2021 (8) TMI 163

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....d Mr. Abhijit Sarkar, Advocates For the Respondents : Mr. Anuj Singh, Advocate for R-1. Mr. Gaurav H. Sethi, Advocate for RP ORDER (Virtual Mode) This appeal has been filed by the Appellant - 'West Bengal Financial Corporation' against impugned order passed in IA/426(KB)2021 in C.P. (IB)/832(KB)2019 by which order the application filed by the Applicant came to be rejected. The Applicant/Appellant had in the Application prayed for the following reliefs:- "(a) Injunction restraining the respondents from giving any effect or further effect or acting in terms of or in furtherance to the resolution adopted in the meeting of Committee of Creditors on March 25, 2021, to the extent that time to take a decision in the matter, as specified in t....

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....assed following orders (Page 1213) in I.A. No. 197/KB/2021 and I.A. No. 274/KB/2021: "1. I.A. No. 197/KB/2021: This is an application filed by C P Ispat Private Limited against the Resolution Professional for a direction to accept the Resolution Plan submitted by it. It is submitted by the RP that the Resolution Plan was to be submitted on or before 22.12.2020 but the plan was actually submitted on 5th of February, 2021. The Committee of Creditors (COC) could, therefore, not consider the plan since, in the meantime, in the COC meeting held on 04/01/2021, a decision was taken to recommend liquidation of the Corporate Debtor. That application has also been filed and numbered as I.A. 274/KB/2021. Without going into too many aspects in th....

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....oC) to consider the proposed Resolution Plan and take a decision on or before 22nd March, 2021. It is stated that when Resolution Plan was placed before the CoC, the CoC gave further time to the Resolution Applicant for modification of the plan. This was done on 25th March, 2021, which can be seen from Minutes dated 25th March, 2021(page 1217 of Appeal at page 1219). It is stated that the Appellant who was member of the CoC had objected but still the CoC decided to give opportunity to Respondent No.2. 4. The Appellant claims it then filed the Application before the Adjudicating Authority in which above prayers have been made which came to be rejected. The Learned Senior Counsel submits that the Adjudicating Authority expressed displeasure ....

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.....2021, cannot be countenanced at all. 13. While it is true that following the order of exclusion of 52 days vide order dated 16.03.2021 in IA 259/KB/2021, the CIRP was to expire only on 07.05.2021, it does not follow as a natural corollary that time up to 07.05.2021 is available with the COC to take final call on the resolution plan. The entire CIRP was to be completed on or before 07.05.2021, which is to say, either the resolution plan was to be finally approved after a resolution in its favour was passed by the COC, or the corporate debtor would have to be sent into liquidation. This was the underlying intention of the order dated 16.03.2021, which specifically provided for a decision to be taken on or before 25.03.2021. 14. The defen....