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TMI Blog2021 (1) TMI 508X X X X Extracts X X X X X X X X Extracts X X X X ..... by RP after the due date. Hon'ble NCLAT has held in the decision reported in KOTAK INVESTMENT ADVISORS LIMITED VERSUS MR KRISHNA CHAMADIA (RESOLUTION PROFESSIONAL IN THE MATTER OF RICOH INDIA LIMITED) MR KALPRAJ DHARAMSHI, MS REKHA JHUNJHUNWALA [ 2020 (8) TMI 389 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] that Resolution Plans received after due date can't be placed before COC by the RP and COC can't consider the same. The applicant is simply asking for direction for participation of applicant in the CIRP and to submit resolution plan. Such a request can't be granted in favour of applicant because the time line prescribed for EOI and for receiving resolution plan was expired. Application dismissed. - IA No. 511/2020 in CP (IB) 133/7/HDB/2019 - - - Dated:- 12-8-2020 - Ratakonda Murali, Member (J) For the Appellant : Kailash Nath P.S.S. For the Respondent : Raghu Babu Gunturu, India Law LLP, Advocates ORDER Ratakonda Murali , Member (J) 1. This Interlocutory application bearing IA.No. 511/2020 is filed by the applicant, who is a prospective resolution applicant under section 60(5) of the Insolvency and Bankruptcy Code, 2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... licant that already financial proposal of the resolution plan was prepared and once the respondent provides data access to the applicant including providing the request for the Resolution Plan, the applicant will be able to submit a Resolution Plan to comply with the terms of the RFRP and the Applicant undertakes to submit its final Resolution plan within 7 working days of the receipt of the RFRP by the applicant pursuant to the order of this Tribunal permitting the applicant to participate in the CIRP of the corporate debtor. h. It is averred that the Tribunal has in various instances allowed for submission of resolution plans at a belated stage in the process. The Hon'ble NCLT, Mumbai Bench in the CIRP of Unimark Remdies Limited (CP NO.197/2018) allowed a similar application by one of the prospective resolution applicant. A copy of the order dated December 21, 2018 of the NCLT Mumbai is annexed and marked here with as Annexure-J. i. It is averred that the applicant was unaware of the CIRP of the corporate debtor and came to know of the same recently, therefore unable to submit the EOI with in the prescribe time period. However, CIRP period has not been concluded and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was replied by mail stating that last date for submission of EOI was 5th March, 2020 hence, the window of accepting the EOI has been closed. h. Further, Respondent averred that in the 8th COC meeting held on 22nd July, 2020 the resolution plan submitted by Kalyan Toll Infrastructure Limited, one of the PRA's were finalized. On analyzing the evaluation matrix COC approved declaration the Kalyan Toll Infrastructure Limited as H1 Bidder. COC was of the opinion that EOI submitted by the Applicant is after the due date, it may not be considered. i. Respondent averred that the rejection of EOI after the due date as per the Regulation 36(6) of the IBBI regulation, 2016 is as follows: The expression of interest received after the time specified in the invitation under clause(b) of regulation (3) shall be rejected . Further respondent quoted the case filed in Hon'ble NCLT, Bengaluru Bench in the matter of Bilagi Sugar Mill Limited vs. Mr. M.V.Sudarshan, wherein the submissions made by the applicant was rejected by NCLT by putting special emphasis on the objective of Code. Further in the present case also the applicant has not adhered to one of the main objectiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the code that is the maximization of value of assets. Counsel would contend if RFRP is issued Applicant would submit Resolution Plan with in shortest period. So Learned counsel contended no prejudice will be caused if applicant is allowed to participate in the CIRP by submitting EOI and also resolution plan. 9. On the other hand learned counsel for RP strongly opposed the application. Learned counsel contended EOI in FORM-G was published on 17.12.2019. The deadline for submitting EOI was finally extended till 13.01.2020 and RFRP was issued on 29.01.2020 and the last date for submission of resolution plan was 27.02.2020. The same was extended till 06.04.2020 considering the request of the Prospective Resolution Applicants. 10. Learned counsel contended that three prospective resolution applicants further sought time to submit resolution plan. The same was extended from time to time till 20.05.2020. 11. Counsel contended two prospective resolution applicants submitted their plans on the last date i.e 20.05.2020 and there was negotiation with the prospective resolution applicants. 12. Learned counsel contended at this stage applicant sent mail on 01.07.2020 showing in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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