AI Drafter 
TaxTMI 
TaxTMI 
2020 (3) TMI 1007
X X X X Extracts X X X X
X X X X Extracts X X X X
....s is an application filed under section 60(5) of the Insolvency and Bankruptcy Code, 2016, by the resolution applicant, i. e., SREI Multiple Asset Investment Trust Vision India Fund against the RP of JVL Agro Industries Ltd., to call for CoC meeting and to consider the proposal of the resolution applicant dated July 25, 2019. 2. It is stated in the application that the resolution plan was submitted by the applicant which was presented before the CoC in April, 2019. Several negotiations took place between the resolution applicant and CoC and the applicant modified the resolution plan as per the requirement of the CoC/ resolution professional. Further, resolution plan was revised a couple of times and an amended resolution plan with revise....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ppropriate directions be given to RP to put up revised proposal for consideration of the CoC. 5. In reply to the arguments raised by counsel of the resolution applicant. Learned counsel for resolution professional of JVL Agro Industries Ltd., submitted that resolution plan dated July 18, 2019 submitted by SREI read with addendum dated July 20, 2019 under section 30(3) of the Insolvency and Bankruptcy Code, 2016 ("Code"), has been rejected by the CoC by 71.1 per cent. votes on July 20, 2019. The CoC and the resolution applicant were informed of such rejection of resolution plan on July 24, 2019 through which the process for consideration of the resolution plan as mentioned came to an end and is no longer valid for any review/reconsiderati....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ant is in fact that even though its resolution plan has been categorically rejected by the CoC, their revised offer must once again be considered by the CoC and that the RP is duty bound to present such offer to the CoC. As mentioned above, the resolution professional had forwarded the revised commercial offer to the CoC for information purposes. However, except one financial creditor, no other CoC member requested for a CoC meeting after the said offer was shared by the RP. It may be noted that under regulation 18 of the CIRP Regulations, if members having thirty-three per cent. vote requisition a CoC meeting, the RP is bound to convene a CoC meeting. However, in the present case members holding thirty-three per cent. of the voting interes....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ditors to approve or not to approve the proposed resolution plan. There is complete autonomy regarding the commercial decision or wisdom of the financial creditors." It is also stated that, the resolution professional also informed the CoC that he is intending to file a liquidation application to which no CoC member objected. 10. It is submitted that if time is available in CIRP, CoC is required to re-initiate the resolution process, which means the process is required to be opened up for all potential resolution applicants. This would take at least 75 days' time as per model timelines provided in the CIRP Regulations. At present, such time is not available in the JVL Agro CIRP. Learned counsel took reliance on view obser....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ent dated July 25, 2019 by the resolution applicant is merely the revised commercial offer on the rejected plan submitted on July 18, 2019 which was rejected by the CoC and not a resolution plan in accordance with the provisions of the Code read with the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations") and per the judgment of hon'ble apex court "the Adjudicating Authority has no jurisdiction to challenge the commercial wisdom of CoC to approve or reject the resolution plan". ● Further, the e-mail sent by the resolution applicant states that "the necessary changes shall be made to the resolution plan and the revised resolution plan shall b....