Case Law Details
Ramneek Goel Vs Sunil Bajaj (NCLAT Delhi)
NCLAT held that the Adjudicating Authority rightly granted an extension of 90 days period after expiry of 300 days for fresh issuance of Form-G and completion of CIRP process.
Facts- CIRP against the Corporate Debtor – Nexgen Laminators Private Limited commenced by order dated 25.11.2019. FormG was issued by the RP on 08.02.2020 and 30.06.2020. In response to Form-G published on 30.06.2020, the Appellant submitted his EOI. The Appellant was asked by the CoC to improve the Resolution Plan. The Appellant offered Rs.24.51 crores. On Application filed by the RP, extension was granted by the Adjudicating Authority of 90 days and thereafter 30 days on 15.03.2021.
With regard to Appellant’s revised Resolution Plan, certain observations were made by the SIDBI. The Meeting of the CoC scheduled for 12.04.2021, in which, the Appellant was also invited to participate. In the Meeting, the RP informed the CoC that he has received Resolution Plan from another person Mr Sunil Bajaj, 15 minutes before the meeting.
The CoC resolved to pass a Resolution that to maximize the value of the assets of the Corporate Debtor, as the other Resolution Plan is offering higher value, it would be in the interest of the stakeholders to republish the Form-G and seek more Resolution Applicants for resolution of the Corporate Debtor. It was further noted that at least 90 days of the CIRP period is required in the event a fresh Form-G is issued.
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