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TMI Blog2024 (10) TMI 828X X X X Extracts X X X X X X X X Extracts X X X X ..... e for submission of plan shall remain the same. Admittedly, the Appellant attempted to submit the plan after 17:00 Hrs. 03.06.2023. When the time was extended, the Appellant took risk in submitting the plan at last hours that too after 17:00 Hrs. There are no reason for consideration of Resolution Plan at this stage. Resolution Plan having not been submitted by the Appellant within time prescribed and the CoC having considered the Resolution Plan which was received in time and has decided to reject the plan and given approval for liquidation. No relief can be granted to the Appellant as prayed in the appeal. There are no merit in the appeal - Appeal is dismissed. - [Justice Ashok Bhushan] Chairperson [Barun Mitra] Member (Technical), [Aru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itate timely submission of the plan. Time for submission of Resolution Plan was till 27.05.2023 at 17:00 Hrs IST. (v) The CoC extended the time for submission of plan from 27.05.2023 till 03.06.2023. (vi) The Resolution Professional left his office at 05.30 PM on 03.06.2023. The employee of Appellant sent a whatsapp message to the Resolution Professional at 06:00 PM that he has reached the office to submit the Resolution Plan. Appellant informed the employee that he has left the office time being over. Appellant attempted to submit his plan on 03.06.2023 through email. Email of the Appellant was replied by the Resolution Professional on 04.06.2023. Appellant sent the Resolution Plan by courier on 04.06.2023. (vii) Resolution Plan of the App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordance with the Process note to the RFRP . The applicants are requested to adhere to the Process Note for the mannerism of submission of the resolution plans and subsequent opening of the respective plans 4. The time for submission of the Resolution Plan was extended till 03.06.2023. The time extension was communicated to all Prospective Resolution Applicants by Resolution Professional on 26.05.2024 that the CoC in its meeting dated 26.05.2023 has extended the time from 27.05.2023 till 03.06.2023. The Resolution Plan of the Appellant could not be submitted till 05:00 PM and the staff of the Appellant reached the office of the Resolution Professional after 05:30 PM. The Resolution Professional received a whatsapp message from one Aman o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce at 6:00 pm and sent mag at 18:00 hours. I politely informed you that I was bound by the request for resolution plan, after receiving a message from you stating that delivery person had come at 17:15 hours, which too was beyond the time prescribed by the RFRP and hence beyond my ability to accept the plan. You may take note of the same. I wish you the best for participation in future NCLT resolution processes. Best regards, Rajiv Bajaj 7. Learned counsel for the Appellant submits that there was no time prescribed for submission and Resolution Professional could have submitted before 12:00 PM. 8. We do not find any substance in his submission as time mentioned for submission of plan in RFRP was 17:00 Hrs. When the time was extended from 27 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reconsider the Resolution Plan proposed by SVIP Reality Pvt. Ltd.,PRA, and an addendum to the Resolution Plan with enhanced value was submitted to the Respondent vide email dated 09.01.2023, This was also shared with the Respondent No. 2 and is being considered by the SCC of the Respondent No.2. The True Copy of email dated 10.01.2024 sent to the sole CoC member stating the enhanced plan with addendum received from prospective Resolution applicant, SVIP Reality Pvt. Ltd., is annexed herewith and marked as ANNEXURE A-16. 11. In view of the facts as brought on the record by the Resolution Professional in his reply, we see no reason for consideration of Resolution Plan at this stage. Resolution Plan having not been submitted by the Appellant w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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