available on record, this Bench note from the minutes of CoC meeting held on 06.10.2022 and 07.10.2022 that the CoC had negotiated the Resolution Plan of Mr. N. H. Patil and conditions contain therein. Finally, Mr. Sachin Jindal of the PNB said that he didn’t see much improvement in the plan and the amount provided to the Creditors was very less, again what was due and security value was more than this and the amount proposed doesn’t meet their expectations . Further, Mr. Aditya of IDBI Bank stated that whatever offer given by the PRA was very less as compared to the admitted amount and also considering the value available to the secured creditors and hence, they are expecting substantial improvement and that the tenure of resolution plan was also not reduced and no payment period envisaged & further release of security pending receipt of entire payment was not agreeable to them . Mr. Rohan of PRA stated that this is the final proposal, however, sought some time to convey, if they are willing to reduce the tenor for full repayment under resolution plan from 5 years to 4 years . Finally, the RP asked the CoC members to take the final decision considering the time limit. At this the Members acknowledged that even though the CoC members discussed the resolution plan continuing the Corporate Debtor as a going concern and liquidation as the last resort and considering the commercial wisdom and business decision, but there was no eligibility and that needs to be checked, as the action of the IDBI Bank had not been dismissed by the Civil Court as of now .
