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TMI Blog2018 (7) TMI 2139X X X X Extracts X X X X X X X X Extracts X X X X ..... audhuri, Advocate For Ozone Logistics Pvt. Ltd. ORDER C.A.(IB) No.641/KB/2017 is filed under section 60(5) of the Insolvency & Bankruptcy Code, 2016 (in short, I&B Code) in connection with main C.P. No.176/KB/2018 by the proposed Resolution applicant M/S. Sarda Energy & Minerals Limited. The company is established in Raipur, Chhattishgarh. It is averred that the applicant is prospective Resolution Applicant and intends to submit Resolution Plan of the Corporate Debtor to the Committee of Creditors (COC). R.P. has made a public announcement of the CIRP through newspapers. However, the applicant being based in Raipur did not come to know about the CIRP of the Corporate Debtor. On 18.06.2018, when they came to know about the CIRP, they sent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was declined for simple reason that the applicant by this application is seeking some directions to RP only. However, the Ld. Counsels of those Resolution Applicants were allowed to make oral submission. 5. I heard the Ld. Sr. Counsel, Mr. Joy Saha, Ld. R.P. in person and Ld.Counsels appearing for two resolution applicants. Some dates are required to be taken note of. This authority by order dated 9th March, 2018 admitted the CIRP of the Corporate Debtor. Mr. Subodh Kumar Agarwal is appointed as the I.R.P.( whose appointment as R.P. was confirmed thereafter by COC). On 1 0th May, 2018, RP made public announcement of the CIRP by publishing notice in the Times of India, Business Standard and Ananda Bazar Patrika. The last date of submission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time-bound manner. CIRP still in progress and period of 180 days would be completed on 05.09.2018. There are at least 40 days available for the RP and COC to consider their Resolution plan. So, in order to have maximization value of the assets of the Corporate Debtor, RP may be directed to consider the applicant's plan. He brought to my notice to the order dated 19.06.2018 passed by this Authority directing the RP to consider the plan of M/S. Shyam Sel & Power Ltd., though it was submitted belatedly. The Ld. Sr, Counsel also brought to my notice to the other orders passed in some different cases wherein this Authority has taken a similar view. 8. The Ld. RP submitted that he has to complete the entire process within 105 days. The peri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he last date of submission of RP was 18.06.2018. Admittedly, the applicant did not submit EOI on or before 30.05.2018 and the RP on or before 18.06.2018. The reason for non-submission of EOI in the plan is not at all convincing. Now the question before this Authority is whether the authority while invoking its jurisdiction under section 60(5) of the Code can direct the RP to consider the applicant's plan. I have considered this aspect in great details. The CIRP period of 180 days would be completing on 05.09.2018. No doubt it can be extended further for 90 days but it can be done only if COC desires. The broad object of the Code is that for insolvency process of Corporate Persons in time-bound manner for maximization of value of assets ..... X X X X Extracts X X X X X X X X Extracts X X X X
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