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TMI Blog2018 (7) TMI 1839X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Respondent:- Mr. Sumant Batra, Mr. Saurabh Kalia, Mr. Sanjay Bhatt, Ms. Srishti Kapoor, Mr. Rahul Ahuja and Mr. Nilay Sen Gupta, Advocates, Mr. Ramji Srinivasan, Senior Advocate with Mr. Vikram Trivedi, Ms. Suchitra Valjee, Ms. Aishwarya Nabh, Mr. Bharat Sangal, Mr. R.R. Kumar, Mr. Naveen Hegde and Ms. Babita Kushwala, Advocates J U D G M E N T SUDHANSU JYOTI MUKHOPADHAYA, J. The Appellant, the successful 'Resolution Applicant' has challenged the order dated 7th May, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata in CA (IB) No. 397/KB/2017 in C.P(IB) No. 397/KB/2017, whereby and whereunder the Adjudicating Authority directed the 'Resolution Professional' to receive modified ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proved by the 'Committee of Creditors' by majority voting share, but because of prayer made by the 8th Respondent, without any reason, issued the aforesaid directions. 3. The facts and purported reason given by the Adjudicating Authority is as follows: "CA(IB) No. 405/KB/2018 filed by Resolution Applicant, who is ranked as H-2, praying for stay of rank of H-1 applicant in the meeting held on 26/04/2018 and to give an opportunity to the applicant herein to revise its bid. The Ld. Resolution Professional (RP) submits that on 23/04/2018 a Modified Information Memorandum had been published and Resolution Applicants were given opportunity to revise their offer and the applicant herein submitted a revised offer on 26/04/2018 and that offer is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the H-2 Resolution Applicant to modify its offer and give an opportunity in participating in the bidding process to be finalised by the COC is just and proper in the nature of this case. In the said circumstances it appears to us that directions to the Resolution Professional is to be issued in order to avoid further interruption in the CIRP." 4. It is not in dispute that after initiation of 'Corporate Insolvency Resolution Process' in respect to 'Jalan Intercontinental Hotels (P) Ltd.', the 'Information Memorandum' was initially prepared by the 'Resolution Professional' on 17th December, 2017. A second 'revised Information Memorandum' was published on 2nd February, 2018. Both the Appellant and the 8th Respondent submitted a 'Resolution Pl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd feasible on the basis of upfront payment and scoring matrix. Therefore, on 26th April, 2018, the 'Committee of Creditors' declared the Appellant's ('Shri Ram Residency Pvt. Ltd.') plan as successful offered plan (of Rs. 111.11 Crores) in comparison to the plan submitted by the 8th Respondent ('Ritudhan Suppliers Pvt. Ltd.') who offered plan of Rs. 103.50 Crores. The scoring matrix was prepared after taking into consideration qualitative and quantitative parameters for 'Sh. Ram Residency Pvt. Ltd.' (Appellant) which is 75.50 and 'Ritudhan Suppliers Pvt. Ltd.' (8th Respondent) which is 68.90. The 'Committee of Creditors' also rejected the so-called proposal with the revised plan submitted by the 8th Respondent on 25th April, 2018 as it was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evised plan submitted by the 8th Respondent was also rejected by the 'Committee of Creditors' 11. However, without recording any reason, the Adjudicating Authority, by impugned order dated 7th May, 2018 again allowed the parties to file revised plan, which will amount to 5th 'Resolution Plans'. 12. Learned counsel appearing on behalf of the Appellant has brought to our notice the proceeding of the 8th Meeting of the 'Committee of Creditors' of 'Jalan Intercontinental Hotels (P) Ltd.' held on 26th April, 2018 (Annexure A). In the said proceedings, the stand taken by both the Appellant and the 8th Respondent has been recorded. The key points discussed and deliberated by the 'Committee of Creditors' with the Appellant- 'Sh. Ram Residency Pvt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ' are clear and placed before the 'Committee of Creditors', the 'Resolution Professional' has no power to issue another revised Information Memorandum till the reason for such 'revised Information Memorandum' is brought to the notice of the 'Committee of Creditors' and the 'Committee of Creditors' allows the 'Resolution Professional' to prepare a revised Information Memorandum. In the light of the aforesaid provisions, it was not open to the 'Resolution Professional' to prepare the third Information Memorandum though it was open to him to bring the fact to the notice of the 'Committee of Creditors'. However, for such reason, we are not going to declare the third Information Memorandum as bad, as the facts were brought to the notice of the ' ..... X X X X Extracts X X X X X X X X Extracts X X X X
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