Case Law Details
Rathi Graphic Technologies Limited Vs Raj Kumar Rathi And Others (NCLT Allahabad)
Held that a statutory institution like CoC which is in most of the cases represented by public financial institutions is expected to act in a fair and neutral manner so that the objects of IBC, 2016 can be achieved for the benefit of all.
Facts-
The Interim Resolution Professional (“IRP”) was appointed to conduct Corporate Insolvency Resolution Process (“CIRP”). Subsequently, IRP was replaced by current RP vide order of this Adjudication Authority dated 10th June, 2020 on the basis of resolution passed by the CoC to this effect. The deadline of submission of resolution plan was 12.11.2020. However, the applicant herein submitted its revised resolution plan on 15.11.2020. The said plan was not considered by the RP/ CoC as this was submitted after the time fixed for submission of such plan and for the reason that timelines for completion of CIRP were to be strictly adhered to.
Conclusion-
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