9911796707
TMI Blog2020 (10) TMI 265X X X X Extracts X X X X X X X X Extracts X X X X ..... ts Resolution Plan has been rejected by the RP in violation of the procedure laid down under the Code. Interestingly, the plan has been approved unanimously with 100 % voting share of CoC which is much above the statutory requirement of 66 % in terms of Section 30(4) of the Code. The right of approval of a plan lies within the domain of CoC. Now some of the homebuyers filed an application supporting this Resolution Plan. Apart from this, Applicant has also filed a comparative chart showing that if its Resolution Plan has been considered, it will maximize the value of the Corporate Debtor. It cannot become a sole criteria to consider of the Resolution Plan. It is one of the component to be considered provided more than one claim has been pla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing direction against the RP to pass a reasoned order regarding verification of outstanding claims of the Applicant to the tune of ₹ 12,95,88,891/- on the ground that when this Applicant made this claim against the Corporate Debtor before the RP on 18.12.2018, the RP has only allowed part claim of ₹ 6,14,83,363/- without mentioning as to why the remaining claim of the applicant is not admissible by keeping the remaining balance under verification, this Applicant is in dark as to whether its balance part of claim has been allowed or rejected. When this point has been put to the RP counsel, he says that he has already informed to the Applicant the reasons for rejection of the portion of the claim not admitted by him, whereas he ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved nine Expressions of Interests from various persons including Consortium of One City Infrastructure Private Limited and APM Infrastructure Private Limited-H/ 1 and Joint Venture of Eight Capital India Recovery Fund Limited and Ambit Flowers Asset Construction Private Limited-H/2. On verification of those Expressions of Interest, since three Expressions of Interests were met with the eligibility criteria, they were asked to file Resolution Plan. Out of those three, only two persons namely Consortium of One City Infrastructure Private Limited and APM Infrastructure Private Limited-H/1 and Joint Venture of Eight Capital India Recovery Fund Limited and Ambit Flowers Asset Construction Private Limited-H/2 submitted their Resolution Plan. But ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to mention here that the Regulatory Authority i.e. IBBI after having seen people filing applications even after approval of the Resolution Plan, it has come out with the timeline as to within how much time Expression of Interest is to be given, within how much time Expression of Interest is to be considered by the RP and thereafter within how much time the Resolution Plan is to be filed, after having timelines come into existence the same being reiterated by Hon'ble Supreme Court stating that timelines given under the IBC are to be allowed, this Applicant at this belated stage more so after expiry of six months time for receipt of Expression of Interest, cannot file an application saying that it must be given an opportunity to file its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith added value is to be treated as a plan for maximization the value of the Corporate Debtor, because if this Bench considers such plan after four months, tomorrow if somebody else comes with more value than instead of considering this plan that plan has to be considered. This Bench is bound by the procedure as set out under the Code, once it is in compliance of the procedure this Bench has jurisdiction to see as to whether the plan placed before this Bench is in confirmation with Section 30(2) of the IBC or not. Therefore, we are of the view that there is no merit in this application and hence we hereby dismiss this application as misconceived. While concluding this order, this Applicant has mentioned that this Bench has not yet app ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
