Namdev Hindurao Patil Vs Virendra Kumar Jain (NCLAT Delhi)
The case of Namdev Hindurao Patil Vs Virendra Kumar Jain before the National Company Law Appellate Tribunal (NCLAT) Delhi, addressed multiple interlocutory applications (I.A.s) related to the liquidation of a Corporate Debtor. The key issue was the eligibility of the Appellant (Namdev Hindurao Patil) under Section 29A of the Insolvency and Bankruptcy Code (IBC) to submit a Resolution Plan for the Corporate Debtor.
Background and Issues
The Corporate Debtor was admitted under Corporate Insolvency Resolution Process (CIRP) on 16.09.2021, following an application by Respondent No. 3. After the appointment of the Interim Resolution Professional (IRP), Expressions of Interest (EoI) were invited, resulting in limited eligible applicants. M/s Nalwa Steel and Power Limited was initially found eligible, but further invitations led to two final applicants, including the Appellant.
During the 21st Committee of Creditors (CoC) meeting, held on 06.10.2022 and 07.10.2022, the CoC decided against accepting the Appellant’s Resolution Plan and recommended liquidation. The Appellant raised several issues, including non-consideration of his pleadings, the declaration of him as a wilful defaulter, the economic implications of liquidation, and violations of natural justice principles. The primary focus of the appeal was the eligibility of the Appellant under Section 29A of the IBC.
