Adroit Pharmaceuticals Pvt. Ltd. Vs Amit Poddar Resolution Professional & Ors. (NCLAT Delhi)
NCLAT Delhi held that resolution professional whose resolution plan was once rejected by the Committee of Creditors [CoC] is free to participate in fresh process initiated by fresh Form G for inviting Expression of Interest.
Facts- CIRP against the Corporate Debtor- ‘Unijules Life Sciences Limited’ commenced vide order dated 08.03.2019 passed by the Adjudicating Authority. Notably, the Resolution Plan submitted by the Appellant was approved on 30.12.2019 by 75.49% voting share. On 06.02.2020, an IA No.102 of 2020 was filed by the Resolution Professional for approval of the Resolution Plan. An IA No.1434 of 2020 was filed by an unsecured financial creditor seeking direction from the Adjudicating Authority to send back the Resolution Plan for consideration of the CoC. It was further prayed that the exercise of valuation is required to be undertaken with respect to an intangible asset of the corporate debtor. The Resolution Professional informed the Appellant about the IA No.1434 of 2020. By order dated 04.08.2023, IA No.1434 of 2020 was allowed.
In the 20th CoC meeting held on 01.03.2024, Appellant submitted revised offer. In 21st CoC meeting held on 04.03.2024, Appellant requested time for amendment of plan to improve plan value. On 22nd CoC meeting held on 07.03.2024, Resolution Professional brought into the notice of the CoC that Appellant has sent communication on 05.03.2024 that it shall increase offer by Rs.125 lakhs to overall plan value. CoC decided not to accept revised offer of the Appellant. Consequently, plan stood rejected. On 11.03.2024, the Adjudicating Authority took note of rejection of the plan by CoC and dismissed IA No.1022 of 2020 for approval of the plan as infructuous. Resolution Professional was also directed to issue fresh Form G by order dated 11.03.2024. Appellant thereafter filed an IA No.1891 of 2024 on 18.04.2024 for improving Resolution Plan. On 14.05.2024, Adjudicating Authority noticing the statement of the Resolution Professional that Appellant shall not be disqualified on account of past conduct and they can very well participate in the process. Adjudicating Authority took the view that reliefs sought in the application IA No.1891 of 2024 stands addressed, hence, application as dismissed. Aggrieved by the order dated 14.05.2024, this Appeal has been filed.
