9911796707
TMI Blog2021 (6) TMI 1086X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor is a Micro, Small or Medium Enterprise as per the Amendment Act 26 of 2018. The intention behind the enactment of this provision was to grant exemptions to Corporate Debtor which are MSME(s), by permitting a promoter who is not a wilful defaulter or covered under any other specific disqualification as provided under Section 29A, to bid for the Resolution Plan of an MSME. In the present case as per Regulation 36-A Resolution Professional Published Form G, on 17.02.2020, within 35 days i.e. on 115th day, final list of the Resolution Applicant has to be prepared by the Resolution Professional. EoI was received from 2 Resolution Applicants, out of which one was found eligible. Further the 3rd CoC decided to extent the ti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Plan submitted by the 4th Respondent. 2. In the Application it is stated that Applicants are the erstwhile promoters of the Corporate Debtor. They have now secured enough funds to settle the dues of the Respondent No.3 and every other creditor to the Respondent No.1 Company. The recent amendments to the Insolvency and Bankruptcy Code,2016 have paved the way for Applicants themselves to file a Resolution Plan in terms of Section 30 (1) of the Code,2016. The Corporate Debtor was registered under Micro, Small or Medium Enterprise (MSME)on 23.03.2015. The Company has accordingly applied under Udayam Registration. Being a Micro, Small or Medium Enterprise are entitled to file the Resolution Plan, since the Section 240A which specifically dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned counsel for the Applicant and Shri. Jasin Jose, former Resolution Professional in the matter through video conferencing and had gone through the records placed before this Tribunal. It appears from the record that the Applicants herein are the ex-directors of the Corporate Debtor. The Applicants herein stated that they have registered the Corporate Debtor under the Micro, Small and Medium Enterprises and Annexure-A/1 is the Registration Certificate. While perusing the records, it is seen that Annexure-A/1 is an Acknowledgement issued on 23.03.2015 by the Department of Industries, Government of Kerala valid for a period of 2 years which has already expired. The Applicants could not produce any valid Certificate issued with regard to M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the 3rd CoC decided to extent the time for submission of EOI for further 10 days and reissue the FORM G. No fresh EoI has been received. Therefore, the provisional list of the Resolution Applicant was submitted on 23.03.2020. Meanwhile lockdown was imposed by the Government of India. On 29.10.2020 Resolution Applicant submitted the revised Resolution Plan and the CoC considered the same in the 9th CoC meeting convened on 4.11.2020. In the 10th CoC meeting dated 20.11.2020 it was unanimously approved the Resolution Plan in compliance with the provisions of the I B Code,2016. Applicants who are also a member of the CoC was silent during the CIRP period and they want to submit the plan after the approval of Resolution Plan by the Adjudicati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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