Sanjeev Agarwal & Anr. Vs Avishek Gupta & Ors. (NCLAT Delhi)
NCLAT Delhi held that rejection of resolution plan of appellant justified as CoC deliberated and discussed the Resolution Plan of the Appellant. Thus, resolution plan with 97% vote share of CoC rightly approved.
Facts- By an order dated 22.07.2022, Corporate Insolvency Resolution Process (“CIRP”) proceedings against the CD commenced. In pursuance of the decision of the Committee of Creditors (“CoC”) Form-G was published on 23.10.2022 and the last date for receiving of Expression of Interest (“EoI”) was 08.11.2022. In pursuance of Form-G, several persons filed their EoIs. However, in pursuance of RFRP issued by Resolution Professional (“RP”) three Resolution Plans were received.
In the 10th Meeting of CoC held on 13.01.2023 three Plans were noticed to be received. In the 13th Meeting of the CoC held on 06.03.2023, the RP apprised the CoC that a Plan has been received from one Pinax Paper Mill Pvt. Ltd. (“Pinax”) and three others Resolution Applicants. In the 14th Meeting of the CoC, Resolution Plans were discussed. In the 19th Meeting of the CoC held on 03.07.2023, CoC decided to vote on the Plans.
On 13.07.2023, a letter was received from the Appellant requesting to allow the Appellant to give an offer for amount equivalent or higher than the offer presently under consideration. In the 20th CoC Meeting held on 14.07.2023, the Appellant’s request to submit Resolution Plan was considered and was not approved by the CoC. On 23.07.2023, the Appellant sent an email to the RP, submitting a formal proposal.
