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TMI Blog2023 (9) TMI 1463X X X X Extracts X X X X X X X X Extracts X X X X ..... ch an application bearing IA no. 1613/2022 filed by the Appellant (IDBI Bank Ltd.) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as to 'The Code') for setting aside the email/order dated 30.06.2022 of the Resolution Professional of the Corporate Debtor (GPI Textiles Ltd) and allow the Appellant to submit the claim, has been dismissed. 2. Shorn of unnecessary details, the 'Corporate Insolvency Resolution Process' (hereinafter referred as to 'CIRP') was initiated against the Corporate Debtor vide order dated 06.07.2018. The Respondent, who was appointed as 'Interim Resolution Professional' (hereinafter referred as to 'IRP') was confirmed as 'Resolution Professional' (hereinafter referred as to 'RP'), m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. The Hon'ble Supreme Court has passed the following orders on 09.12.2022: "12 In this view of the matter, and since the Court is apprised of the fact that substantially higher offers are now made available to the CoC, it would be appropriate and proper that the CoC is permitted to proceed further on the basis of the fresh EoIs which have been received. Since the subsequent communication dated 16 February 2021 issued by BSE operates to lift the restraint status that was imposed on the appellants, it would be appropriate to permit the appellants to submit a resolution plan and an EoI to the CoC within a period of thirty days. 14 The period for the completion of the process shall stand extended by sixty days from the date of this order. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h has been rejected by the Adjudicating Authority on the ground of delay. 10. In the aforesaid circumstances, we are now guided by the law laid down by the Hon'ble Supreme Court in the case of M/s. RPS Infrastructure Ltd (supra) and in this regard it would be relevant to refer to the findings recorded in the above case which are as follows: "16. We have examined the aforesaid submissions. The only issue before us is whether the appellant's claim pertaining to an arbitral award, which is in appeal under Section 37 of the said Act, is liable to be included at a belated stage - i.e. after the resolution plan has been approved by the COC. 17. It is undisputed that the process followed by respondent no. 1 was not flawed in any manner, exce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs. This would constitute deemed knowledge on the appellant. In any case, their plea of not being aware of newspaper pronouncements is not one which should be available to a commercial party. 21. The mere fact that the Adjudicating Authority has yet not approved the plan does not imply that the plan can go back and forth, thereby making the CIRP an endless process. This would result in the reopening of the whole issue, particularly as there may be other similar persons who may jump onto the bandwagon. As described above, in Essar Steel, 8 the Court cautioned against allowing claims after the resolution plan has been accepted by the COC. 22. We have thus come to the conclusion that the NCLAT's impugned judgment cannot be faulted to reo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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