellate Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of PRA vide order dated 26.04.2018 in I.A.No.24/2018. 17. It is also true that aggrieved by the aforesaid order, the COC/RP preferred appeal before the NCLAT and NCLAT, on 10.05.2018, had stayed the operation of the order dated 26.04.2018 rendered by this authority in I.A.No.24/2018 and directed the COC/RP to proceed with the CIRP. Being so ordered, on 11.05.2018, the RP opened the EOIs received from PRAs. 18. In the meantime, one James Warren Tea Company -had also filed another application questioning eligibility criteria qua requirement of minimum Tangible Net worth (in short, TNW) of INR 400 crores for Category A PRAs which was however, disposed of in the meantime on hearing parties thereto including RP. 19. Therefore, on considering the matter in its entirety is found that the prayer, made by the RP, in my opinion, is well covered by the circumstances specified in para 17 of the judgment in Quinn Logistic India Pvt. Ltd. (supra) and, consequently, the prayer seeking extension of time beyond 270 days for filing the appropriate resolution plan (s) requires to be accepted. 20. Accordingly, another 14 days time is grant ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
