Case Law Details
Edelweiss Asset Reconstruction Company Limited Vs Siddharth World Trade Private Limited (NCLT Mumbai)
1. The present Interlocutory application is filed by Mr. Shekhar Kumar Agrawal the Applicant, Resolution Professional of M/s Siddharth World Trade Private Limited & Ors., the Corporate Debtor by submitting a resolution plan under section 30(6) of the Insolvency and Bankruptcy Code, 2016 (Code) read with Regulation 39 (4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 seeking approval of the Resolution Plan submitted by M/s Sharad Milk and Milk Products. The Plan was duly approved by 100% of the Committee of Creditors (CoC).
2. The Applicant submits that the Financial Creditor, Edelweiss Assets Reconstruction Co. Ltd, initiated the Corporate Insolvency Resolution process (CIRP) against the Corporate Debtor under Section 7 of the Code on 13.05.2021 and appointed Mr. Sameer Kakar as the Interim Resolution Professional (IRP) and later on replaced Mr. Shekhar Kumar Agrawal as the Resolution Professional.
3. On 03.09.2021, the erstwhile IRP published Form – G in English and Marathi newspapers, inviting expression of interest from the prospective resolution applicants and the last date for submission of EOI was 18.09.2021. Further, two EOI’swere received by 18.09.2021 and a provisional list was released. Further, on 29.09.2021, the final list of EOI applicants was received and the Request for Resolution Plan (RFRP) and Evaluation Matrix was issued to the EoI holders on 09.2021. The last date for receipt of Resolution Plan was 29.10.2021 and was subsequently extended up to 15.11.2021.
4. On 15.11.2021, the Applicant received two resolution Plans and the same were placed before the CoC on 22.11.2021 at the 10thCoC The plans received did not comply with the RFRP terms and the members of CoC decided to seek revised Resolution Plan. The Applicant received the Plans and the said Plans were conditional and certain discrepancies were observed. In view of the said, the members of the COC decided for inviting fresh EoI’s.
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