Ch. Mohd Sharief Tariq, Member - (1.) Under consideration is an Application No.41/IB/2017 filed in TCP/205/IB/CB/2017 in the matter of M's. Brasher Boot Company Limited Vs. M/s. Forward Shoes (India) Private Limited, seeking extension of further period of 90 days for the Corporate Insolvency Resolution Process (CIRP) . On 06.12.2017 an extension of CIkf was granted by this Adjudicating Authority for a period of 30 days w.e.f. 15.12.2017 onwards which has alreadv expired.
(2.) The Resolution Professional (RP) has submitted that a tentative Resolution Plan is in place which has been submitted by M/s. Acestar Properties Private Limited, wholly owned subsidiary of M/S. XS Real Properties Private Limited, who is interested in taking over the land for real estate development. The tentative Resolution Plan has been submitted before this Bench on 11.01.2018, copy of which is given to the Counsel for the Operational Creditor.
(3.) The Operational Creditor has objected to the grant of extension prayed by the RP on two fold; one that there is no valid reason provided in the Application which merits the CIRP and during the said time only two meetings of the Committee of Creditors (CoC) were convened, one by IRP and another by RP. The 2nd meeting of CoC was convened on 01.11.2017 i.e. more than two months after the date of the 1st meeting of the CoC, and in two months, there has been no activity for being reported by the RP during 2nd meeting of the CoC. It has also been submitted that very recently i.e. on 31.12.2017, the RP has issued advertisement calling for expression of interest from the prospective lenders, investors etc. and there was no information in relation to the Information Memorandum being finalised by the RP as required, so that the prospective investors can make necessary diligence before proposing required Plan in relation to the Company. Therefore, the request for extension of time is a blank request without any justification provided by the Applicant viz., RP in the matter.;