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TMI Blog2022 (7) TMI 311X X X X Extracts X X X X X X X X Extracts X X X X ..... uarantee given by the Suspended Management of the Corporate Debtor. The resolution plan of the Successful Resolution Applicant was considered by the CoC as more feasible and viable hence the sole member of the CoC approved the resolution plan of the Successful Resolution Applicant. It is also noted that the Applicants were given an opportunity to revise the resolution plan but, the Applicants had not submitted the resolution plan at a given time. The contention of the Applicants that the offered value of the resolution plan of the Applicants was more than the offered value of the Successful Resolution Applicant even then the CoC rejected the resolution plan of the Applicants is not well-founded - It is not a disputed fact that the Applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Professional (in short IRP ). A Public announcement was made by the IRP on 18.11.2020 for the submission of claims by creditors. Form-G was published on 30.01.2021 inviting the Expression of Interest ( EoI ) from prospective Resolution Applicants. (ii) The Applicants submitted the resolution plan to the Resolution Professional wherein the Applicants had proposed an amount of Rs. 8,32,90,000/. The Applicants are not ineligible to submit a resolution plan in view of section 240A of the IB Code as the Applicants are the related party to the Corporate Debtor. The Applicants eligibility was duly considered by the respondents, and the Applicants were held eligible to submit a Resolution Plan. (iii) The resolution profession ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpletely in contravention of the IB Code. (vi) The other prospective resolution Applicants along with the Successful Resolution Applicant were invited to the 7th CoC meeting dated 13.10.2021 in the first slot. However, the Applicants were invited to the meetings in the second slot (1:00 PM to 2:00 PM) wherein the CoC asked the Applicants to revise the resolution plan. The Applicants could submit the revised resolution plan, prior to that the CoC had approved the resolution plan of the Successful Resolution Applicant. The Applicants visited the venue of the meeting at 4:30 PM, it was informed that the resolution plan of the Successful Resolution Applicant has been approved. The time given to the Applicants for submission of the revised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... conducting the 7th CoC meeting wherein the resolution plan of successful Resolution Applicant was approved. Item no. 7 of the minutes of the 7th CoC meetings indicates that the representative of Successful Resolution Applicant attended the meetings at the first slot of the meeting. The CoC directed the representative of the Successful Resolution Applicant to revise the resolution plan. Thereafter, the meeting of the CoC was conducted with the representative of the Applicants. Mr. Dharmesh Patel attended the meeting on behalf of the Applicants. During the meeting with the representative of the Applicants, the CoC posed a query to the Applicants that the source of funds for payment in the proposed resolution plan includes internal accrual. If ..... X X X X Extracts X X X X X X X X Extracts X X X X
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