Bikki Raveendra Babu, Member - (1.) This Application is filed by the Promoter/Director of Gujarat Oleo Chem Limited (Corporate Debtor) seeking extension of time for completion of the Insolvency Resolution Process under Section 60 sub-section (5) Clause (c) read with Section 12 of the Insolvency and Bankruptcy Code, 2016 ["IB Code" for short] and Rule 11 of the National Company Law Tribunal Rules. The facts in brief, that are germane for the disposal of this Application, are as follows: 1.1 Corporate Debtor filed Petition, CP(IB) No. 4/10/NCLT/AHM/2017 under Section 10 of the IB Code and the same has been admitted by this Adjudicating Authority vide order dated 13.4.2017. By the said order, this Adjudicating Authority appointed Mr. Anil Goel (1st Respondent herein) as "Interim Resolution Professional". Respondents No. 2 to 6 herein are the Members of the Committee of Creditors. 1.2 It is stated in the Application that the Committee of Creditors have agreed to give further time to the Applicant to submit a revised one-time settlement and the Resolution Process has not been carried out by the Committee of Creditors diligently so as to arrive at a Resolution Plan. It is further stated that although the Committee of Creditors agreed to give one more month's time on 19.9.2017, the Committee of Creditors did not choose to pass a resolution seeking extension of time for completion of Resolution Process under Section 12 of the Code. It is also stated that the Valuation Reports have not been obtained in respect of the assets of the Corporate Debtor and the Corporate Debtor and Respondent No. 2 have not handed over possession of the assets of the Corporate Debtor to the Interim Resolution Professional.
(2.) Heard the arguments of the learned Counsel for the Applicant. Following are the points that emerge for determination: (a) Whether the Applicant, being Promoter/Director of the Corporate Debtor Company is entitled to file this Application under Section 60(5)(c) reed with Section 12 of the IB Code and rule 11 of the NCLT Rules; and (b) Whether time can be extended for completion of the Corporate Insolvency Resolution Process.
(3.) Sub-Section (2) of Section 12 of the Code clearly lays down that it is only the Resolution Professional who can file an Application to the Adjudicating Authority to extend the duration of Corporate Insolvency Resolution Process beyond 180 days on the basis of Resolution passed at a meeting of the Committee of Creditors by a vote of 75 per cent of the voting shares.;