Dorni Vinimoy Private Limited Vs Rachna Anchalia Resolution Professional of Imperial Tubes Private Limited & Ors. (NCLAT Delhi)
NCLAT Delhi held that resolution plan of Dorni Vinimoy Pvt. Ltd. stands approved as material irregularity is not established. Accordingly, appeals are allowed and orders of adjudicating authority set aside.
Facts- Imperial Tubes Pvt. Ltd., faced CIRP proceedings, in which Resolution Professional was appointed. He had shortlisted four PRAs and had invited them to submit their resolution plans. However, just two days before the closure date for submitting the resolution plan, Dorni Vinimoy Pvt. Ltd., (henceforth would be termed as Dorni) joined the other four, apparently pursuant to an Order of the Adjudicating Authority (understanding the true import of this order itself is an aspect involved in the appeals). With barely two days to go from the date of the said Order, Dorni submitted its EoI on the next day, and submitted the plan on the second day, and deposited the EMD two days later, since according to Dorni banks were closed in the intervening two days as public holidays. Eventually Dorni’s plan was approved by the CoC, following which the RP moved the Adjudicating Authority for the latter’s approval. As this is pending, two of the unsuccessful resolution applicants namely, M/s Yaana Apparels Pvt. Ltd., and Krishna Wax, intervened the same with two separate applications and challenged the legality of the process by which Dorni was admitted in the resolution process. This objection was upheld by the adjudicating authority, which has now given rise to the present appeals.
