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TMI Blog2019 (11) TMI 1469X X X X Extracts X X X X X X X X Extracts X X X X ..... sidered on the ground that the same was submitted beyond the last date. The said action of COC is self-contradictory and discriminatory. In cases where CIRP is pending and has not been completed within the period of 330 days the 3rd proviso to Section 12 is applicable. The R.P. shall convene a meeting of the COC and place the Revised Resolution Plan of H1 Ms. Seema Rana and also the resolution plan of M/s. INR Constructions before COC, which consider both the plans and vote upon the same and take appropriate decision either for approving either of the resolution plans or for liquidation of the corporate debtor. In accordance with Section 30(5) of the Code, both the resolution applicants may be allowed to attend the meeting of the COC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e was published on 16.01.2019 and since no Expression of Interest (EOI) and resolution plans were received within the last date, Form G was republished second time on 05.03.2019 and as 180 days of CIRP were expiring on 30.04.2019, the same was got extended by 90 more days vide order dated 02.05.2019 and since no EOI and no plans received/submitted even in response to the second Form G before the last date, the Form G was republished again third time on 10.06.2019 and the last date for submission of the resolution plans was extended till 20.07.2019 and out of the 09 EOIs received, 04 resolution plans were submitted within the said extended time. It was also submitted that since 270 days of CIRP were to be expired on 29.07.2019, the instant C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 and despite the present application for exclusion of time being pending before the Tribunal. However, we are taking into consideration the factual position of the holding of the COC meetings and the decisions taken therein. 6. The above referred facts as stated by the applicant clearly shows that after the expiry of 270th day and after the original plan of Ms. Seema Rana was rejected in voting by the COC, the COC received the revised plan of H1 Ms. Seema Rana and also put for voting for approval, though the said action is not permissible under the Code. But the plan submitted by M/s. INR Constructions was not considered on the ground that the same was submitted beyond the last date. The said action of COC is self-contradictory and disc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irty days from the insolvency commencement date, including any extension of the period of corporate insolvency resolution process granted under this section and the time taken in legal proceedings in relation to such resolution process of the corporate debtor: Provided also that where the insolvency resolution process of a corporate debtor is pending and has not been completed within the period referred to in the second proviso, such resolution process shall be completed within a period of ninety days from the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019.] 8. The Hon'ble Supreme Court of India on 24.09.2019 in Committee of Creditors of Amtek Auto Limited through Corporation Bank v. Dinkar T. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ithin a period of 21 days as an earlier offer had been invited and considering the time limit of 15.11.2019, 21 days may be fixed instead of 30 days for submission of the offer. We permit the Resolution Professional to invite fresh offers within a period of 21 days. Let steps be taken by the Resolution Professional by tomorrow i.e. by 25.09.2019 for invitation of the fresh offers in accordance with the rules. Within 2 weeks thereafter, the Committee of Creditors shall take a final call in the matter and the decision of the Committee of Creditors and the offers received be placed before this Court on the next date of hearing for consideration. List the matter on 05.11.2019. Written submissions may be filed on or before 04.11.2019. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e CIRP is pending and has not been completed within the period of 330 days the 3rd proviso to Section 12 is applicable. 12. Taking a similar view, we dispose of CA No. 569/2019, as under: i) The R.P. shall convene a meeting of the COC and place the Revised Resolution Plan of H1 Ms. Seema Rana and also the resolution plan of M/s. INR Constructions before COC, which consider both the plans and vote upon the same and take appropriate decision either for approving either of the resolution plans or for liquidation of the corporate debtor. In accordance with Section 30(5) of the Code, both the resolution applicants may be allowed to attend the meeting of the COC but shall not have right to vote at the meeting. We may add here that the discu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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