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TMI Blog2019 (1) TMI 841X X X X Extracts X X X X X X X X Extracts X X X X ..... ove the plan, and in absence of any allegation that the sole ‘Resolution Applicant’ is ineligible under Section 29A of the ‘I&B Code’, we hold that the Adjudicating Authority rightly asked the ‘Resolution Professional’ to place the matter before the ‘Committee of Creditors’ in terms of amended subsection (4) of Section 30 for its consideration in accordance with the said provision. We affirm the impugned order dated 11th June, 2018. We exclude the period of pendency of this appeal i.e. from 9th July, 2018 till the date of this judgment, apart from the exclusion of period already allowed by the Adjudicating Authority for the purpose of counting the period of 270 days. The ‘Committee of Creditors’ are directed to consider the ‘Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 60(5) of the I B Code has been disallowed with direction to the Resolution Professional to present the Resolution Plan of the Sole Resolution Applicant before the Committee of Creditors for a re-look and for proper consideration, in view of the amendment made in the statute, in the same parameter as it was earlier considered, without involving or considering any new issue which were not taken into account while considering the Resolution Plan submitted by the Sole Resolution Applicant . 2. The brief fact of the case is that the Corporate Insolvency Resolution Process was initiated against Alok Employees Benefit and Welfare Trust - ( Corporate Debtor ). 3. Before completion of the resolution period, the Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the hearing of the present matter is preponed to 02.05.2018. Meanwhile the application is allowed as RP to continue with the interim arrangement and Management of the Corporate Debtor Company. 5. While the matter was pending, sub-section (4) of Section 30 of the I B Code was amended and in place of the word seventy-five percentage of voting shares, the word sixty-six of the voting shares of the Financial Creditor was inserted for approval of the Resolution Plan , which came into force with effect from 6th June, 2018. In view of the aforesaid amendment, the Adjudicating Authority passed the impugned order dated 11th June, 2018. 6. The main plea taken by the Appellant is that the amended subsection (4) of Section 30 has com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the commencement of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 (Ord. 7 of 2017), where the resolution applicant is ineligible under section 29A and may require the resolution professional to invite a fresh resolution plan where no other resolution plan is available with it: Provided further that where the resolution applicant referred to in the first proviso is ineligible under clause (c) of section 29A, the resolution applicant shall be allowed by the committee of creditors such period, not exceeding thirty days, to make payment of overdue amounts in accordance with the proviso to clause (c) of section 29A: Provided also that nothing in the second proviso shall be construed as extension of period for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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