R P Nagrath, Member - (1.) Ca No. 229/2017 This application has been filed by the Resolution Professional under Section 12 of the Insolvency and Bankruptcy Code, 2016 for seeking extension of time for completion of the resolution process. This application has been filed by the Resolution Professional on the basis of decision of the Committee of Creditors taken in the 3rd meeting held on 07.12.2017 (Annexure A-1) .
(2.) The reasons for delay in the process have been explained in the minutes of meeting aforesaid under item No. 1 as under:- "The delay is attributed to several reasons viz delayed appointment of undersigned as Resolution Professional; non-appointment of Registered Valuers by Interim Resolution Professional (IRP) leading to delay in submission of valuation reports by the two registered valuers appointed by Resolution Professional under Regulation 27 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, etc. The Chairman submitted that he, in the capacity of Resolution Professional has already received Expression of Interest (EOI) from 5 (five) applicants for submission of Resolution Plan in the matter and already provided the Offer Document along with Information Memorandum to all applicants for onward submission of Resolution Plans. The last date for submission of Resolution Plan is extended from 08.12.2017 to 18.12.2017."
(3.) He will examine all plans received by him to confirm that each plan is compliant with the provisions of Section 30(2) of Insolvency and Bankruptcy Code, 2016 (IBC) read with Regulation 38 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations 2016 and shall put up all plans which meet the criterion as mentioned in the IBC, before the COC for its approval and thereafter before the Hon'ble NCLT, Chandigarh Bench for its consideration.;