9911796707
TMI Blog2022 (11) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... reditors can be allowed to do so in order to avoid any grievance of such resolution applicants ? Thus, when other Resolution Applicants were not included in the final list of H1 to H4 by the Committee of Creditors then it can be safely deduced that they were not in the fray of competing Resolution Applicants finally. If other Resolution Applicants of the earlier round including the applicant in IA No.1355/2022 were/are interested to compete then none stopped them to apply when fresh EOI/Form G inviting fresh resolution plans was approved by the Committee of Creditors and issued by the Resolution Professional - Although, IA No.1355/2022 deserves dismissal with heavy costs but we refrain ourselves from imposing such costs because Committee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed on behalf of Phoenix ARC Private Limited, which is majority stakeholder in the Committee of Creditor having voting share of 92.55%, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, (hereinafter referred to as the Code ) seeking clarification of order dated 10.10.2022, passed by this Adjudicating Authority. 2. Brief facts necessary for adjudication of the present application are that this Adjudicating Authority, vide order dated 10.10.2022 partly allowed IA No.656 of 2022, and passed a specific direction in Para 54 of the said order to the Resolution Professional and Committee of Creditors of the corporate debtor to invite respondent No.1 herein and other resolution applicants of the earlier round i.e. Navraj Mittal (H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce and without prejudice to the rights and contentions of the applicant, Committee of Creditors be permitted to invite all the other resolution applicants of the earlier negotiation process as well. It is further contended that invitation to the other Resolution Applicants of the earlier round of negotiation process would aid in maximization of the value of the assets of the corporate debtor, which is the underlying objective of the order passed by this Adjudicating Authority. Thus, it is prayed by the applicant that its application may be allowed and order dated 10.10.2022 passed by this Adjudicating Authority be clarified to the extent permitting the Resolution Professional and the Committee of Creditors to invite all the Prospective R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Thus, it is submitted that the Resolution Professional would not have invited fresh resolution plans when there are already plans pending for consideration. 4. It is alleged by the applicant that Resolution Professional is involved in money minting and recipient of CIRP cost of more than Rs.8 Crores (which was supposed to be Rs.1 Crores only) at the beginning and therefore, the action of the Resolution Professional is to delay the process so that he could get maximum gains in the shape of various fee and rewards in the benefit of Phoenix ARC Private Limited- respondent No.2 herein. It is further alleged that the behavior of the Resolution Professional is also prejudicial to the State Bank of India, respondent No.3 i.e. minority financ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itor inviting the other resolution applicants of the earlier round of negotiation process including the applicant in IA No.1355 of 2022. There is no need to issue notice to respondent No.3 in IA No.1355/2022 as it is a minority financial creditor and its interest is being watched by the applicant (in IA No.1381/2022) itself, as pleaded above. 8. We have heard learned counsels for the parties in both these applications and have carefully gone through the records. 9. After hearing all the parties and careful perusal of order dated 10.10.2022, we are of the considered view that there is no ambiguity in the said order for which clarification is required as sought in IA No.1381/2022 by the Committee of Creditors. It seeks to invite all the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Applicants were not included in the final list of H1 to H4 by the Committee of Creditors then it can be safely deduced that they were not in the fray of competing Resolution Applicants finally. If other Resolution Applicants of the earlier round including the applicant in IA No.1355/2022 were/are interested to compete then none stopped them to apply when fresh EOI/Form G inviting fresh resolution plans was approved by the Committee of Creditors and issued by the Resolution Professional. In these circumstances when order dated 10.10.2022 has become final as no appeal has been stated to be preferred against it, then no other earlier Resolution Applicants including the applicant in IA No.1355/2022 except H2, H3 H4 can be allowed to part ..... X X X X Extracts X X X X X X X X Extracts X X X X
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