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TMI Blog2025 (1) TMI 228X X X X Extracts X X X X X X X X Extracts X X X X ..... t back to the CoC for reconsideration. IA No.1434 of 2020 was allowed by the Adjudicating Authority on 04.08.2023 copy of which has been filed as Annexure A-6. Adjudicating Authority issued direction for valuation of intangible assets. It is relevant to notice that the order dated 11.03.2024 was not challenged by any stakeholders including the Appellant. The order dated 11.03.2024 dismissing IA No.102 of 2020 for approval of the Resolution Plan as infructuous and the Adjudicating Authority having directed for issuance of Form G and the said order having not been challenged, the order dated 11.03.2024 has become final and it is not open for the Appellant to now claim any right on the basis of its earlier Resolution Plan. The order impugned noticing the statement of Resolution Professional that Appellant can very well participate in the process has rightly observed that the grievance of the Appellant stands addressed and the IA has become meaningless. As noted above, the orders passed by the Adjudicating Authority dated 04.08.2023 directing for revaluation and placing the plan of the Appellant for voting was never challenged. After the order dated 04.08.2023, Appellant has submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nformed the Appellant about the IA No.1434 of 2020. By order dated 04.08.2023, IA No.1434 of 2020 was allowed and the Resolution Professional was directed to engage a valuer for valuation of the intangible assets of the corporate debtor. Adjudicating Authority further directed the Resolution Professional to place valuation report before the CoC and CoC to vote on the Resolution Plan of the Appellant. The order dated 04.08.2023 was not challenged by any one including the Appellant. The valuation reports were received on 04.01.2024 and 05.01.2024. Notice was issued for considering revised valuation report and Appellant s plan in terms of the order dated 04.08.2023 to all concerned including the Appellant. In 19th CoC meeting held on 10.01.2024, CoC resolved to put the plan of the Appellant to vote. The Appellant engaged with the CoC in connection with revising its Resolution Plan. In the 20th CoC meeting held on 01.03.2024, Appellant submitted revised offer. In 21st CoC meeting held on 04.03.2024, Appellant requested time for amendment of plan to improve plan value. On 22nd CoC meeting held on 07.03.2024, Resolution Professional brought into the notice of the CoC that Appellant has s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellant s revised plan was also required to be considered along with consideration of the other Resolution Plans. 5. Counsel for the Resolution Professional refuting the submissions of the Appellant submits that the Appellant was fully aware of the IA No.1434 of 2020 filed by the unsecured financial creditor. Appellant also participated in the proceeding in IA No.1434 of 2020. Resolution Professional has sent e-mail to all the stakeholders including the Appellant apprising about NCLT proceedings including IA No.1434 of 2020. Order dated 04.08.2023 directing for revaluation and placing the Resolution Plan of the Appellant before CoC for re-voting was not challenged by the Appellant. After revaluation the Resolution Plan of the Appellant was submitted before the CoC. Appellant also revised its financial proposal. CoC in its 22nd CoC meeting decided not to accept revised offer of the Appellant. The Adjudicating Authority noticing the rejection of the Resolution Plan of the Appellant dismissed IA No.102 of 2020 for approval of the Resolution Plan as infructuous and directed for issuance of fresh Form G. The order dated 11.03.2024 was not challenged by the Appellant or any other stak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal. 8. Subsequent to the order dated 04.08.2023, valuers were engaged and fresh valuation of intangible assets was received by the Resolution Professional on 04.01.2024 and 05.01.2024 and thereafter the valuation report was taken for consideration in the 19th CoC meeting held on 10.01.2024 in which Appellant participated and CoC resolved to put plan of the Appellant to vote. Appellant thereafter engaged with the CoC in connection with the revision of the plan. In 20th CoC meeting, Appellant submitted revised offer. In 22nd CoC meeting held on 07.03.2024, the Resolution Plan of the Appellant was considered and CoC decided not to consider the revised offer. In Item No.6, following was minuted by the CoC:- 6. TO CONSIDER THE REVISED OFFER RECEIVED FROM ADROIT PHARMACEUTICALS PVT. LTD. The RP mentioned that he had shared the final offer received from Adroit Pharmaceuticals Pvt. Ltd., and also mentioned that he had received another email dated 07.03.2024 from the consultant of Adroit Mr. Raviraj which stated that they will be increasing the offer by Rs.50.00 lakhs towards/ employees workmen, in lines with the affidavit submitted by them before NCLT in support of their earlier resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Resolution Plan as infructuous and the Adjudicating Authority having directed for issuance of Form G and the said order having not been challenged, the order dated 11.03.2024 has become final and it is not open for the Appellant to now claim any right on the basis of its earlier Resolution Plan. 11. It is useful to notice prayers made in IA No.1894 of 2024 filed by the Appellant. In the application, Appellant prayed following prayers:- In light of the above, the Applicant prays that : a. This Hon'ble Tribunal be pleased to exercise its powers under the Insolvency and Bankruptcy Code and rules made thereunder and permit the Applicant-to-suitably modify their Resolution Plan in pursuance, and in terms of the Order dated 11 March 2024; b. Ad-interim relief in terms of prayer clauses (a) and (b); c. pass any other order or issue any other directions as may be appropriate. 12. The prayer of the Appellant, as noted above, is that the Appellant be permitted to suitably modify its Resolution Plan in pursuance of the order dated 11.03.2024. The order dated 11.03.2024 as noted above directed for issuance of fresh Form G and dismissed the IA No.102 of 2020 filed by the Resolution Profe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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