TMI Blog2022 (1) TMI 769X X X X Extracts X X X X X X X X Extracts X X X X ..... expressed its willingness to submit the resolution plan on 30.09.2021 which is much beyond the last date for submission of the resolution plan - It is further noted that the CoC approved the resolution plan with 100% voting on 01.10.2021 and the application before this Adjudicating Authority for approval of the resolution plan as approved by the CoC is pending. The object of IBC is maximization of the value of Corporate Debtor in a time bound manner and commercial wisdom of CoC is the central point under the IB Code - We are not inclined to interfere in the matter where the CoC has already passed the resolution plan and moreover the extension of 90 days granted vide order dated 31.08.2021 expired on 14.11.2021. Application rejected. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and therefore, the CIRP period got extended till 14.11.2021. 4. It is submitted by the applicant that the applicant through email dated 30.09.2021 expressed its willingness to submit the resolution plan, to which the Respondent No. 1 replied through email dated 01.10.2021, that the last process for submission of EOI has been closed and the applicant will be informed in case the date is extended for submission of EOI. 5. It is submitted by the applicant that the Committee of Creditors (hereinafter referred to as CoC) is considering three resolution plans and that none of the plan is approved. It is further submitted by the applicant that, though the applicant does not have the information memorandum prepared by the respondent No. 1, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e respondent No. 1 that the CoC in its 7th meeting dated 01.10.2021 has approved the resolution plan with 100% voting and the respondent No. 1 has filed an application under Section 31(1) before this Adjudicating Authority on 22.10.2021 for the approval of the resolution plan as approved by CoC. 10. Heard the Learned Counsel for the applicant the respondent No. 1 and perused the material on record, on this basis it appears that: A. The respondent No. 1 published Form-G on 09.06.2021 inviting expression of interest for which the last date was 07.07.2021 and the last date for submission of the resolution plan was 16.08.2021 However, the applicant expressed its willingness to submit the resolution plan on 30.09.2021 which is much beyo ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
