Oracle Home Textile Employees Saving and Credit Co-operative Society Limited sought a Condonation Order for submitting a Resolution Plan under section 30 of the I&B Code, as the deadline had expired. The applicant, a registered Co-operative Society of employees and workmen of the Corporate debtor, aimed to propose a Resolution Plan utilizing their expertise for the Corporate Debtor's revival. An email expressing intent to submit a Resolution Plan was sent to the Resolution Professional on 2019-01-16, followed by another on 2019-03-07, but the request was not entertained, and the applicant was directed to approach the NCLT.
Oracle Home Textile Employees Saving and Credit Co-operative Society Limited filed MA-1255 seeking condonation for submitting a Resolution Plan under Section 30 of the I&B Code. The society, representing employees and workmen of Oracle Home Textile Limited, aimed to revive the Corporate Debtor. They communicated their intention to submit a plan to the Resolution Professional on 2019-01-16 and again on 2019-03-07, but were directed to approach NCLT. The Resolution Professional objected, citing lateness and the existence of a prior plan. The society was incorporated after the CIRP commencement date. The NCLT considered the arguments, referred to Punjab National Bank V/s Bhushan Power & Steel Limited, and allowed the applicants to submit plans by 2019-04-22, with
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Oracle Home Textile Employees Saving and Credit Co-operative Society Limited sought a Condonation Order for submitting a Resolution Plan under section 30 of the I&B Code, as the deadline had expired. The applicant, a registered Co-operative Society of employees and workmen of the Corporate debtor, aimed to propose a Resolution Plan utilizing their expertise for the Corporate Debtor's revival. An email expressing intent to submit a Resolution Plan was sent to the Resolution Professional on 2019-01-16, followed by another on 2019-03-07, but the request was not entertained, and the applicant was directed to approach the NCLT.
Oracle Home Textile Employees Saving and Credit Co-operative Society Limited filed MA-1255 seeking condonation for submitting a Resolution Plan under Section 30 of the I&B Code. The society, representing employees and workmen of Oracle Home Textile Limited, aimed to revive the Corporate Debtor. They communicated their intention to submit a plan to the Resolution Professional on 2019-01-16 and again on 2019-03-07, but were directed to approach NCLT. The Resolution Professional objected, citing lateness and the existence of a prior plan. The society was incorporated after the CIRP commencement date. The NCLT considered the arguments, referred to Punjab National Bank V/s Bhushan Power & Steel Limited, and allowed the applicants to submit plans by 2019-04-22, with
…Email sent to the Resolution Professional…
Informed the Learned Resolution Professional…