Bikki Raveendra Babu, Member - (1.) The Promoter/ Director of the Corporate Debtor filed this Application seeking a direction to the Respondents to take all effective steps to ensure the Meeting of the Committee of Creditors is held and the Resolution Plan submitted by Respondent No.4/ARC is placed and considered by the Committee of Creditors and file appropriate Report before this Authority.
(2.) In the Reply filed by Respondent No. 3 /Resolution Professional, it is stated that the Resolution Plan given by Respondent No.4/ARC was placed before the Committee of Creditors ["COC for short] on 4.1.2018 and COC rejected the said Resolution Plan. Thereupon, the Promoter/ Director vide IA No. 20 of 2018 requested this Authority to treat the Draft Amendment as integral part of the IA No. 9 of 2018. In the Draft Amendment, it was proposed to amend the Memo of Application by inserting the prayer, i.e., to quash the Minutes of the Meeting of the Board of Directors dated 4.1.2018 and to take on record the Resolution plan submitted by the Respondent No. 4 / ARC.
(3.) The Applicant is referred to as "Promoter/Director" of the Corporate Debtor, the 3rd Respondent is referred to as 'Resolution Professional"; the 4th Respondent is referred to as "Resolution Applicant/ARC; Respondent No.l herein is the "Corporate Debtor"; and Respondent No.2 herein is the "Financial Creditor" who triggered the Corporate Insolvency Resolution Process by filing CP (IB) No. 5 of 2017 under Section 7 of the Code. The said CP (IB) No. 5 of 2017 was admitted by this Adjudicating Authority on 19.4.2017. The chronology of dates and events that are helpful for adjudication of the issues involved in this Application is as follows; (a) CP (IB) No. 5 of 2017 filed by Financial Creditor under Section 7 was admitted on 19.4.2017; (b) First Appeal preferred by the Corporate Debtor was dismissed by the HonTDle National Company Law Tribunal on 28.9.2017; (c) Second Appeal preferred by the Corporate Debtor was dismissed by the HonTDle Supreme Court of India on 3.10.2017; (d) The initial duration of Corporate Insolvency Resolution Process expired by 5.10.2017; (e) The Corporation Insolvency Resolution Process was r extended for another period of 90 days and it expired on 13.1.2018; (f) The present Resolution Professional was appointed on 2.11.2017; (g) The Valuation Report was finalised on 10.11.2017 by the Resolution Professional (h) The liquidation value of the Corporate Debtor was initially fixed at Rs. 39 Crores by the Resolution Professional; (i) The Promoters of the Company, i.e., the present Applicant and another Director submitted the Resolution Plan for Rs. 85 Crores on 25.11.2017; (j) In view of the Ordinance passed by the Central Government amending Section 29 of the Insolvency and Bankruptcy Code, 2016, the Resolution Plan submitted by the Promoters was rejected as they are not eligible to submit a Resolution Plan and the COC did not accept the same; (k) On 10.12.2017 the Resolution Professional made a publication in English daily newspapers inviting Resolution Applications on or before 20.12.2017; (1) On 19.12.2017 Resolution Applicant/ARC filed a Resolution Plan for Rs. 93.42 Crores; (m) On 30.12.2017, Resolution Professional rejected the Resolution Plan filed by the Resolution Applicant/ARC; (n) On 1.1.2018, Resolution Professional issued a Notice for convening meeting of the COC on 4.1.2018 with an Agenda to decide on the liquidation of the Corporate Debtor and to decide the name of the Liquidator for liquidation process; (o) On 2.1.2018, Resolution Applicant/ARC submitted a modified Plan to Respondent No.3 by e.Mail; (p) Resolution Professional requested the Resolution Applicant/ARC to forward a signed copy of the Resolution Plan to enable him to place it before the COC meeting held on 4.1.2018; (q) Resolution Applicant/ARC submitted the signed copy of the Resolution Plan on 3.1.2018; and (r) The said Resolution Plan was placed before the COC on 4.1.2018 and the same was rejected by the COC.;