9911796707
TMI Blog2024 (5) TMIX X X X Extracts X X X X X X X X Extracts X X X X ..... RA has been considered is belied from the record itself where the decision was taken to consider the plan exclusive of the submission dated 05.06.2023. Thus, there are no substance. Challenge to issuance of 2nd EOI - HELD THAT:- After receipt of the plan, CoC took a decision to invite fresh EOI in pursuance of which appellant participated in the process and his plan was considered. It was open for the appellant to challenge the issuance of 2nd EOI which was never done. Further as submitted by counsel for the appellant, decision was taken by the CoC to invite fresh EOI as plan value was much below the liquidation value. The appellant cannot be allowed to challenge the issuance of 2nd EOI on this ground - there are no error in the impugned or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f CIRP of the Corporate Debtor; v. Pending the hearing and final disposal of this application, this Hon'ble Tribunal be pleased to pass an order keeping interlocutory application filed by Respondent No. 1 for approval of resolution plan of the Corporate Debtor in abeyance; vi. Pending the hearing and final disposal of this application, this Hon'ble Tribunal be pleased to stay the effect, operation and implementation of the alleged decision of the COC in its 19th meeting held on 18th August 2023: vii. Pending the hearing and final disposal of this application, this Hon'ble Tribunal be pleased to pass an order directing the Respondents to disclose on oath: a. minutes of all meetings of the COC of the Corporate Debtor in which the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r fresh EoI was issued and plan received now been considered and approved. 5. Shri Abhishek Anand, Learned Counsel for the Respondent submits that in the meeting held on 18.08.2023, it was resolved that no document received on 05.06.2023 either from the Appellant or from the SRA shall be considered and the plan shall be considered exclusive of the above documents, as noticed in the minutes. He further submits that insofar as EoI is concerned, the plan submitted by one Zicom SaaS Pvt. Ltd. who, after the decision was taken to issue fresh EOI, requested to return his amount and taken back the EMD. Appellant has not submitted any plan with regard to first EOI, appellant has participated in the second EOI, cannot now challenge the process. 6. W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and Marketing Limited ('KDML') (also annexed) has offered to acquire 2,50,000 fresh non KDML shares of the Corporate Debtor post successful resolution at a per share price of Rs. 70 subject to KDML being declared as the successful resolution applicant. The CoC members asked the view of the Chairman on these submissions. Further, the Director (powers suspended) expressed his view stating that he understands that till date, the CIRP of the Corporate Debtor has been run in a fair and transparent manner and as per the Code and Regulations and to ensure sanctity of the process, submissions that change the outlay of the financial proposal of any resolution plan received post the final deadline should not be considered by the CoC. The Ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s made by them. The Chairman is sharing the communications received as information to the CoC and not as part of the resolution plans. The Chairman reiterated his view that the submissions received after the final deadline should not be taken on record as part of the resolution plans to ensure adherence to the RFRP and the process. Accordingly, the participants took note of the same. 8. The submission of the appellant that e-mail which was sent on 05.06.2023 has not been considered whereas documents submitted by SRA has been considered is belied from the record itself where the decision was taken to consider the plan exclusive of the submission dated 05.06.2023. Thus, we do not find any substance. 9. Coming to the second submission with reg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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