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TMI Blog2022 (10) TMI 745X X X X Extracts X X X X X X X X Extracts X X X X ..... rm-G was not mentioned is inconsequential, we do not find any substance in the submission of the Counsel for the Appellant. Within the time when the amount was not deposited, at this stage, the Appellant cannot be permitted to deposit the amount when another plan has been approved. Further submission that plan which has been approved has value of less than Rs. 2 Crores cannot be a ground to interfere with the approval of the Resolution Plan. Further, the Resolution Applicant whose plan has been approved was already H-2 in the earlier process in which Appellant was H-1. No ground has been made out to interfere with the impugned order - Appeal dismissed. - Comp. App. (AT) (Ins.) No. 1274 of 2022 - - - Dated:- 19-10-2022 - [ Justice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e less value which was given by the Appellant. He further submits that the fresh Form-G was to be issued after approval of the NCLT as well as for exclusion of time. He submits that the Adjudicating Authority has although excluded the time but has not specifically permitted issuance of Form-G. He submits that the publication of Form-G was not done in the IBBI website. 4. We have considered the submissions of the Learned Counsel for the Appellant and perused the record. 5. The copy of the minutes of the 16th meeting of the CoC held on 28th and 29th September, 2021 have been brought on the record by the Appellant himself as Annexure A-5. In the minutes, Item No.2, following has been recorded:- 2. To discuss the development taken pl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decided to issue a notice to Resolution Applicant to declare them defaulter and forfeiture of the Bid Bond amounting to Rs. 15,00,000/- submitted by the resolution applicant. In terms of Section 74 of IBC 2016, provision of prosecution is also applicable. As such application may also be filed with Hon'ble NCLT for suitable action. After the above discussion COC asked the RP about the next options available with us, on which the RP submitted that we can republish Form G with shorter timeline as there is sufficient timeline available with us for calling fresh Expression of Interest (EOI). RP further stated that as per the legal advice of the advocate and the supporting Supreme court order CIVIL APPEAL NOS.2943-2944 OF 2020 COC has t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... three plans are under the consideration of CoC and there are chances of resolution of insolvency of the Corporate Debtor, 58 days stands excluded from total period of CIRP. We direct RP to complete the process of CIRP within time and file report. With this, IA stands allowed and disposed of. 9. After granting exclusion of 58 days, the Adjudicating Authority has directed the Resolution Professional to complete the process of CIRP within time and file report. When direction was issued by the Adjudicating Authority to Resolution Professional to complete the process, the process includes issuance of Form-G and mere fact that expressly Form-G was not mentioned is inconsequential, we do not find any substance in the submission of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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