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TMI Blog2019 (7) TMI 833X X X X Extracts X X X X X X X X Extracts X X X X ..... hat IRP or RP was never restrained by this bench to perform his duties during CIRP period. Further, CIRP is time bound proceeding, which has to be completed in a time-bound manner. More so even the Hon'ble Apex Court has observed time and again that time is the essence of Code and it has to be completed within 270 days only. Under such circumstances further prayer for extension of time for another 294 days is not justifiable. That very act itself shows that the RP has not performed his duties diligently. If no resolution plan is received and/or approved, then the only option left is to go for liquidation. The period from the date of filing of the application under Section 27 of the Code till approval of the appointment of the RP by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the said public announcement was made on 24.11.2017. 4. On perusal of the record it is found that the first meeting of CoC was held on 19.12.2017 and in the said meeting CoC has resolved to appoint Mr. Sanjay Gupta, IRP as RP. It was further resolved that forensic auditor was also appointed for conducting the transactional audit of the corporate debtor. Thereafter, the second meeting was convened on 05.02.2018, wherein, it was reported that the erstwhile Directors were not co-operating in finalisation and audit of the financial books of account required to prepare the information memorandum. In the meanwhile the CoC has also decided to replace Mr. Sanjay Gupta with the present applicant Mr. Ramchandra D. Chaudhary. In view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s resolved by CoC that the second attempt be made to invite resolution plan by way of publishing EOI and inviting participation. In view of the said resolution the second EOI was published on 19.06.2018 calling for the resolution plan in relation to the corporate debtor. That, on publication, resolution plan proposal from M/s. Khyati Exports Private Limited was received. Accordingly, eighth meeting of CoC was convened on 02.08.2018, wherein, it was discussed that the resolution applicant is unwilling to enhance its offer price. However, the members could not resolve the acceptance or rejection of the plan as one of the members of the CoC did not have the mandate and thus it was resolved to discuss it in the next meeting. Thus, due to paucit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by this bench to perform his duties during CIRP period. Further, CIRP is time bound proceeding, which has to be completed in a time-bound manner. More so even the Hon'ble Apex Court has observed time and again that time is the essence of Code and it has to be completed within 270 days only. Under such circumstances further prayer for extension of time for another 294 days is not justifiable. That very act itself shows that the RP has not performed his duties diligently. If no resolution plan is received and/or approved, then the only option left is to go for liquidation. 10. Before we proceed further it is also desirable to refer the judgment passed by Hon'ble NCLAT in Company Appeal (AT) (Insolvency) No. 185 of 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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