NCLAT Allows Fresh Form ‘G’ & EoIs, CIRP to Be Completed Timely

NCLAT Chennai held that resolution professional is permitted to issue fresh Form G and to invite Expression of Interest (EoI) from new and interested eligible Prospective Resolution Applicants subject to the stipulations that the CIRP process has to be completed in a time bound manner.

Facts- The challenge as given by the Appellant is to the Impugned Order of 03.04.2025, as it has been passed by the Ld. Adjudicating Authority. The consequential effect of the Impugned Order under challenge has been that, the directions has been given to the Resolution Professional (RP) to conduct and complete the challenge mechanism process amongst the Resolution Applicants as contemplated under Regulation 39 (1A) (b) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

By virtue of the Impugned Order, the Ld. Adjudicating Authority has rejected the Application of the Resolution Professional to permit him to issue a fresh Form G to invite Expression of Interest (EoI) from new, interested and eligible prospective Resolution Applicants to submit their Resolution Plans, while continuing to retain the existing Resolution Applicants within the option given to them to participate in the challenge mechanism. It is the case of the Appellant that the rejection of his Application happens to de hors the basic principles of maximizing the value of assets of the Corporate Debtor.