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TMI Blog2024 (9) TMI 325X X X X Extracts X X X X X X X X Extracts X X X X ..... ided 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. The present Application is Rejected, PPIRP initiated vide order dated 04.01.2024 is hereby terminated and Corporate Debtor is released from rigor of law. Petition dismissed. - SH. SHAMMI KHAN, MEMBER (JUDICIAL) And SH. SAMEER KAKAR, MEMBER (TECHNICAL) For the Applicant : Mr. Vishwas V Shah, Advocate ORDER [Per: Bench] 1. This is an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as IBC, 2016 ) read with Rule 11 of the NCLT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 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 Tick Size (minimum improvement over another resolution plan in terms of score) under Regulation 42(3) of PPIRP Regulations, 2021. i) Discussion on Base resolution plan submitted by Corporate Debtor to improve the resolution plan with better financial terms. 5. It is stated that the RP called 3rd meeting of CoC on 30.04.2024. The members of CoC stated that revised base resolution plan submitted by the Corporate Debtor is under consideration. In the said meeting, the CoC noted that the period of PPIRP comes to an end on expiry of 120 days from the date of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd 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 CoC till date as per the Application. c) The Section 54D which is reproduced as under: 54D. Time-limit for completion of pre-packaged insolvency resolution process. --(1) The prepackaged insolvency resolution process shall be completed within a period of one hundred and twenty days from the pre-packaged insolvency commencement date. (2) Without prejudice to sub-section (1), the resolution professional shall submit the resolution plan, as approved by the committee of creditors, to the Adjudicating Authority under sub-section (4) or subsection (12), as th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, 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 reference to members of the Board of Directors or the partners, unless an order has been passed by the Adjudicating Authority under section 54J ; (b) reference to clause (j) of sub-section (2) of section 25 under section 26 shall be construed as reference to clause (h) of subsection (2) of section 54F ; (c) reference to section 16 under section 27 shall be construed as reference to section 54E ; (d) reference to resolution professional in sub-sections (1) and (4) of section 28 shall be construed as corporate debtor ; (e) reference to section 31 under sub- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy 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 days, we are constrained to order Termination of Pre-Packaged Insolvency Resolution Process of the Corporate Debtor initiated by the order dated 04.01.2024. h) It is also seen that the RP appointed by this Tribunal has misled the Tribunal and has not performed the duties as mandated under the code. i) The Registry of this Tribunal is directed to send a copy of this order to IBBI and the Indian Institute of Insolvency Professionals of ICAI, the IPA of the RP for taking necessary action in this regard. 10. In view of the above observations and averments, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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