Promoter Director ordered to submit Resolution Plan promptly to conclude Insolvency Process

The Tribunal disposed of the application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, directing the applicant, a Promoter Director of the Corporate Debtor, to submit the Resolution Plan within one week from the date of the order. No further extensions were granted for submission, emphasizing timely conclusion of the Corporate Insolvency Resolution Process.

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Issues: Application under Section 60(5) of Insolvency and Bankruptcy Code, 2016 regarding extension of timelines for CIRP due to COVID-19 situation.

Analysis:
1. The application was filed by the Promoter Director of the Corporate Debtor under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking various reliefs based on the recent decision of the Hon'ble Supreme Court regarding the extension of limitation periods due to the COVID-19 pandemic. The applicant argued that the decision of the Supreme Court extends to IBC timelines, allowing the CIRP of the Corporate Debtor to conclude after the submission of the Resolution Plan by the applicant and its consideration by the CoC.

2. The application was filed following a previous order of the Tribunal, directing the Resolution Professional to accept the Resolution Plan submitted by the applicant within 30 days of the request. During the hearing, both parties were represented by their respective counsels, and the matter was discussed through video conferencing.

3. The Resolution Professional highlighted that the applicant had not submitted the Resolution Plan within the specified timeframe, even after an extension. The applicant's counsel requested for additional time to submit the plan. In response, the Resolution Professional expressed readiness to accept the plan if a short period was granted by the Tribunal.

4. Considering the circumstances and the delay in submitting the Resolution Plan, the Tribunal disposed of the application with a directive for the applicant to submit the plan within one week from the date of the order. It was emphasized that no further extensions would be granted for the submission. The Resolution Professional was instructed to present the plan to the Committee of Creditors promptly to ensure the timely conclusion of the Corporate Insolvency Resolution Process.

This detailed analysis of the Tribunal's judgment provides insights into the legal proceedings concerning the extension of timelines for the Corporate Insolvency Resolution Process in light of the COVID-19 situation, highlighting the responsibilities of the parties involved and the Tribunal's directives to expedite the resolution process.

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