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TMI Blog2022 (5) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... ew of Covid-19 pandemic and without considering the spread of Covid-19 and the situation of national lockdown, the date to accept the claims of the creditors should have been extended. This application has been filed by the applicant Corporate Debtor on 07.02.2021 seeking the aforesaid reliefs. The applicant herein is exploiting the benefit under Covid-19 pandemic and trying to destroy the very purpose of the I B Code,2016. 180 days is a long period now with all the advantages of modern technology and well-informed brains. Going forward, a CIRP could possibly be completed in a few days or even hours, particularly with the use of artificial intelligence. Considering the present stage of the CIRP and the Resolution Professional had already given ample opportunity to the claimants to file the claims, if any, and updated the list of creditors vide order dated 26th November 2021 as on 28.10.2021 and that a Resolution Plan has already been under the consideration of the CoC, there are no reason to entertain this application and grant any relief to the applicant. Application disposed off. - IA (IBC)/118/KOB/2021 IN IBA/41/KOB/2020 - - - Dated:- 21-4-2022 - Hon ble Mr. Ashok ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was allegedly constituted with just two creditors namely, State Bank of India and Dhanlaxmi Bank Limited thereby depriving other numerous creditors of the Corporate Debtor, of their opportunity to recover the debts which are due to them 4. Meanwhile, a Writ Petition No: 11003 of 2021 was filed before the Hon'ble High Court of Kerala, on 23 April 2021 to quash the order of this Tribunal passed on 09th April 2021 on the ground that the application filed before this Tribunal is without jurisdiction. However, without giving any credence to the W.P(C )pending before the Hon ble Kerala High Court, the Committee of Creditors, comprising of two creditors proposed to convene the meeting on 19th May 2021.The Writ Petition was heard on 19th May 2021 and a stay of two months was granted on all proceedings. Moreover, the account in question with the Dhanalaxmi Bank Ltd has already been closed on payment of the entire amount to the bank under the settlement and thus nothing survives in the matter as on the date of alleged CoC meeting. 5. The Resolution Professional i.e. the 2nd Respondent filed counter and stated that after the admission of IBA/41/KOB/2020 he had made public announceme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r is raising frivolous contentions and sought the aforesaid reliefs. 8. Respondent No.3 State Bank of India filed a counter and stated that the I.A is to be dismissed as it has been filed by the Suspended Directors representing the 1st Respondent Company. Once the CIRP has been initiated, the company shall be represented by the IRP in terms of Section 17(l) of the code and individual directors have to raise objections, if any, in their personal capacity only. 9. It is further stated that the Corporate Debtor has filed this IA with malafide intention, as they are very well aware that withdrawal of the CIRP is not possible without obtaining 90% of votes in the CoC. Even though the claim of the Applicant Bank has been settled after the constitution of the COC, the additional 3rdrespondent (SBI) herein holds 86% of the voting share and as a result, the Corporate Debtor has raised frivolous contentions with the objective to windup the CIR process without obtaining 90% of vote in the CoC. 10. We have heard the arguments advanced by the learned counsel for the applicant Mr. Girish Kumar, learned counsel appearing for Respondent No. 3, Mr. Akhil Suresh as well as Mr. Jasin Jose, R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : Provided that such inclusion shall not affect the validity of any decision taken by the committee prior to such inclusion. 14. It is not in dispute that the last date for submission of claims as per the public announcement was on 04.05.2021. This Tribunal vide order dated 26th November 2021 accepted the updated list of creditors as of 28.10.2021in which the following were the creditors: - 15. It is also on record that a stay was granted by the Hon ble High court of Kerala and it continued from 19.05.2021 to 20.10.2021. Meanwhile, the Resolution Professional filed an application IA(IBC)/67/KOB/2022 to extend the CIRP period from22.03.2022 to 20.06.2022 since a Resolution Plan has been received and it is under consideration of the CoC. 16. It is important to appreciate the significance of the timeline. The Corporate Debtor was not in pink of its health when it defaulted and hence the resolution was initiated. During the CIRP period, an insolvency professional exercises the powers of the Board of Directors and manages the operations of the Corporate Debtor as a going concern and there is uncertainty about ownership and control of the corporate, post-resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X
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