2020 (1) TMI 1222

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 2. It is matter of record that CIRP has been initiated against the corporate Debtor by the order of this tribunal dated 09.07.2019 by admitting the CP NO. 395/ALD/2018 filed under Sec 7 of IBC and appointed Shri Pankaj Mahajan as Interim Resolution Professional who was further appointed as Resolutional Professional on the proposal of COC. 3. It is stated by the learned counsel for Resolution Professional that the sole proposed Resolution Applicant M/S. Genus Paper & Boards Ltd. did not submit the Resolution plan within the extended period of submission allowed by COC. 4. Further stated by the counsel for the RP/Applicant that in order to enable the entry of mid and small sized entities and prospective applicants who could not qualify due....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....below: 11. As is discernible, the Preamble gives an insight into what is sought to be achieved by the Code. The Code is first and foremost, a Code for reorganization and insolvency resolution of corporate debtors. Unless such reorganization is effected in a time-bound manner, the value of the assets of such persons will deplete. Therefore, maximization of value of the assets of such persons so that they are efficiently run as going concerns is another very important objective of the Code. This, in turn, will promote entrepreneurship as the persons in management of the corporate debtor are removed and replaced by entrepreneurs. When, therefore, a resolution plan takes off and the corporate debtor is brought back into the economic mainstrea....