Jinan K.R., Member - (1.) This CP (IB) 40 of 2017 has been filed by Corporate Debtor M/s. Keshav Sponge & Energy Pvt. Ltd under section 10 of the Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as I 8s B Code, 2016] for invoking corporate insolvency resolution process. This petition was admitted by this Tribunal vide its order dated 16/02/2017 and Mr. Adesh Kumar Mehta was appointed as an interim resolution professional (in short, IRP) to perform the function as IRP under the I & B Code, 2016. Upon appointment of the IRP, public announcement was made by IRP as specified under Sec. 13 read with Sec. 15 of the I 85 B Code, 2016 invited claims as per the provision of the Code. IRP constituted a Committee of Creditors and after convening meeting IRP has filed first progress report on 25/7/2017.
(2.) Ld. Counsel for the IRP submits that he had convened meeting of Committee of Creditors on 18/3/2017, 26/6/2017, 10/8/2017 and on 9/9/2017 but despite his efforts to formulate a resolution plan before the expiry of the period of 180 days, he could not submit a resolution plan thereby at the request of the Committee of Creditors, the period of submission of resolution plan has been extended for a further period of 90 days with effect from 15/8/2017. Being satisfied that committee of creditors unanimously passed a resolution dated 10/08/2017 for extension of the period this Tribunal extended the resolution period for 3 months up to 13/11/2017.
(3.) When this case was taken up on 10/11/2017 for submission of resolution plan Ld. Counsel for the resolution professional (in short RP) submits that RP continued his efforts to find the ways and means to revive and re-habilitate the company which can be revived through a resolution plan keeping in view the interest of all stake holders, but CoC could not approve the resolution plan and hence filed the final progress report on 10/11/2017.;