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TMI Blog2018 (6) TMI 536X X X X Extracts X X X X X X X X Extracts X X X X ..... - Dated:- 26-4-2018 - Mr. S.J. Mukhopadhaya And Mr. Bansi Lal Bhat, JJ. For The Appellant : Shri Sandeep Bajan, Ms. Pallavi Singh and Ms. Sonal Chaujar and Mr. Soayib Qureshi, Advocates For The Respondents : Shri Kamal Satija, Advocate JUDGEMENT SUDHANSU JYOTI MUKHOPADHAYA, J. M/s. Hind Motors Limited , Chandigarh, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as I B Code ) in CP (IB) No. 01/Chd/2017, for its Corporate Insolvency Resolution Process . The application under section 10 of the I B Code was admitted by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh, on 14th February, 2017 declaring the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter of all the aforesaid Corporate Debtors who had also submitted Resolution Plan . In all these cases, the Appellant produced a letter dated 16th August, 2017 from the Corporation Bank along with the Resolution Plan but in the said letter it was mentioned that please note that this letter doesn t tantamount to firm commitment for sanction of the said loan. In one of the cases, the Appellant- Mr. Ashish Mohan Gupta, Promoter proposed to make payment of ₹ 1.25 crores as against the total outstanding claim of Union Bank of India which amounts to ₹ 3.51 crores. In other cases, similar Resolution Plan was filed by the Appellant- Mr. Ashish Mohan Gupta, Promoter. However, in all the three cases, the respective Committee o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e with Sections 25, 27 and 29 of the I B Code : Section 12 of the I B Code provides for a period of 180 days further extendable by 90 days for the completion of the Corporate Insolvency Resolution Process . During that period certain acts have to be carried out by the Resolution Professional in view of Section 25 of the I B Code . It is pertinent to mention herein that as per the affidavit of the Respondent dated 10th January, 2018, that no invitations were invited from prospective lenders, investors and any other person to put forward Resolution Plans as per Section 25(h) of the I B Code . iv. No extension application under Section 12(2) of the I B Code : Even though Section 12(2) of the I B Code provides for the filing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of a new Resolution Professional was filed on 31st May, 2017, the Resolution Professional was appointed much later. Thereafter, the Resolution Professional was never provided the time period of 180 days as envisaged under Section 12 of the I B Code . 9. Similar plea has been taken by the Appellant- Mr. Ashish Mohan Gupta, the Promoter in the other two appeals. 10. The Respondents have filed affidavit and taken plea that all steps as required under the provisions of the I B Code were taken. 11. From the record of CP (IB) No. 01/Chd/2017, we find that the case was admitted on 14th February, 2017 appointing Mr. Manik Goyal as Interim Resolution Professional . The Financial Creditors namely Union Bank of India, State Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icating Authority and followed by another progress report dated 12th April, 2017. By progress reports dated 15th May, 2017 and 16th May, 2017, the Interim Resolution Professional intimated that pursuant to the notice, claims have been received from different Creditors. The details of information/documents sought for by the Committee of Creditors was also brought to the notice of the Adjudicating Authority by the Interim Resolution Professional . 14. All the aforesaid facts, including the decision of the Committee of Creditors held on different dates were taken into consideration by the Adjudicating Authority before passing the impugned order. The Committee of Creditors having rejected the only Resolution Plan submitted by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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