2021 (6) TMI 1086

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rakulam Tea Estate Private Limited and Others to direct the Respondent No. 2 (Mr. Jasin Jose, former Resolution Professional) to consider Resolution Plan submitted by the Applicants in terms of the provisions of the I&B Code,2016 and to set aside the Resolution Plan submitted by the 4th Respondent. 2. In the Application it is stated that Applicants are the erstwhile promoters of the Corporate Debtor. They have now secured enough funds to settle the dues of the Respondent No.3 and every other creditor to the Respondent No.1 Company. The recent amendments to the Insolvency and Bankruptcy Code,2016 have paved the way for Applicants themselves to file a Resolution Plan in terms of Section 30 (1) of the Code,2016. The Corporate Debtor wa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ue as the Monitoring Committee. Therefore, Resolution Professional was absolved from all statutory duties. Since the Monitoring Committee has no statutory powers to intervene in the operation of the Corporate Debtor, he has no comments to offer. 4. We have heard the learned counsel for the Applicant and Shri. Jasin Jose, former Resolution Professional in the matter through video conferencing and had gone through the records placed before this Tribunal. It appears from the record that the Applicants herein are the ex-directors of the Corporate Debtor. The Applicants herein stated that they have registered the Corporate Debtor under the Micro, Small and Medium Enterprises and Annexure-A/1 is the Registration Certificate. While perusing the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 36-A Resolution Professional Published Form G, on 17.02.2020, within 35 days i.e. on 115th day, final list of the Resolution Applicant has to be prepared by the Resolution Professional. EoI was received from 2 Resolution Applicants, out of which one was found eligible. Further the 3rd CoC decided to extent the time for submission of EOI for further 10 days and reissue the FORM G. No fresh EoI has been received. Therefore, the provisional list of the Resolution Applicant was submitted on 23.03.2020. Meanwhile lockdown was imposed by the Government of India. On 29.10.2020 Resolution Applicant submitted the revised Resolution Plan and the CoC considered the same in the 9th CoC meeting convened on 4.11.2020. In the 10th CoC meeting dated 20.11....