9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (8) TMI 67 - Tri - Insolvency and BankruptcySeeking direction upon the Respondent No. 3 to accept the Expression of Interest (EoI) submitted by the Applicant and to evaluate the same - seeking direction upon the Respondent No. 3 and the Committee of Creditors (CoC) to allow and consider the EoI by the Applicant - HELD THAT - It is to be noted that the CoC in its 5th meeting had extended the time for submission of the EoI to 9th May, with a view to have a larger competition. At this stage, the process of submission of Resolution Plans is going on hence it is found that allowing the present I.A. shall not prejudice the other prospective Resolution Applicants. The application is allowed and the delay in filing the EoI is condoned. The Resolution Professional is directed to provide the applicant with the information memorandum to enable the Applicant to file EoI and Resolution Plan within a day from the date of this order i.e. 21 July 2022, any clarification, if any shall be resolved within a day i.e. 22 July 2022. Considering the judicial time taken for deciding the application, the Applicant shall file its Resolution Plan within three days i.e. 25 July 2022. No further time shall be granted to the Applicant - List the main Company Petition on 04 August 2022.
Issues Involved:
1. Application for direction to accept Expression of Interest (EoI) beyond stipulated timeframe. 2. Application for extension of Corporate Insolvency Resolution Process (CIRP) period. Issue 1: Application for direction to accept Expression of Interest (EoI) beyond stipulated timeframe: The case involved the Applicant, a Singapore-based company, seeking direction to accept its EoI submitted after the stipulated timeframe for Hindusthan National Glass & Industries Limited. The Applicant's EoI was rejected by the Respondent No. 3, the Resolution Professional, due to being submitted late. The Applicant argued that it was unaware of the EoI publication and faced delays in authorizing its director in India. The Applicant highlighted support from a financial creditor, Edelweiss, during CoC meetings. The Tribunal acknowledged the objective of the Insolvency and Bankruptcy Code to maximize the assets of the Corporate Debtor and decided to allow the Applicant's EoI to promote wider participation. The Tribunal directed the Resolution Professional to provide necessary information to the Applicant for filing the EoI and Resolution Plan within specific timelines. Issue 2: Application for extension of Corporate Insolvency Resolution Process (CIRP) period: The Resolution Professional of Hindusthan National Glass & Industries Limited filed an application seeking a 90-day extension for the completion of the CIRP. The CoC had approved the extension with a significant voting share. The Tribunal, after hearing the parties and reviewing the records, granted the extension from 10 July 2022 to 08 October 2022 for the completion of the entire CIRP. The decision aimed to facilitate the completion of the CIRP process effectively. In conclusion, the Tribunal addressed both issues comprehensively, allowing the late EoI submission by the Applicant to encourage wider participation and granting the extension of the CIRP period to ensure a thorough resolution process for Hindusthan National Glass & Industries Limited. The judgment emphasized adherence to timelines and objectives of the Insolvency and Bankruptcy Code while balancing the interests of all stakeholders involved in the resolution process.
|
