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Judgment
O R D E R
01.02.2023: Heard Learned Counsel for the parties.
This Appeal has been filed against the Order dated 14.05.2022 by which I.A. No. 2383 of 2022 filed by the Appellant praying for a direction to allow the Resolution Professional to convene a meeting of CoC to consider the Revised Resolution Plan submitted by the Applicant being a prospective resolution applicant, was dismissed.
This Appeal was heard on 07.11.2022 and this Tribunal passed following order in Appeal:-
“07.11.2022: Comp. App. (AT) (Ins) No. 1223 of 2022:- Learned Counsel for the Appellant submits that I.A filed by the Appellant seeking direction to the Resolution Professional to convene a meeting of the Committee of Creditors to consider revised Resolution Plan which has been rejected. It is submitted that in the revised resolution plan which was submitted by the Appellant amount of Rs.12 Crore was offered. Learned Counsel submits that now certain other Resolution Applicants have also shown interest.
2.Learned Counsel for the Resolution Professional also submits that he has received certain other requests from different Resolution Applicants showing interest.
3.Learned Counsel for the Appellant has referred to e-mail dated 16.06.2022 of the Union Bank of India which is 94% CoC, that the proposal may be considered by the lenders only if the same is directed by the appropriate Adjudicating Authority.
4.Considering the aforesaid facts, we are of the view that in the ends of justice, one opportunity be given for consideration of the proposal of the Appellant as well as other proposals which have been received by the Resolution Professional. We permit the Resolution Professional to convene a meeting of the CoC, after due information to all interested persons to submit their Expressions of Interest, if any.
5.Let the Resolution Professional invite fresh Expressions of Interest and complete it before the next date fixed i.e. 17.01.2022 before the Adjudicating Authority.
6.List this Appeal on 09.01.2023.”
Learned Counsel for the RP submits that in pursuance of the Order passed by this Court on 07.11.2022, fresh Form-G was issued and eight resolution applicants have filed their plans however, the Appellant has not submitted the EMD nor Revised Resolution Plan.
Learned Counsel for the Appellant submits that Appellant has already submitted Resolution Plan hence fresh plan was not submitted and EMD which was given earlier, has been returned.
Be that as it may, in event, the Applicant wants to participate in the fresh process as directed by this Court on 07.11.2022, Appellant has to submit a Revised Resolution Plan as well as EMD.
Learned Counsel for the Appellant prays for and allowed three days’ time to file Revised Resolution Plan and EMD to the Resolution Professional. Eight Resolution Plan have come as submitted by Learned Counsel for RP, we are of the view that process be completed at an early date preferably within one month from today.
With these directions, this Appeal is disposed of.