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2020 (12) TMI 954 - AT - Insolvency and BankruptcyApproval of revised Resolution Plan - Respondent submits that if this Hon ble Tribunal directs the Respondent No. 2 is ready to consider the revised Resolution Plan, an effort may be made if Committee of Creditors accepts the revised Resolution Plan - HELD THAT - The revised Resolution Plan Annexure P/6 may be processed by the Resolution Professional as required by the provisions of IBC and if in order Resolution Professional will take steps to place the same, before Committee of Creditors . The Committee of Creditors may consider the revised Resolution Plan and it will be for the Committee of Creditors whether or not to accept the Resolution Plan, and if rejected may take further suitable decision regarding liquidation. Appeal disposed off.
Issues involved:
1. Appeal against Impugned Order dated 09.12.2020 passed by the Adjudicating Authority. 2. Rejection of Resolution Plan by the Committee of Creditors (COC) leading to liquidation application. 3. Filing of revised offer by the Resolution Applicant and seeking reconsideration by COC. 4. Premature application under Section 33 of the Insolvency and Bankruptcy Code. 5. Consideration of revised Resolution Plan by the Adjudicating Authority. 6. Role of Resolution Professional in processing the revised Plan. 7. Decision-making authority of the Committee of Creditors regarding the Resolution Plan. Analysis: 1. The Appellant filed an appeal against the Impugned Order dated 09.12.2020, which was a short order passed by the Adjudicating Authority. The order highlighted that the Resolution Applicant's initial plan was rejected by the COC, leading to a resolution for liquidation of the company. The Resolution Applicant then filed a revised offer, seeking direction for reconsideration by the COC. However, the Adjudicating Authority found the application premature as the COC had already passed a resolution and the RP had filed an application under Section 33 of the IB Code. 2. The Learned Counsel for the Appellant argued that the revised Resolution Plan was submitted to save the Corporate Debtor from liquidation after the initial plan was rejected. The Counsel emphasized that the 270-day period had not expired, and the matter was still pending before the Adjudicating Authority. The revised Plan was presented for consideration by the COC to prevent liquidation. 3. Upon hearing both parties, the Adjudicating Authority set aside the Impugned Order and directed the Resolution Professional to process the revised Resolution Plan for submission to the COC. It was stated that the COC would have the authority to accept or reject the Plan, leading to further decisions regarding liquidation if necessary. The appeal was disposed of with these directions. 4. The decision highlighted the importance of allowing the COC to consider the revised Resolution Plan before making any decisions regarding liquidation. The Resolution Professional was instructed to follow the provisions of the IBC in processing the Plan, emphasizing the COC's role in the final decision-making process.
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