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Judgment
C.A. No. 2748(PB)/2019
It is an application filed by one of the persons who has given expression of interest namely M/s. Ankit International stating that since its Resolution Plan has not been put to voting by the CoC, it has sought for directions against the Resolution Professional as follows:
"(a) Allow the present Application and direct the Resolution Professional to supply to the Applicant, Minutes of Meeting of Committee of Creditors held on 28.11.2019;
(a) Direct the Resolution Professional to communicate to the Applicant the status of the Resolution Plan submitted by the Applicant.
(b) In the event Applicant's Resolution Plan has been rejected, direct the Resolution Professional to re-consider the Resolution Plan submitted by the Applicant;
(c) In the event Applicant's Resolution Plan stands rejected, permit the Applicant to submit a revised bid; and
(d) Pass any such other order/direction as deemed appropriate in the fact and circumstances of this case."
As against these reliefs the Resolution Professional has stated that the CoC having felt that this Resolution Plan is not viable and not feasible, the CoC in its commercial wisdom, has not put this resolution plan for voting. The Resolution Professional has further stated that the CoC has already passed a resolution with a requisite majority seeking for liquidation of this Company, whereby the RP has already moved an application for liquidation of this Company before this Bench.
The applicant has made an additional statement that he has filed a Revised Plan at an enhanced price before the Resolution Professional but the Resolution Professional has stated that this enhanced plan has come only yesterday i.e. 28.01.2020, but whereas the CoC already passed a resolution for liquidation way back on 28.11.2019. The RP says that this Resolution Applicant has filed application on 29.11.2019, in the application the applicant filed this enhanced value and other things, that the applicant counsel has now submitted, is not present in the application because it is only an afterthought that has come to this Applicant to justify his arguments. It appears that this applicant has sent some financial values yesterday to the Resolution Professional.
When the CoC has already taken a decision that this resolution plan is not viable and the CoC has even passed a resolution for liquidation, we are of the view that this Application has no merit, therefore is hereby dismissed as misconceived.
List the matter on 12.02.2020.