9911796707
TMI Blog2022 (7) TMI 311X X X X Extracts X X X X X X X X Extracts X X X X ..... 60 (5) of the Insolvency and Bankruptcy Code, 2016 (in short "IB Code") read with Rule 11 of the National Company Law Tribunal, Rules, 2016 for quashing the 7th CoC meeting dated 13.10.2021 and for direction to the Respondents to consider the resolution plan of the Applicants. 2. The facts as submitted by the Applicants are summarized as under: (i) The Corporate Debtor was admitted in the Corporate Insolvency Resolution Profession ("CIRP") vide order dated 10.11.2020 of this Adjudicating Authority and Mr. Rajendra Jain was appointed an Interim 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 Express ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted the revised resolution plan wherein the offered amount is Rs. 9,40,00,000/-. (v) It was shocking and surprising to the Applicants that the resolution plan of M/s. Naresh Tradelink Private Limited (hereinafter referred to as "Successful Resolution Applicant") was approved by the CoC which is less than the price offered by the Applicants. Applicants vide email dated 15.10.2021, lodged a strong protest before Resolution Professional and the CoC, and Applicants have pointed out that the procedure adopted in the 7th CoC meeting was completely 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 slo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en time, and the same was submitted by the Applicants after the approval of the resolution plan of the Successful Resolution Applicants. Moreover, the resolution plan submitted by the Applicants proposed the extinguishment of the personal guarantee given by the Suspended Management of the Corporate Debtor which was not acceptable to the CoC. 4. We have heard the Ld. Counsels of the Applicants and Respondents and perused the material on record. It is noted that the CoC vide email dated 11.10.2021 informed the Applicants for 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 App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 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. 6. We have 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 Applicants had not submitted the revised resolution plan at 3:30 PM on the day of the 7th CoC meeting. Moreover, the C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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