TaxTMI 
TaxTMI 
2021 (1) TMI 508
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....0(5) of the Insolvency and Bankruptcy Code, 2016 Read with Rule 11 of NCLT Rules, 2016 praying the Tribunal to pass an order allowing the applicant to participate in the CIR process of the corporate debtor. 2. Particulars of the Applicant: a. The applicant, Greenergy Wind Corporation Pvt Ltd is a company incorporated under the Companies Act, 1956 and engaged in the business of generation of Renewable Energy and sale of the same under open access. The applicant has been involved in setting up and operating a cumulative 120 MW of installed and operational renewable energy plants spread across Hydro, Solar and wind farms. b. It is averred that CIRP started against corporate debtor on 17.10.2019. It is averred that Expressi....
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....ime due to the lockdown under the NCLAT Oder and Regulation 40 C, for the corporate debtor. Therefore it is clear that plenty of time is remaining in the CIRP period of the corporate debtor. g. It is averred by the applicant that already financial proposal of the resolution plan was prepared and once the respondent provides data access to the applicant including providing the request for the Resolution Plan, the applicant will be able to submit a Resolution Plan to comply with the terms of the RFRP and the Applicant undertakes to submit its final Resolution plan within 7 working days of the receipt of the RFRP by the applicant pursuant to the order of this Tribunal permitting the applicant to participate in the CIRP of the corporat....
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....ve several extensions for submission of resolution plan upto 6th April, 2020, considering the requests from the prospective Resolution Applicants and to maximize the value of the assets of the corporate debtor in compliance with IBC, 2016 d. Respondent avers that there were three prospective Resolution Applicants who wanted to submit resolution plan but sought some time for extension because of lockdown due to Covid-19. Thus the last date for submission of Resolution Plan by prospective resolution applicants was 20th May, 2020. e. Respondent avers that IBBI vide its notification dated 29th March, 2020 introduced Regulation 40 C which specified that lockdown period shall not be counted for calculation of CIRP timelines and ....
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....te as per the Regulation 36(6) of the IBBI regulation, 2016 is as follows: " The expression of interest received after the time specified in the invitation under clause(b) of regulation (3) shall be rejected". Further respondent quoted the case filed in Hon'ble NCLT, Bengaluru Bench in the matter of Bilagi Sugar Mill Limited vs. Mr. M.V.Sudarshan, wherein the submissions made by the applicant was rejected by NCLT by putting special emphasis on the objective of Code. Further in the present case also the applicant has not adhered to one of the main objective of code and regulations i.e to act in a time bound manner. Copy of the said order dated 29th May, 2020 passed by NCLT Bangalore Bench is annexed and marked as Exhibi....
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....lared. 7. The learned counsel for applicant relied on the decision of Hon'ble NCLT, Mumbai bench in the matter of Unimark Remedies Limited CP No. 197/2018 and contended if there is a "conflict between the Regulations and the Code, the object of the Code is paramount and not the Regulations which are formed only for the just implementation of the Code. Rejecting the Resolution plan purely on the technicalities even with out looking into its merits is certainly an act which will go against the very spirit of the Code and may result heavy loss to the Company and consequently Mumbai Bench directed the Resolution Plan to be examined. 8. Learned Counsel would contend that the participation of applicant will serve the object of the code ....
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....;ble NCLT, Bangalore Bench and contended EOI received after cut of date can't be entertained. 14. It is interesting to note that original date fixed for submission of EOI was on 01.01.2020 and later it was extended from time to time and last date for submission of EOI was 06.03.2020. The last date for submission of Resolution Plan was 06.04.2020 which was extended till 20.05.2020. It is interesting to note that applicant has not submitted any EOI though the period was extended till 06.03.2020. Even the time for filing resolution plan was extended from time to time and last date was 20.05.2020 for filing resolution plan. 15. The applicant has not submitted either EOI or resolution plan in the extended period. The applicant claimed ....