EOI Rejection Upheld Due to Failure to Meet Net Worth Criteria in CIRP

Sagar Sharma & Anr. Vs Pravin R. Navandar & Ors. (NCLT Mumbai) The present matter concerns an application filed by the suspended promoters/directors of a corporate debtor undergoing Corporate Insolvency Resolution Process CIRP), challenging the rejection of their Expression of Interest (EOI) by the Resolution Professional (RP). The CIRP was initiated pursuant to an admission order dated 19.11.2024 on an application filed by a financial creditor under the Insolvency and Bankruptcy Code, 2016 (IBC). During the CIRP, the Committee of Creditors (CoC), in its first meeting, approved eligibi...