2021 (3) TMI 1302 - Tri - Insolvency and Bankruptcy

Tribunal Orders Review of Revised Plan Despite Initial Rejection

The Tribunal directed the CoC and RP to consider a revised plan submitted by PSN Medicare Pvt. Ltd. within 7 days, despite RP's initial rejection under ... Request to direct the CoC to consider his revised plan - Section 29A(e) of IBC - HELD THAT:- Keeping open objection as taken by RP and directing CoC to take a call whether Applicant is really ineligible U/s. 29A(e) of IBC, the CoC and RP directed to consider the revised plan to be submitted by the Applicant within 7 days from today. CoC is allowed to take call on all aspects including ineligibility and commercial viability of the plan. Application disposed off. The Tribunal directed the Committee of Creditors (CoC) and Resolution Professional (RP) to consider a revised plan submitted by PSN Medicare Private Limited within 7 days, despite RP's rejection of the plan under section 29A(e) of IBC. The CoC can assess the plan's eligibility and commercial viability. IA No.968/2020 was disposed of, and pending IAs were listed for 29.04.2021.