2021 (12) TMI 1358 - Tri - Insolvency and Bankruptcy

Seeking amendment in final resolution plan - seeking to uncaps the CIRP costs on conditions stated therein - seeking to reduce term of the plan from 180 days to 90 days - HELD THAT - The CIRP period will come to end on 06.01.2022 and a decision on the resolution plans will have to be taken first by the CoC and, thereafter by this Adjudicating Authority. The ends of justice will be met if it is directed that the applicant herein to place the affidavits at Page Nos. 290 to 298 alongwith the covering letter addressed to the sole member of the CoC for consideration. Since disturb level playing field is not intended to be disturbed, the other resolution applicants whose plans are also being considered will also be permitted to place any modification in their submitted resolution plan before the CoC for its consideration. Such modifications shall be communicated to the CoC, no later than 48 hours from now. Application disposed off.

Summary

Issues:
Amendment of final Resolution plan - uncapping CIRP costs and reducing plan term from 180 days to 90 days.

Analysis:
The Tribunal considered an application filed by a Resolution Applicant seeking to amend the final Resolution plan dated 22.10.2021. The applicant requested to uncaps the CIRP costs and reduce the term of the plan from 180 days to 90 days. The Tribunal noted that the CIRP period would end soon, and decisions on the resolution plans needed to be made by the Committee of Creditors (CoC) and the Tribunal. To ensure justice, the Tribunal directed the applicant to submit affidavits and a covering letter to the CoC for consideration. Additionally, the Tribunal allowed other resolution applicants to make modifications to their plans within 48 hours for consideration by the CoC. The Tribunal disposed of the application accordingly, emphasizing the importance of maintaining a level playing field for all resolution applicants.