9911796707
TMI Blog2024 (2) TMI 1314X X X X Extracts X X X X X X X X Extracts X X X X ..... Professional to look into the Resolution Plan submitted by the Applicants and to place the plan before CoC which is in compliance with Section 30(2). The opening of Resolution Plan by Resolution Professional is essential for further process in the CIRP. The Resolution Professional without opening the plan cannot come to any opinion whether the plan is complaint to Section 30(2) or not. There is no regulation or law which provide that the Resolution Professional should open the plan in presence of CoC and PRAs. Learned counsel for the Respondent No.1 has been unable to show any provision of law which require that the Resolution Professional shall open the plan in presence of CoC and PRAs. The order passed by the Adjudicating Authority is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . b. In the alternate of prayer clause (a), this Hon'ble Tribunal be pleased to reverse the process followed by the Respondent No. 1 for submission of Final Resolution Plans and allow for all the Resolution Applicants in the Final List of PRAs to negotiate with the CoC Members/ Respondent No. 2 and submit fresh Resolution Plans for their consideration in a fair and transparent manner. c. In the interim, this Hon'ble Tribunal be pleased to direct the Respondent No. 1 to keep on hold the voting process of the Final Resolution Plans by the CoC Members/ Respondent No 2 till the pendency of the present Application. d. That this Hon'ble Tribunal be pleased to direct IBBI/ Respondent No 3 to take appropriate actions agai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Professional then only it will be placed before the CoC. It is submitted that the order passed by the Adjudicating Authority is contrary to the provisions of I B Code and CIRP Regulations. 6. Learned counsel for the Respondent No.1 submits that it was due to transparency that password was not given by Respondent No.1 to the Resolution Professional and hard copy was opened by the Resolution Professional which is not in accordance with Regulations. 7. We have considered the submissions of learned counsel for the parties and perused the record. 8. Section 30 Sub-section (2) and Section 30 Sub-Section (3) provides as follows: 30(2). The resolution professional shall examine each resolution plan received by him to confirm that eac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rocess of a corporate debtor-- (i) where a resolution plan has not been approved or rejected by the Adjudicating Authority; (ii) where an appeal has been preferred under section 61 or section 62 or such an appeal is not time barred under any provision of law for the time being in force; or (iii) where a legal proceeding has been initiated in any court against the decision of the Adjudicating Authority in respect of a resolution plan;] (c) provides for the management of the affairs of the Corporate debtor after approval of the resolution plan; (d) the implementation and supervision of the resolution plan; (e) does not contravene any of the provisions of the law for the time being in force; (f) conform ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
