IN RE Vs. SANJEEV MAHESHWARI

JUDGEMENT

(1.) M.A. No.528 of 2017 in CP 1A/I&BP/NCLT/MUM/2017

(2.) On computation of 270 days' period given for insolvency resolution process from the date of admission, i.e. 18.1.2017 was over by 13th October, 2017. In these 270 days, the Committee of Creditors was validly constituted, thereafter several meetings of the CoC taken place, wherein a resolution plan given by the Resolution applicant namely Western India Erectors LLP was considered and thereafter on 10.10.2017, the Committee of Creditors rejected the said plan. For no resolution plan was approved by the Committee of Creditors, indeed CoC rejected the plan that came before it on 13.10.2017, this Resolution professional filed this MA intimating that no plan was approved within the resolution period granted to this Corporate Debtor.

(3.) Before going to say what call this Adjudicating Authority has to take when no resolution plan was not approved by the Committee of Creditors within the resolution period, it is essential to look into the section as to what mandate is given to the Adjudicating Authority to proceed further in respect to the Corporate Debtor, for which Section 33 of the Code say as follows: