Resolution Plan cannot be rejected merely for receipt after Cut-Off Date

ICICI Bank Limited Vs Unimark Remedies Ltd. (NCLT, Mumbai) Spirit of the Code is first and then comes the other things. The rejection of the Resolution Plan by the CoC even without opening the envelope containing the Resolution Plan on the ground that the same is submitted after the expiry of the stipulated time fixed by the CoC, is certainly against the law/Code. Now the point is whether the Resolution Plan of the Applicant can be considered at this belated hour or should the same be rejected even without looking into the same. In our view of the case and keeping in view the very object of t...