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TMI Blog2024 (3) TMI 863X X X X Extracts X X X X X X X X Extracts X X X X ..... committee shall not consider a resolution plan received from an application whose name does not appear in the list of PRAs. Admittedly, neither Patanjali nor other two applications have submitted any EOI nor their name was reflected in the List of PRAs - Regulation 36A which provide for Invitation for Expression of Interest also empowers the CoC to modify the invitation for Expression of Interest. It is always open for the CoC to take a decision to not proceed on the Applications, EOI received and take a decision for issuance of fresh Form G and permit other applicants to participate. When no fresh Form G has been issued, it is not open for any new applicant to submit application before the Adjudicating Authority for being permitted to part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Company Appeal (AT) (Ins.) No.459 of 2024, the order under challenge is order passed in I.A. No. 345 of 2024 by which order the Adjudicating Authority directed following in Para 7 and 8: 7) Heard the Counsel, this Bench allows the Committee of Creditors to consider the Resolution Plan of the Applicant subject to condition that fresh opportunity be allowed to revise the bid to all the Resolution Applicants. The Resolution Professional is directed to file appropriate Application to seek further extension of time. 8) With the aforesaid observations and directions, the Interlocutory Application bearing IA No. 345 of 2024, is disposed of as Allowed. There would however be no order as to costs. Ordered Accordingly. 2. In Company Appeal (AT) (Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for consideration. It is submitted that neither Patanjali nor the other two applicants who subsequently filed applications were included in the list of Prospective Resolution Applicants (PRAs), hence, there was no occasion to issue direction to the CoC to consider their application or Resolution Plan. It is submitted that as per Regulation 39(1)(b) of the CIRP Regulation, the Applicant whose name is not included in the list of PRAs cannot be considered. 4. Order was passed in these Appeals by this Tribunal on 07.03.2024, which is as follows. ORDER (Hybrid Mode) 07.03.2024: Shri Gaurav Mitra, learned counsel for the appearing for the CoC seeks liberty and is allowed to file an affidavit on behalf of the CoC. As prayed, list this Appeal on 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the record where the CoC has resolved following: RESOLVED THAT in supersession of earlier decisions and resolution(s) passed by Committee of Creditors, within the strict timelines and with a view to maximise the value of the assets of the Corporate Debtor where addition of the new entrants and negotiation with them may delay the whole process which would not be in the interest of stakeholders, the Committee do hereby decide to consider and renegotiate only with the existing 8 Resolution Applicants, whose names were reflected in the final list of Prospective Resolution Applicants dated 07.11.2023 and conclude the CIR Process at the earliest possible within the available timelines. RESOLVED FURTHER THAT the Committee of Creditors hereby aut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... empowers the CoC to modify the invitation for Expression of Interest. It is always open for the CoC to take a decision to not proceed on the Applications, EOI received and take a decision for issuance of fresh Form G and permit other applicants to participate. When no fresh Form G has been issued, it is not open for any new applicant to submit application before the Adjudicating Authority for being permitted to participate in the CIRP and submit Resolution Plan. 12. In any view of the matter, affidavit has been filed by the CoC where resolution has been brought on record that the CoC has now decided not to consider any additional new entrants and they will confine their consideration to Resolution Applicants whose names were reflected in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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