9911796707
TMI Blog2021 (7) TMI 938X X X X Extracts X X X X X X X X Extracts X X X X ..... instant application. It is to be seen that the resolution of the respondent-corporate debtor has already been delayed for substantial period due to various reasons including different long spells of lockdowns due to Pandemic Covid-19. It is not in the interest of the corporate debtor and any of its stakeholders to further delay the resolution process. The applicant having given consent to participate in the process in pursuance of the impugned Form-G dated 21.02.2021 cannot challenge the same - a short time is given to all the prospective resolution applicants including to the applicant to submit their resolution plans or revised resolution plans as the case may be within a specified time. Application is disposed of by permitting the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is stated that in terms of Regulation 36A(1) of the CIRP Regulations, 2016, the first respondent published Form G on 23.01.2020 and invited Expression of Interests from the prospective resolution applicants. Accordingly, the applicant and others have submitted initially Expression of Interests and thereafter, the resolution plans. After negotiations and deliberations from time to time, the Committee of Creditors of the corporate debtor in its 12th meeting declared the applicant as H1 and requested all the persons who have submitted resolution plans to revise their plans further. The applicant increased its upfront amount by ₹ 5 crores whereas the other bidders i.e. H2 and H3 showed their unwillingness to continue to increase their bi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pugned Form-G dated 21.02.2021 and for issuance of a fresh Form-G again in accordance with the Code and to consider its plan. 5. The first respondent-RP submits that CIRP proceedings were initiated against the corporate debtor M/s. Gupta Exim India Private Limited on 29.10.2019. The CIRP period was extended by 90 days more and also excluded the period of 98 days after lockdown and accordingly, the period was extended upto 31.10.2020, by order of this Adjudicating Authority dated 31.07.2020. Again the period of CIRP was extended by 60 days more beyond 270 days after excluding the period of the pendency of the application filed for that purpose and accordingly, the CIRP period was to expire on 04.02.2021. Again vide order dated 08.02.2021, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the prospective resolution applicant under the republished Form-G, did not submit its resolution plan though participated in the process. Since the applicant failed to submit his resolution plan, the instant IA is liable to be dismissed. 7. Heard Mr. Anand Chhibbar, the learned senior counsel for the applicant, Ms. Munisha Gandhi, the learned senior counsel for the respondent No. 1-RP, Mr. R.S. Bhatia and Mr. T.K. Singh, the learned counsels for respondent No. 2 and Mr. Saksham Arora, the learned proxy counsel for Mr. Deepender Singh, the learned counsel for respondent No. 3 and perused the pleadings on record. 8. Most of the above referred facts are not in dispute. However, the applicant submits that since he was the H1 bidder in pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the resolution plans of others by the COC. It is also submitted that since the CIRP period was expiring on 15.03.2021, the reduced timelines in fresh Form-G are justified. 9. It is not in dispute that the object of the Code is maximization of the value of the assets of the corporate debtor. Hence, no prospective resolution applicant can object if the COC in its commercial wisdom rejects a particular resolution plan and in deciding to issue a fresh Form-G. The applicant though got an opportunity to submit a fresh resolution plan, and has chosen not to submit the same but on the other hand, filed the instant application. 10. It is to be seen that the resolution of the respondent-corporate debtor has already been delayed for substantial ..... X X X X Extracts X X X X X X X X Extracts X X X X
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