RBL BANK LIMITED Vs. MBL INFRASTRUCTURES LIMITED

JUDGEMENT

(1.) This company application has been filed in connection with Company Petition no.170/2017 under section 60 of the Insolvency & Bankruptcy Code, 2016 with a prayer to pass an order setting aside the opinion expressed by the Committee of Creditors taken in the meeting dated 1st December 2017 by directing the Committee of Creditors to consider and/or reconsider the Resolution Plan dated 22nd November 2017 submitted by the Applicant.

(2.) Brief facts as stated in the application are as follows:

(3.) The applicant is a promoter-director of the MBL Infrastructure Ltd. (from now on also referred to as the Corporate Debtor or "MBL") . It is important to point out that application filed U/S 7 by RBL Bank Ltd. against the Corporate Debtor MBL has been admitted by the order dated 30th March 2017 of the Adjudicating Authority. After the admission of the petition, period of 180 days was to expire on 25.09.2017. Therefore, the Committee of Creditors recommended for seeking an extension of 90 days for submission of Resolution Plan, which was accepted by this Bench and a period of 90 days has been further extended with effect from 25.09.2017 up to 23rd December 2017 by our order dated 11th September 2017.