NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Company Appeal (AT) (Insolvency) No. 241 of 2019
Manibhadra Polycot & Ors. …….Appeallant
Abhishek Corporation Ltd. & Ors. ……..Respondent
In the earlier order, the appellant made a case that a certain period is to be excluded from the time period of 270 days and if allowed, the matter has to be remitted back for reconsideration of ‘Resolution Plans’ and before excluding the period, the CoC should re-consider the revised plan filed by the Resolution Applicants, if any, intend to revise.
The RP and CoC are directed for calling an urgent meeting of the CoC to give its opinion about about the revised RP submitted by the Appellant and may ask other RAs for their proposal and decide it within fortnight.
Until further orders, the liquidation process may continue. However, the liquidator will not deal with any movable or immovable property of the ‘Corporate Debtor’.”
On 1st June 2019, Affidavit + Compliance Report of the R.P. has been filed and Revised Resolution Plan has been passed by R.A. was placed before the CoC for its opinion, in favour of Revised Resolution Plan of the Manibhadra Project with 71.029% voting shares.
Bank of Baroda dissented because it was decided to proceed for liquidation earlier however, the Bank of Baroda was abstained from giving opinion.
The appellants made a case for the exclusion of 21 days from the counting 270 days, as detailed below:
- 3 days for the order of the Adjudicating Authority not being received by the Resolution Profession,
- 11 days for the COC not being allowed the Working (I)RP to conduct the CIRP by restricting him to publish on EOI,
- 3 days for the voting on the Resolution Plan being stayed by the Appellate Tribunal pursuant to the filing of the MA by the Dissenting Financial Creditors.
The impugned order as also the consequential order dated 11th March, 2019 is set aside after receiving the opinion of CoCs and approval of Resolution Plan and 700 workmen have been saved from retrenchment and the remittance of the case to R.P. to place the Resolution Plan before the A.A. has been ordered/ S 31 of the Code.
The A.A. will also determine the fee and cost payable by the R.A. in favor of the R.P.