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TMI Blog2021 (8) TMI 586X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to consider the Resolution Plan which had been submitted clause by clause. The CoC in its wisdom did not find it appropriate to give more time to the Appellant and discussed the Resolution Plan and rejected the same for reasons recorded. These are commercial decisions and we cannot hear the Appellant claiming that he was offering bigger amount and so the CoC should be directed to consider his plan. Section 7 Application was admitted on 8th November, 2019 and the order of liquidation came to be passed on 31st May, 2021. Keeping Section 12 of the IBC in view and the time frame within which CIRP should be completed, we do not find the Appellant making out any case for us to entertain the Appeal if liquidation order has been passed. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (CoC). The grievance of the Appellant is that in such background when 6th CoC meeting was going to be held on 28th January, 2021 via virtual mode, the Appellant, on 27th January, 2021 (one day before the 6th CoC Meeting was to be held virtually) had vide e-mail sent to the Respondent- Resolution Professional conveyed unavailability of the professional team of the Appellant which was required for the presentation of the revised Resolution Plan before members of the CoC and to address query. The Appellant had conveyed that due to farmer s protests around Delhi NCR, the professional team was stuck at different locations without proper network facility and so the meeting should be postponed. 3. Appellant claims that inspite of such e-mail, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant regarding Appellant) reads as under:- ITEM No. 9: Presentation on Resolution Plan by Resolution Applicants: I. Unicon Buildtech; and II. Lala Munni Lal Mange Ram Charitable Trust I. Unicon Buildtech The Resolution Professional informed the Committee that Unicon Buildtech by writing their mail dated 27 January 2021 at 8.40 PM requested to postpone their presentation for next week due to farmer agitation and internet connectivity. However, the committee decided to consider their resolution plan submitted and connect Mr. Suresh Kumar Gupta, Partner of Unicon Buildcon over the phone call (Mobile Number +91 9818752752) made by the Resolution Professional. The committee discussed this Resolution Plan clause by cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on plan was not in the prescribed format. n. In the above manner, this resolution plan does not confirm the requirement of the Code and regulations made thereunder. o. In the evaluation matrix, this resolution applicant received very low marks. p. This resolution applicant seeks additional time to clarify and update his resolution plan and even failed to utilised two months available during the stay on the consideration of the resolution plans. q. It was not clear for what purpose they are proposing to pay an amount to existing shareholders of the corporate debtor. r. The resolution plan is a mere ploy to shift the creditor controlled insolvency resolution to debtor controlled corporate debtor leaving creditors at t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 1,25,000/- (Rs. One Lakh Twenty Five Thousand only per month). RESOLVED FURTHER THAT the Resolution Professional be and is hereby authorized to submit an application before the Hon'ble Adjudicating Authority and to do all such acts, deeds and things as may be required or considered necessary or incidental thereto. 6. The Appeal itself shows that the Appellant had been participating in the CIRP and had on earlier occasion also filed revised plan. The CoC in the Minutes considered e-mail claimed by the Appellant to have been sent on 22nd January, 2021 and having considered e-mail decided to proceeded to consider the Resolution Plan which had been submitted clause by clause. The CoC in its wisdom did not find it appropriate to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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