Tribunal Orders Creditors' Meeting for Resolution Plan Approval or Liquidation Decision.

The Tribunal directed the Resolution Professional to convene a Committee of Creditors (COC) meeting to consider revised resolution plans and a plan from another entity. The COC was instructed to decide on approving a resolution plan or opting for liquidation within 90 days from the commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019. The Tribunal's decision ensured consistency in the resolution process, aligning with previous orders and emphasizing adherence to revised timelines for completing the insolvency resolution process.

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Issues:
1. Exclusion of time on account of litigation and extension of time beyond the CIRP period.
2. Consideration of revised resolution plans and voting by the Committee of Creditors.
3. Applicability of Section 12 of the Insolvency and Bankruptcy Code.
4. Judicial precedents and their impact on the resolution process.

Issue 1: Exclusion of time and extension beyond CIRP period
The Committee of Creditors (COC) filed CA No. 569/2019 seeking exclusion of time due to litigation and extension of the Corporate Insolvency Resolution Process (CIRP) period beyond the 270 days limit. The COC detailed the timeline of events, including multiple extensions granted for submission of resolution plans. Despite the expiry of the 270-day period, COC meetings were held, decisions were made, and revised plans were considered.

Issue 2: Consideration of revised resolution plans
After the rejection of the original plan, a revised resolution plan was submitted by a resolution applicant. The COC decided to put the revised plan for voting, although another plan from a different entity was not considered due to being submitted beyond the deadline. The Tribunal noted the contradictory and discriminatory actions of the COC in this regard.

Issue 3: Applicability of Section 12 of the Insolvency and Bankruptcy Code
The Tribunal highlighted the amendment to Section 12 of the Code, emphasizing the time limits for completing the insolvency resolution process. Reference was made to the Hon'ble Supreme Court's decision regarding the completion period extension and the implications of the latest amendments on the resolution process timelines.

Issue 4: Judicial precedents and their impact
Citing judicial precedents, including decisions related to the amended provisions of Section 12, the Tribunal underscored the need to adhere to the revised timelines for completing the insolvency resolution process. The Tribunal's order in CA No. 569/2019 directed the COC to consider and vote on the revised resolution plans within a specified timeframe in line with the amended provisions.

In conclusion, the Tribunal disposed of CA No. 569/2019 by instructing the Resolution Professional to convene a COC meeting to consider both the revised resolution plan and the plan from another entity. The COC was directed to make a decision on approving a resolution plan or opting for liquidation within 90 days from the commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019. The Tribunal's decision in CA No. 944/2019 was aligned with the order passed in CA No. 569/2019, ensuring consistency in the resolution process.

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