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TMI Blog2018 (7) TMI 2139X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Code can direct the RP to consider the applicant's plan? - HELD THAT:- The CIRP period of 180 days would be completing on 05.09.2018. No doubt it can be extended further for 90 days but it can be done only if COC desires. The broad object of the Code is that for insolvency process of Corporate Persons in time-bound manner for maximization of value of assets of such person. In this case, the RP has already received three plans. In order to have maximization of the value of assets of the Corporate Debtor on competitive basis, I feel that the RP should be directed to consider the applicant's plan also because CIRP period of 180 days is yet to be completed and more particularly, even further period of 90 days is still at the ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he CIRP through newspapers. However, the applicant being based in Raipur did not come to know about the CIRP of the Corporate Debtor. On 18.06.2018, when they came to know about the CIRP, they sent e-mail to the R.P. showing their Expression of Interest (EOI) to submit resolution plan but they did not receive any response from the RP. Hence, this application is filed under section 60(5) of I B Code, 2016 with a request to direct the RP to allow them to submit their resolution plan. 2. Resolution Professional was called upon to file say to this application and accordingly it is filed. The RP stated that on 10.05.2018, he made public announcement of the CIRP of the Corporate Debtor publishing notice in Times of India and Business Standard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irmed thereafter by COC). On 1 0th May, 2018, RP made public announcement of the CIRP by publishing notice in the Times of India, Business Standard and Ananda Bazar Patrika. The last date of submission of EOI was 30.05.2018 and submission of Resolution Plan was 18.06.2018. He had received three Resolution Plans. 6. Ld. Sr. Counsel for the applicant submitted that on 18.06.2018 itself, the applicant communicated their EOI to the RP by e-mail. However, RP, Mr. Subodh Kumar Agarwal submitted that he did not see any official email. The e-mail received at his personal email address was not checked. Be that as it may, the fact remains on record is that the applicant did not send EOI on or before 30.05.2018 and the plan on or before 18.06.2018. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o my notice to the other orders passed in some different cases wherein this Authority has taken a similar view. 8. The Ld. RP submitted that he has to complete the entire process within 105 days. The period is getting completed very soon. He has already received three plans. The bids are open. If the applicant's plan is now to be considered at such belated stage, the entire process of evaluation will have required to be reconsidered. He submitted that Regulation 36A(6) states that, 'Expression of Interest received after the time specified in the invitation under clause(b) of sub regulation (3) shall be rejected . He further submitted that the applicant did not approach him in time. There are no good grounds to consider his applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an be extended further for 90 days but it can be done only if COC desires. The broad object of the Code is that for insolvency process of Corporate Persons in time-bound manner for maximization of value of assets of such person. In this case, the RP has already received three plans. In order to have maximization of the value of assets of the Corporate Debtor on competitive basis, I feel that the RP should be directed to consider the applicant's plan also because CIRP period of 180 days is yet to be completed and more particularly, even further period of 90 days is still at the hands of the COC. For this reason, I am inclined to allow this application. 11 . The Ld. RP submitted that he has already opened the bids. The COC meetings are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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