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TMI Blog2020 (9) TMI 1071X X X X Extracts X X X X X X X X Extracts X X X X ..... icant. The same is taken on record. 2. Heard the learned counsel appearing for both the sides. Orders reserved. CA No.572/2018: 3. Mr.Vaibhav Sahni, Advocate appearing for the respondents in the instant CA submits that the reply on behalf of respondents No.3, 4 and 5 have already been filed, which are on record. He further submits that the replies except respondent No.2 are ready and being filed during the course of the day and the advance copy of the same has been served on the learned counsel for the resolution professional. He also undertakes to file the reply on behalf of respondent No.2 on or before 17.02.2020. Accordingly, he is permitted to do so. It is also stated that the respondents No.1 to 5 are present and submitted the copie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irected to take decision uninfluenced by any observation in this order. ii) The entire exercise including filing of an application under Section 31 or conveying the decision of the CoC to reiterate initiation of liquidation process of the corporate debtor, as the case may be, shall be completed within a period of 90 days from the commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019 as provided for in the third proviso to Section 12(3) of the Code." 6. Till date the resolution professional could not file the application either under Section 31 or 33 of the Code. Hence, the condonation of delay in complying with the order dated 31.10.2019 does not arise at all. Accordingly, the CA No.1078/2019 is dismissed. CA No.1077/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at further course of action can be quickly planned as last day of CIRP is on October 30, 2018. 8. The RP has stated that CoC members, IFCI Ltd. (voting share 4.77%) and SBI (voting share 53.79%) reverted with their views vide emails dated 29.10.2018 expressing that they shall continue with their decision taken in the 7th CoC meeting held on 25.10.2018. The RP accordingly informed the resolution applicant by email dated 29.10.2018 that the CoC was not inclined to take up the revised resolution plan as its only a marginal improvement and does not address feasibility and commercial aspects adequately; the revised plan was submitted only after the decision of the CoC not to pursue the resolution plan of the resolution applicant any further; t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... looks compliant with the Code and Regulations although there were certain inconsistency needed to be resolved in discussion with the resolution applicant. 11. We note here that as discussed above, the resolution applicant submitted the Resolution plan on 04.10.2018 in a sealed envelope which was opened in the 6th meeting of CoC on 09.10.2018 and discussions with the resolution applicant by the members of the Core CoC started on 12.10.2018. The resolution plan was considered only in 7th CoC meeting held on 25.10.2018. The further revised resolution plans were not considered by the CoC in its meeting and in view of the revised resolution plan 3 (option 1 and option 2) be found by the RP to look prima facie compliant with the Code and Regula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the meeting of the CoC but shall not have right to vote at the meeting. We may add here that the discussion made in this order is not to be taken as discussion about the merits of the resolution plan and the CoC is directed to take decision uninfluenced by any observation in this order. ii) The entire exercise including filing of an application under Section 31 or conveying the decision of the CoC to reiterate initiation of liquidation process of the corporate debtor, as the case may be, shall be completed within a period of 90 days from the commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019 as provided for in the third proviso to Section 12(3) of the Code. 13. A copy of this order be supplied to the applicant und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also not been approved as the same did not receive 66% votes for approval of the resolution for liquidation of the corporate debtor. The main reason for the same is also that State Bank of India has abstained from voting for approval of the resolution for liquidation of the corporate debtor. 11. Mr.P.D.Sharma, the authorised representative appearing for the resolution professional submits that subsequent thereto, State Bank of India vide its e-mail dated 07.02.2020 informed the resolution professional that the proposal for approval of the resolution plan has been approved by them and accordingly advised the resolution professional to arrange for necessary changes for the resolution plan and for filing the same before the Adjudicating Autho ..... X X X X Extracts X X X X X X X X Extracts X X X X
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