06/12/2018

Only one Resolution Plan submitted before the consideration of the CoC has not been seriously dealt with in the time frame, no further extension beyond 270 days is to be granted in the like case – State Bank of India Vs. Coastal Projects Ltd. – NCLT Kolkata Bench

NCLT held that the only one Resolution Plan submitted before the consideration of the Committee of Creditors has not been seriously dealt with in the time frame. If the CoC and RP would have taken adequate care to have negotiation with the resolution applicant day by day, bearing in mind the very object of the Code which is Resolution and maximisation of value, chances of success in having a resolution in the case in hand was not too remote. The laxity in dealing with negotiation with the resolution applicant for having a resolution is visible from the mode of discussion process entertained by the CoC in the case in hand. Thereby, the chance of revival has been blocked.
In view of the above said discussion, I am of the considered opinion that I could not extend the period of CIRP for any reasons advanced on the side of the Ld. RP as well as on the side of the Resolution Applicant, as Section 12 mandates, no further extension beyond 270 days is to be granted in the like case.

Only one Resolution Plan submitted before the consideration of the CoC has not been seriously dealt with in the time frame, no further extension beyond 270 days is to be granted in the like case – State Bank of India Vs. Coastal Projects Ltd. – NCLT Kolkata Bench Read Post »

Resolution Professional/Liquidator has no jurisdiction to take over any asset of the subsidiary company of the Corporate Debtor, therefore, the Resolution Professional cannot take the original documents available with the subsidiary companies though he may take authenticated photocopies of those documents – Bhavik Bhimjyani Vs. Uday Vinodchandra Shah, RP of Neelkanth Township & Construction Pvt. Ltd. & Ors. – NCLAT New Delhi

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Resolution Professional/Liquidator has no jurisdiction to take over any asset of the subsidiary company of the Corporate Debtor, therefore, the Resolution Professional cannot take the original documents available with the subsidiary companies though he may take authenticated photocopies of those documents – Bhavik Bhimjyani Vs. Uday Vinodchandra Shah, RP of Neelkanth Township & Construction Pvt. Ltd. & Ors. – NCLAT New Delhi Read Post »

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