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TMI Blog2017 (11) TMI 424X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy Resolution Process beyond 180 days on the basis of Resolution passed at a meeting of the Committee of Creditors by a vote of 75 per cent of the voting shares. As we efer to the Fourth Meeting of the Committee of Creditors of Gujarat Oleo Chem Limited held on 19th day of September, 2017. In Agenda No.4 of the said Resolution, it is mentioned that the Resolution which has been proposed by the Promoter was discussed in the Meeting and resolved not to accept the Resolution Plan put forward by the Promoter/Director and asked the Promoter/Director to propose an improved Plan within 30 days. On Agenda No.3, the Committee of Creditors resolved that Mr. Anil Goel, Resolution Professional is instructed to file an Application before the Nationa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been admitted by this Adjudicating Authority vide order dated 13.4.2017. By the said order, this Adjudicating Authority appointed Mr. Anil Goel (1st Respondent herein) as Interim Resolution Professional . Respondents No. 2 to 6 herein are the Members of the Committee of Creditors. 2.2. It is stated in the Application that the Committee of Creditors have agreed to give further time to the Applicant to submit a revised one-time settlement and the Resolution Process has not been carried out by the Committee of Creditors diligently so as to arrive at a Resolution Plan. It is further stated that although the Committee of Creditors agreed to give one more month's time on 19.9.2017, the Committee of Creditors did not choose to pass a r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd resolved not to accept the Resolution Plan put forward by the Promoter/Director and asked the Promoter/Director to propose an improved Plan within 30 days. On Agenda No.3, the Committee of Creditors resolved that Mr. Anil Goel, Resolution Professional is instructed to file an Application before the National Company Law Tribunal, Ahmedabad under Section 12(2) of the IB Code for approval of extension of the duration of Corporate Insolvency Resolution Process. But, no such Application is filed by the Resolution Professional, Mr. Anil Goel so far. This Application filed by the Promoter/Director is not in accordance Section 12(2) of the Code and not in accordance with the Resolution on Agenda No.3 of the 4th Meeting of the Committee of Credit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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