9911796707
TMI Blog2024 (6) TMI 1041X X X X Extracts X X X X X X X X Extracts X X X X ..... hat a time period of 120 days from the date of commencement of PPIRP is provided in the Act. As per Section 54D(3), if no Resolution Plan is approved by CoC the RP shall file an Application for Termination of PPIRP. Contrary to the Section Resolution Professional in the present matter has filed an Application seeking extension of time - It is seen that the Counsel for the Applicant relied upon Section 12 of the IBC,2016 to be applied in the PPIRP matters. As no resolution Plan has been approved within the specific time period which is 120 days, it is constrained to order Termination of Pre-Packaged Insolvency Resolution Process of the Corporate Debtor initiated by the order dated 04.01.2024 - It is also seen that the RP appointed by this Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... keholders in Business Standard (All Gujarat Edition) Sandesh (All Gujarat Edition) dated 06.01.2024. b) Constitution of CoC filing report c) Appointment of Valuers, Transaction Auditor, Other Professional for GST return filing, E-voting agency. d) Publication of Invitation of Resolution Plan (P11) in Financial Express (English Gujarati) on 25.01.2024 pursuant to which no prospective Resolution Applicant has submitted Resolution Plan. e) Fixation of Minimum Criteria f) Fixation of Basis for Evaluation under Regulation 42(1) of PPIRP Regulations, 2021 g) Fixation of a certain number/percentage for considering Resolution Plan significantly better than another Resolution Plan under Regulation 4292) of PPIRP Regulations, 2021. h) Fixation of Tic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the coordinate benches of NCLT, however, none was filed by the Applicant. Therefore, these precedents of Coordinate NCLT benches have a persuasive effect and are not binding on us. 8. We have heard the learned counsel for the Applicant and have perused the records. 9. The observations of this Tribunal are as under: a) The present Application is filed by the Resolution Professional of Kethos Tiles Pvt. Ltd. seeking an extension of the Pre-packaged Insolvency Resolution Process(PPIRP) by 60 days pursuant to the Resolution passed by the CoC in its 3rd meeting held on 30.04.2024. b) It is seen from the application that the Period of 120 days mentioned in the PPIRP came to an end on 03.05.2024. There is no Resolution Plan approved by the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Applicant relied upon Section 12 of the IBC,2016 to be applied in the PPIRP matters. The Sections which shall be applies to Chapter III-A governing PPIRP mutatis mutandis are stated through Section 54P which is reproduced as under: 54P. Application of provisions of Chapters II, III, VI and VII to this Chapter. --(1) Save as provided under this Chapter, the provisions of sections 24, 25A, 26, 27, 28, 29A, 32A, 43 to 51, and the provisions of Chapters VI and VII of this Part shall, mutatis mutandis apply, to the pre-packaged insolvency resolution process, subject to the following, namely: -- (a) reference to members of the suspended Board of Directors or the partners under clause (b) of sub-section (3) of section 24 shall be construed as refe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r and subject to such conditions as may be specified, and one of them shall be selected for approval under sub-section (12). (12) The resolution plan selected for approval under sub-section (10) or sub-section (11), as the case may be, may be approved by the committee of creditors for submission to the Adjudicating Authority: Provided that where the resolution plan selected for approval under sub-section (11) is not approved by the committee of creditors, the resolution professional shall file an application for termination of the pre-packaged insolvency resolution process in such form and manner as may be specified. g) In view of the above findings and as no resolution Plan has been approved within the specific time period which is 120 day ..... X X X X Extracts X X X X X X X X Extracts X X X X
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