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TMI Blog2018 (12) TMI 1807X X X X Extracts X X X X X X X X Extracts X X X X ..... ession of interest inviting prospective Resolution Applicant was issued by him. Resolution Plan was submitted by only one Resolution Applicant, namely, Mantena Engitec Private Limited. It seems to have filed in compliance of sub-section 2 of Section 30 of the 1B code, 2016. The Resolution Professional has submitted the Resolution Plan before the Committee of Creditors for its favourable consideration. 3. From the records available, it is understood that there is no other Resolution Applicant who showed interest in taking over the stressed assets of the Corporate Debtor other than the resolution plan of Mantena Engitec Private Limited. The Ld. RP has submitted that the Resolution Plan of M/S. Mantena Engitec Private Limited (MEPL) has undergone various negotiations, deliberations at the various meetings convened by the Committee of Creditors and as per the result of negotiations with the Resolution Applicant, the resolution Applicant had submitted its revised Resolution Plan to the Resolution Professional on 07-09-20918. That Resolution Plan is seen placed before the COC in the meeting held on 1909-2018. However, no decision was taken on that day and the consideration of the resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 016, time limit for completion of the Insolvency Resolution Process shall expire firstly upon completion of 180 days and if it is extended, it would lastly expire within 270 days. That 270 days has expired on 01-10-2018. 10. Proviso to Section 12 mandate that the Adjudicating Authority shall not pass an order for extension of the period of CIRP under Section 12 for more than once. Therefore, the request on the side of the resolution Applicant in CA(IB) No. 965/KB/2018 for a reconsideration of the Resolution Plan after the expiry of 270 days could not be entertained by me at this stage. 11. Here in the instant case, it appears to me that the rejection of the Resolution Plan by the majority vote share was not on sound reason. The reason for rejection communicated to the Resolution Applicant reads as follows : " further based on your e. mail dated September 24, 2018 requesting waiver of furnishing unconditional and irrevocable performance bank guarantee of INR with respect to implementation of the successful Resolution plan by Mantena Engitec Private Limited, I put the same as well to vote by Committee of Creditors members for their approval. Based on voting results of Committee o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ttend the meeting at all. The Members expressed that as the CIRP period is over, the Committee of Creditors cannot consider the fresh Resolution Plan unless special direction is received from the NCLT and the Committee of Creditors decided to go on with liquidation process by permitting the Resolution Professional to file the liquidation plan. 15. I regret to take note of the observation of the Committee of Creditors taken in the meeting held on 08-10-2018. The Resolution Professional or the Committee of Creditors had not approached the Adjudicating Authority (in short AA) before the expiry of the period so as to exclude any days which were unutilised for the purpose of identifying the Resolution Plan and put pressure on the AA that if AA chooses to grant time beyond 270- days, it can consider the Resolution Plan knowing very well that the AA shall not extend the period more than once. The Resolution Professional is duty bound to act diligently keeping in mind the time line. 16. As per the amended provision 40A of IBBI(IRP for Corporate Persons) Regulation, 2016, model time line for CIRP is laid down by the IBBI. It is good to read that Model time line so as to have a cross check ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AA for appropriate Within 135 days of commencement T+135 Regulation 36(1) Submission of 1M to coc Within 2 weeks of appointment of RP, but not T+54 later than 54 th day of commencement Regulation 36A Publish Form G Within 75 days of commencement T+75 Invitation of EOI Submission of EOI At least 15 days from issue of EOI(assume 15 days) T +90 Provisional List RAs by RP of Within 10 days from the date of provisional list T+IOO Submission objections provisional list of to For 5 days from the date of provisional list T+105 Final List of Ras by Within 10 days of the receipt of objections T+115 Regulation 36B Issue of RFRP, including Evaluation Matrix and 1M Within 5 days of the issue of the provisional list T+105 Receipt of Resolution Plans At least 30 days from issue of RFRP(assume 30 days) T+135 Regulation 39(4) Submission of COC approved Resolution Plan to AA As soon as approved by the coc T+165 Section 31(1) Approval of resolution plan by AA T=180 17. Having cross checked with the above time line, I am afraid, the only one Resolution P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nkar Devarkonda is directed to issue public announcement in one of the leading English newspaper as well as in one vernacular newspaper having wide circulation where the registered office of the corporate debtor is situated as per Section 33(1) (b) (ii) of the Code read with Reg. 12 (1) of IBBI (Liquidation Process) Regulations, 2016. iv) The Registry is directed to communicate this order to the Registrar of Companies, West Bengal and to the Insolvency and Bankruptcy Board of India (IBBI), New Delhi. v) The Order of Moratorium passed under Section 14 of the I&B Code, 2016 shall cease to have effects and a fresh moratorium under Section 33 (5) shall commence. vi) This order is deemed to be a notice of discharge to the officers, employees and the workmen of the Corporate Debtor as per Section 33 (7) of code, 2016. vii) The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter Ill of the Insolvency and Bankruptcy Code, 2016. viii) Upon proceeding with the liquidation the Liquidator shall file a preliminary report as per regulation 5 read with Reg. 13 of the IBBI(Liquidation) Regulations,2016 at the registry within 75 days from th ..... 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