TMI Blog2021 (5) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... ves of the IBC, 2016. - I.A. No. 5487 of 2020 in C.P.(I.B) No. 2375/(ND)/2019 - - - Dated:- 13-4-2021 - P.S.N. Prasad, Member (J) And Dr. V.K. Subburaj, Member (T) ORDER Dr. V.K. Subburaj, Member (T) 1. This is an application filed by the Applicant under Section 60(5) of the IBC, 2016 seeking urgent directions of this Tribunal to direct the Respondent (RP) to allow the participation of the Applicant to introduce the Resolution Plan in the CIRP process of the Corporate Debtor in terms of its email dated 02.12.2020 so that the same may be considered by the CoC of the Corporate Debtor. The Applicant has contented as follows:- i. That it is submitted that the applicant is interested in submitting the resolution plan for the Corporate Debtor as the past experiences, passion and unique approach of doing the work makes the applicant most suitable applicant for running the Corporate Debtor as a going concern and also the applicant has a good credibility and image in the market. It is further submitted that due to spread of COVID pandemic the applicant and his family got suffered from COVID and because of which the movement of the applicant and his family got restricted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time period only 170 days of the Corporate Insolvency Resolution Process of Corporate Debtor. Therefore it is clearly evident from the above that there is much time left for submission of a better resolution plan and also the object of the code is to revive and reorganization of a company and also the resolution plan of another competitor would advance the object of the code in maximization of the assets of the Corporate Debtor and the same view was also opined by the Hon'ble Principal Bench while deciding the matter of Punjab National Bank Vs Bhushan Power Steel Limited in CIA. No. 152(PB)/2018 in C.P. (IB)- 202(PB)/2017 dated 23.04.2018. viii. That the objective of the code is the value maximization and revival of the Corporate Debtor as a going concern and in absence of an opportunity of submitting the resolution plan being granted to us the true objective of the code cannot be achieved. ix. That the Applicant submits that it may be allowed to present its resolution plan in terms of the Form G. In case, it is allowed to present the resolution plan, it will give the most advantageous position to all the 13 creditors of the CD. The plan of the Applicant would be h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hed this Tribunal with clean hand hence, his application shall be rejected on this ground only. vii. However, as per the directions of this Hon'ble Tribunal vide order dated 17.12.2020 to submit a detail proposal to the undersigned to enable him place the same before the COC for consideration and posted the matter for 05.01.2021. viii. It is most respectfully submitted that the undersigned RP has demanded some documents/clarifications from the Applicant to evaluate his technical bid and this Tribunal was also pleased to direct the applicant to provide the same vide order dated 05.01.2021. ix. That the applicant has provided some documents on the request of RP, however all the documents as desired by the RP was not provided by the Applicant after various email communications and on the basis of all such available documents, the undersigned RP evaluated as per law and duly placed resolution plan before the 09th COC held on 16.01.2021. x. That the applicant had relied on a SBI bank letter which ensures that the bank will provide a financial assistance amounting to ₹ 15 crores and above. The Resolution professional had tried to verify through various modes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hence it proves that the present application is filed just to delay the process of CIRP only and the same shall be dismissed with exemplary cost and warnings. xviii. That The CoC members agreed to the Resolution professionals findings and were of the view that such applicant is resurrecting hindrances in the proceedings of the CIRP, wherein The RP and the CoC has made all efforts to fulfill the intent of the code and have followed all such directions made by the Hon'ble NCLT in the interest of justice and to maximize the interest of the corporate debtor. The CoC members suggested that only the resolution for rejection of the proposal of the Resolution applicant shall be put up for physical voting. Without further ado, the CoC members resolved to take decision on the submitted Resolution Plan by the preexisting Resolution Applicant in the next CoC meeting. xix. That it is further submitted that the CoC has resolved and voted in favour of the rejections of the proposal submitted the present applicant with 100% voting. xx. That it is further submitted that the CoC was appraised various judgment of Hon'ble Apex Court and the Hon'ble NCLAT which has held that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... substantiated with the facts that on the one side the Resolution Professional is continuously supporting them in every hearing by even jointly arguing against the applicant before your lordship and at NCLAT too and on the other hand he is trying his level best to find the faults in the documents submitted by the applicant even at the cost of law and contempt of order of this Hon'ble bench. c) Secondly, Resolution Professional in gross violation of provisions of Code had threatened and inquired with the Auditor of the applicant who had given the Net worth.' certificate and the Chief Manager of State Bank of India Roorkee who had given the letter of comfort in favor of the applicant by impersonating himself as an officer of the court. Even the Resolution Professional literally went to the extent of threatening them of being prosecuted for contempt of court. d) Thirdly; he had tried to challenge the judicial decision of Hon'ble NCLT and had attempted to prejudice the mind of Hon'ble Bench by placing some social media photographs prior to the Order of Hon'ble NCLT and had not brought the fact that the applicant had approached the Resolution Professional a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
