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TMI Blog2021 (5) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... redibility and image in the market. It is further submitted that due to spread of COVID pandemic the applicant and his family got suffered from COVID and because of which the movement of the applicant and his family got restricted and because of this reason he could not be able to submit the EOI at that time. ii. That it is pertinent to mention that the resolution professional vide Form G dated 21.09.2019 had issued advertisement for submission of Expression of interest for invitation of resolution plan according to which the last date for receipt of EOI was 06.10.2020. iii. That thereafter the applicant had vide email dated 02.12.2020 had submitted his interest along with the copy of DD of Rs. 50,00,000 and also the net worth certificate which shows the net worth of the applicant as Rs. 45 crores. iv. That after submission of documents, the applicant was of the view that it will be presented in the next COC and COC will consider the same but in the meantime before any COC meeting the applicant had received an email dated 03.12.2020 from the resolution professional wherein he had refused to accept the EOI of the applicant and had mentioned that it is received much later. v. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in terms of the Form G. In case, it is allowed to present the resolution plan, it will give the most advantageous position to all the 13 creditors of the CD. The plan of the Applicant would be higher than the plan already submitted by another resolution applicant. It will maximize the wealth of all the creditors of CD. 2. After hearing the counsels of both the Applicant and the Resolution Professional, this Tribunal vide its orders dated 17.12.2020 directed the Resolution Professional to place the proposal of the Applicant before the CoC for its consideration keeping in mind the principle of maximizing the value of the assets of Corporate Debtor company. The Tribunal also ordered the Applicant to pay the double amount of the EMD to prove his bonafide intentions. 3. The Respondent viz, the Resolution Professional has filed its reply to the contentions made by the Applicant in which the following submission are made:- i. That the undersigned as per regulations 36 A (1) of the Insolvency and Bankruptcy (Insolvency Resolution for Corporate Persons), Regulations 2016 has published Form G for invitation for expression of Interest, wherein the last date of the receipt of expression o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the bank will provide a financial assistance amounting to Rs. 15 crores and above. The Resolution professional had tried to verify through various modes even after the CoC members clearly denied to consider such unconditional letter of Financial Assistance. xi. The Resolution Professional had approached the Bank Manager via e-mail and they have not replied to the e-mail sent by RP. However, the RP personally visited the Bank Branch on 5th January 2021 to verify the same. But the said official Mr. Mohd. Azam, Chief Manager refused to verify the contents of the certificate issued to prospective resolution applicant and blatantly refused to cooperate with the RP in regard to the letter dated 22.12.2020. xii. That thereafter the undersigned RP sent another letter to the DGM, Circle Network -2, State Bank of India, Parliament Street, New Delhi -110001 i.e. the concerned circle office of the bank wherein no reply has been received by the RP till date. Therefore, the RP is unable to verify his liquidity and source of funds. xiii. That the undersigned herein submits that the Applicant has provided a Net Worth Certificate amounting to Rs. 45.13 crores issued by Aayush Gupta and A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted that the CoC was appraised various judgment of Hon'ble Apex Court and the Hon'ble NCLAT which has held that in the matter of Kalinga Allied Industries India Pvt. Ltd. Vs Hindustan Coils Ltd. In Company Appeal (AT) (Insolvency) No. 518 of 2020 "With the aforesaid, we are of the view that when the Application for approval of Resolution Plan is pending before the Adjudicating Authority at that time the Adjudicating Authority cannot entertain an Application of a person who has not participated in CIRP even when such person is ready to pay more amount in comparison to the successful Resolution Applicant. If a Resolution Plan is considered beyond the time limit then it will make a never-ending process. 4. We heard the arguments and the parties were directed to submit the written submissions on the contents of their arguments. Accordingly the Applicant has submitted the Written Submissions in which the following points were raised by the Applicant:- i. That the applicant had earlier approached the Hon'ble NCLT, New Delhi Bench for seeking directions from the bench for allowing him to file his resolution plan before the Resolution Professional of the Corporate Debtor in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e NCLT and had not brought the fact that the applicant had approached the Resolution Professional and the COC members prior to the filing of this application and showed his interest in submission of plan to which the Resolution Professional had asked the applicant to submit EMD of Rs. 50 Lakhs along with the net worth certificate of the applicant, which applicant had submitted via email dated 02.12.2020 and thereafter the RP had refused to accept the same and, in his arguments, he had used his very own act against the applicant by mentioning that applicant is playing with insider information. All the above clearly depict the malafide and Consensus Ad Idem amongst the erstwhile Resolution Applicant and the Resolution Professional whereas the Resolution Professional had in every possible ay trying to create a smooth ride for the erstwhile Resolution Applicant to sail through his resolution plan for the reasons best known to him. e) That, lastly the Applicant humbly submits before your lordship that the Resolution Plans including the financial bid of both the resolution applicants be called up for consideration of this Hon'ble Bench before disposal of this application and then ..... X X X X Extracts X X X X X X X X Extracts X X X X
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