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TMI Blog2020 (11) TMI 123X X X X Extracts X X X X X X X X Extracts X X X X ..... te Insolvency Resolution Process. The RP has also prayed to permit him and the Committee of Creditors to invite fresh Expression of Interest pursuant to provisions of Regulation 36A of IBBI (Insolvency Resolution of Corporate Persons) Regulations, 2016 during the extended time period. 2. The brief facts leading to this IA is that this Tribunal admitted TIBA/11/KOB/2019 and IBA/28/KOB/2019 on 16th October, 2019 wherein the applicant herein was appointed as the Interim Resolution Professional and thereafter as the Resolution Professional (RP) by the CoC at their first meeting held on 17th December, 2019. The RP invited Expression of Interest from prospective Resolution Applicants and received the offer from few interested persons. 3. The or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 29A to submit the Resolution Plan. The Resolution Plan which confirms all the conditions stipulated in Section 30(2) shall be presented to the CoC for its approval. 7. The RP further submitted that upon the approval of the Resolution Plan submitted by the eligible Resolution Applicant by the CoC, by a vote of not less than sixty-six percentage of voting share of the financial creditors, after considering its feasibility and viability, the manner of distribution proposed, which may take into account the order of priority amongst creditors as laid down in Sub-section (1) of Section 53, including the priority and value of the security interest of a secured creditor and such other requirements as may be specified by the Board, the Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant, the Committee of Creditors, vide its meeting held on 15h October 2020, had unanimously passed a resolution to extend the time period for the completion of the Corporate Insolvency Resolution Process by a period of ninety days, subject to the approval of the Adjudicating Authority. 10. The RP pointed out that there is presently only one Resolution Plan, for the insolvency resolution of the Corporate Debtor, is available for the consideration of the Committee. The Committee of Creditors was of the opinion that the unprecedented situation due to the outbreak of the pandemic Covid-19 might have prevented bonafide Resolution Applicants from submitting the Expression of Interest as the Issuance of the Invitation for Expression of Interest w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds including the extract of 15th meeting of the Committee of Creditors held on 15th October 2020, the following order is passed : ORDER (i) The prayer of the Resolution Professional to extend the period of Corporate Insolvency Resolution Process for a further period of 90 days from 18.10.2020 is hereby allowed. The Resolution Professional is directed to meticulously adhere to the Rules and Regulations issued by IBBI in this regard from time to time and complete the CIR Process on or before 16.01.2021. (ii) The Resolution Professional is allowed to invite Fresh Expression of Interest during the extended time period, if the plan under consideration of the Committee of Creditors is rejected by the Committee of Creditors. IA/174/KOB/2020 in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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