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TMI Blog2021 (2) TMI 1242X X X X Extracts X X X X X X X X Extracts X X X X ..... receiving an email from the RP, the resolution applicants, including the Applicant herein, had submitted their revised resolution plans before the eleventh CoC meeting was held on 03.09.2020 - it is seen that four opportunities were granted for submission of resolution plan vide dates 16.04.2020, 30.05.2020, 29.06.2020, 31.07.2020, and two opportunities were granted to submit revised resolution plan vide 19.08.2020 and 03.09.2020 to the Applicant herein. Despite several opportunities being granted, the Applicant herein has failed to submit its revised resolution plan. The Applicant s submission that the resolution plan could not be finalised due to lockdown and due to its directors, other than the authorised representative, being either ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (hereinafter, the Code) against the Resolution Professional (hereinafter, the RP) and the members of Committee of Creditors (hereinafter, CoC) praying to (i) quash and set aside the resolution passed at the twelfth CoC meeting of the Corporate Debtor held on 10.09.2020 to the extent that it unreasonably and arbitrarily rejects the Applicant s request for extension of time to submit its resolution plan and to the extent it accepts the resolution plan of Respondent no. 8, and (ii) order the RP and the CoC to consider the resolution plan proposed to be submitted by the Applicant. 3. The case of Applicant is that the Corporate Debtor was sent into Corporate Insolvency Resolution Process (hereinafter, CIRP) by this Adjudicating Authority on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t may have an opportunity at a later stage. However, due to uncertainty and unreasonableness of the said offer, the Applicant denied it. 7. The Applicant asseverated that the action of the RP as well as the CoC members is unreasonable and arbitrary because, the Applicant could not finalise its resolution plan for various reasons arising out of Covid-19 including its limited access to its office; Mr. Naresh Agarwal, one of the directors of the Applicant who was spearhaeading the resolution plan had been diagnosed with Covid-19 on 07.09.2020, therefore, he was unable to assist in preparation of the plan; Mr. Rajesh Agarwal, one of the promoters of the company had been exposed to Covid-19 and was under home quarantine, and Mr. Ved Byas, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tive resolution applicants, including the Applicant herein, requesting for further extension of last date of submission of the resolution plan. The CoC did not approve further extension of last date of submission of the resolution plan. 12. Till the last date of submission, three resolution plans were received from the three prospective resolution applicants including the Applicant herein and the CoC was apprised of the same in its ninth meeting held on 12.08.2020. 13. On 19.08.2020 the RP sent an email suggesting the prospective resolution applicants to revise and improve their resolution plans. The revised resolution plans were received by the RP by 03.09.2020 which is the date on which eleventh CoC meeting was held. In the said mee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he view that in case the extension was granted, other resolution applicants may also seek further extensions. Moreover, as per the RFRP, the decision of CoC shall be final and the Applicant herein had given a declaration to abide by it. 15. Learned senior counsel relied on K. Sashidhar v. Indian overseas Bank and Ors. (2019) 12 SCC 150 and Committee of Creditors of Essar Steel India Ltd v. Satish Kumar Gupta and Ors. (2019) SCC Online SC 1478. 16. Learned senior counsel Mr Joy Saha concurred in submissions made on behalf of the RP and further submitted that this is not a sale where the only parameter is price. 17. We have heard the learned counsel appearing for the Applicant as well as learned senior counsel appearing on behalf of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd, it is seen that four opportunities were granted for submission of resolution plan vide dates 16.04.2020, 30.05.2020, 29.06.2020, 31.07.2020, and two opportunities were granted to submit revised resolution plan vide 19.08.2020 and 03.09.2020 to the Applicant herein. Despite several opportunities being granted, the Applicant herein has failed to submit its revised resolution plan. 21. The Applicant s submission that the resolution plan could not be finalised due to lockdown and due to its directors, other than the authorised representative, being either infected or exposed to Covid-19 on various dates is also not very tenable since by the September 2020, remote working technologies were abundantly available, most of the proceedings had ..... X X X X Extracts X X X X X X X X Extracts X X X X
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