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TMI Blog2020 (9) TMI 1071X X X X Extracts X X X X X X X X Extracts X X X X ..... al seeking extension of further time and also for issuance of further directions for convening of the meeting of the CoC for consideration of the resolution for approval of the resolution plan of the Maritime Trade Corporation. Let the resolution professional take out the notice to State Bank of India and serve the same and file affidavit of service accordingly. State Bank of India shall file an affidavit explaining the day-to-day delay from 15.11.2019 on which date, the last CoC meeting was held under the orders of this Adjudicating Authority, to till date and also to explain why exemplary costs are not imposed on it for its aforesaid conduct. List the instant CA on 06.03.2020. - CA Nos. 375, 572/2018, 1077 and 1078/2019 in CP (IB) No. 117/Chd/CHD/2017 - - - Dated:- 13-2-2020 - Ajay Kumar Vatsavayi, Member (J) and Pradeep R. Sethi, Member (T) For the Appellant : P.D. Sharma, Practising Company Secretary, G.S. Sarin, Practising Company Secretary, Vikram Bajaj, Resolution Professional and Deepankur Sharma, Advocate For the Respondents : Vaibhav Sahni, Advocate ORDER CA No.375/2018: 1. An additional affidavit vide diary No.1161, dated 12.02.2020 has be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ling of an application under Section 31 or conveying the decision of the CoC to reiterate initiation of liquidation process of the corporate debtor, as the case may be, shall be completed within a period of 90 days from the commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019 as provided for in the third proviso to Section 12(3) of the Code. 6. Till date the resolution professional could not file the application either under Section 31 or 33 of the Code. Hence, the condonation of delay in complying with the order dated 31.10.2019 does not arise at all. Accordingly, the CA No.1078/2019 is dismissed. CA No.1077/2019: 7. Maritime Trade Corporation whose plan was rejected by the CoC, had filed CA No.603/2018 challenging the said rejection of its plan by the CoC. After hearing all the parties, on 31.10.2019, the said CA was disposed of with the following observations:- 7. The CIRP period was to expire on 30.10.2018. The resolution applicant submitted a Revised Resolution Plan 2 through email dated 26.10.2018 which was forwarded by the RP to the CoC members by email dated 27.10.2018. Revised Resolution Plan 3 (Option 1 and Option 2) was further submitt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Code and regulations thereunder and did not address the commercial, feasibility, viability and implementation issues raised by the CoC members despite adequate time provided to address the same. 10. Therefore, even though a number of reasons were given, the fact that the resolution plan No.2 was not put to voting would show that non-compliance with the provisions of the Code was the determining factor for the rejection of the Revised Resolution Plan 1 by the CoC. Thereafter, Revised Resolution Plan 2 and Revised Resolution Plan 3 (Option 1 and Option 2) were submitted on 27.10.2018 and 28.10.2018 respectively. As discussed above, the RP took note of the changes made in the Revised Resolution Plan 3 (Option 1 and Option 2) and vide email dated 29.10.2018, found that the resolution plan prima facie looks compliant with the Code and Regulations although there were certain inconsistency needed to be resolved in discussion with the resolution applicant. 11. We note here that as discussed above, the resolution applicant submitted the Resolution plan on 04.10.2018 in a sealed envelope which was opened in the 6th meeting of CoC on 09.10.2018 and discussions with the resolution a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... period of 90 days from the commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019 as provided for in the third proviso to Section 12(3) of the Code. 13. A copy of this order be supplied to the applicant under the signature of the Court Officer today itself. The Registry is also directed to send copy of this order to the Resolution Professional at his email address immediately. 8. Thereafter on 20.11.2019, the resolution professional filed the instant CA seeking additional time period of 75 days for completion of the CIRP and also to allow the CoC members, who abstained from voting to submit their vote on approval of the resolution plan or liquidation of the corporate debtor, as the case may be. 9. The minutes of the 9th meeting of the CoC held on 15.11.2019 in pursuance of the directions issued in CA No.603 of 2018 on 31.10.2019 are enclosed as Annexure 4 to the instant CA. 10. Perusal of agenda item No.6 to consider and approve resolution plan of Maritime Trade Corporation and agenda item No.7 to consider and approve a resolution for liquidation of the corporate debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 reveals that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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