TMI Blog2021 (7) TMI 499X X X X Extracts X X X X X X X X Extracts X X X X ..... hort time to submit the Resolution Plan bringing to the notice of the Resolution Professional the Certificate obtained by the applicant as an MSME. In view of the fact that the CIR Process is to be completed on 23.7.2021, the applicant is granted permission to submit the Resolution Plan within a week from the date of receipt of this order. If the applicant submits such a Resolution Plan, the Resolution Professional shall place the Resolution Plan before the Committee of Creditors for their consideration and further steps in the matter shall be taken without further delay, so that the CIR Process can be concluded in time. Application disposed off. - INVP/02/KOB/2021 in IBA/51/KOB/2019 - - - Dated:- 30-6-2021 - Ashok Kumar Borah, Me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de order dated 22.03.2021 in IA(IBC)/67/KOB/2021 granted extension of 90 days and directed the RP to complete the CIR Process on or before 13.06.2021 and the timeline now will be ending on 23.7.2021. 3. It is also submitted that the Ministry of Micro, Small and Medium Enterprises vide its notification S.O. 2119(E) in the Official Gazette dated 26.06.2020 clarified the Classification of Enterprises stating that- 1. Classification of enterprises. -An enterprise shall be classified as a micro, small or medium enterprise on the basis of the following criteria, namely: -- (i) a micro enterprise, where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is the suspended director of the Corporate Debtor would be eligible to apply and submit a resolution plan. He has also referred to the decision of the Hon'ble Supreme Court in Suo Moto Civil Writ Petition No. 03 of 2020, by which the period of limitation for any suit, appeal, application or proceeding from 15.03.2020 till 14.03.2021 shall stand excluded and notwithstanding the actual balance period of limitation remaining, all persons shall have a limitation period of 90 days from 15.03.2021. 5. The Resolution Professional filed a counter to the INVP/02/KOB/2021 and stated that the applicant invited EOI to submit the Resolution Plan on 26.10.2020. In response to the EOI, applicant received expression of interest from four prospective ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... process under the Insolvency and Bankruptcy Code, and Regulation thereto. The, RP/CoC has no express authority/power to accept such a belated EOI/Resolution Plan without permission of this Tribunal. Hence the Applicant has been informed to submit his plan along with the permission, if any, granted by this Tribunal and granted time till 05.06.2021. 7. It is also stated that the Applicant submitted an electronic copy of Resolution Plan on 05.06.2021 and hardcopy on 11.06.2021. However, the same was not taken into consideration since the same was not supported by any approval from this Tribunal to accept a belated Resolution Plan. Based on the request of the Applicant that on account of lock down he could not process his urgent application, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned by the applicant as an MSME. 10. The learned counsel for the Resolution Professional stated that if a short period is granted by this Tribunal, the Resolution Professional is ready to accept the Resolution Plan, so that he can place the same before the CoC for its consideration. Moreover, the Respondent in his counter stated that the CoC in its meeting held on 9.6.2021 resolved that if this Tribunal permits the applicant to submit the Expression of Interest and Resolution Plan, the CoC is ready to accept the same for consideration. 11. In view of the aforesaid submissions, and in view of the fact that the CIR Process is to be completed on 23.7.2021, the applicant is granted permission to submit the Resolution Plan within a week fr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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