Tribunal denies CIRP extension, emphasizes CoC role in resolution plan approval.

The Tribunal denied the extension of the Corporate Insolvency Resolution Process (CIRP) period, as alternative plans had been rejected by the Committee of Creditors (CoC). Applications regarding the auction and sale of ceased goods during CIRP were deemed not maintainable due to the moratorium in effect upon admission of the Corporate Debtor. The Tribunal emphasized that approval of a resolution plan rests with the CoC, not the Tribunal. An application under various sections of the Insolvency and Bankruptcy Code, 2016 was directed to serve notice to Respondents. A withdrawal application under Section 30(5) of the IBC, 2016 was granted with CoC's approval. Further proceedings were scheduled for April 7, 2021.

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Issues:
1. Extension of CIRP period
2. Maintainability of applications under Section 14
3. Auction of ceased goods during CIRP
4. Direction to CoC for plan approval
5. Sale of ceased goods during CIRP
6. Application under Sections 43, 44, 50, and 60 of IBC, 2016
7. Withdrawal of application under Section 30(5) of IBC, 2016

Extension of CIRP period:
In the judgment, the Tribunal addressed an application for the extension of the Corporate Insolvency Resolution Process (CIRP) period for another 90 days. The Resolution Professional had been directed to consider alternative plans by the Tribunal previously. However, as two plans had been discussed and rejected by the Committee of Creditors (CoC), the Tribunal decided not to extend the CIRP period. Consequently, the application for extension was disposed of.

Maintainability under Section 14:
The Tribunal considered an application filed by the Resolution Professional under Section 14 regarding the moratorium issued upon admission of the Corporate Debtor in CIRP. The Tribunal ruled that since the moratorium was issued at the time of admission, the application was not maintainable, leading to the disposal of the application.

Auction of ceased goods during CIRP:
Another application was filed by the Office of Assistant Commissioner of Central Goods & Service Tax seeking permission to auction ceased goods. The Tribunal held that such a request could not be entertained during the pendency of CIRP, resulting in the disposal of the application.

Direction to CoC for plan approval:
An application was made for directions to the CoC to approve a resolution plan. The Tribunal clarified that the decision to approve or reject a plan lies with the CoC and not the Tribunal. Consequently, the application was deemed not maintainable and was disposed of.

Sale of ceased goods during CIRP:
A separate application was filed for permission to sell goods that had been ceased. The Tribunal reiterated that the moratorium under Section 14 was in effect upon admission of the Corporate Debtor into CIRP, rendering the application not maintainable and leading to its disposal.

Application under Sections 43, 44, 50, and 60 of IBC, 2016:
An application was filed under various sections of the Insolvency and Bankruptcy Code, 2016. The Tribunal directed the Applicant to serve notice to the Respondents and file an affidavit of service, with the Respondents instructed to file a reply upon receiving the notice.

Withdrawal of application under Section 30(5) of IBC, 2016:
Regarding an application under Section 30(5) of the IBC, 2016, the Resolution Professional sought to withdraw the application with the CoC's concurrence. The CoC decided to withdraw the application in a meeting, and permission was granted for the withdrawal. Consequently, the application was disposed of as withdrawn.

The Tribunal scheduled further consideration of the matter for April 7, 2021.

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