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2019 (12) TMI 1311 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATABidding Process - Approval of Resolution Plan - initiation of CIRP - common negotiations between parties - HELD THAT:- Since the provisions of Section 12 have now been amended, and as per 2nd proviso CIRP is mandatorily be completed within period of 330 days and the said 330 days only would expire in the case in hand only on 21st January,2020, it appears to us that this is a fit case to issue direction to COC to reconsider all the three resolution plans by giving a reasonable opportunity to revise their respective bidding offers so as to ensure maximization of the value of the assets of the corporate debtor. The offer found accepted by the COC is 89.86 crores. The liquidation value is 76.37 crores. On the other hand fair value assessed is 136.12 crores. So an offer enhancing 102 crore cannot be ignored. It cannot be ruled out if an open bidding is permitted it may go high beyond ₹ 102 Crores. In the set of circumstances brought before us and considering the fair value assessed as to the assets of the corporate debtor which is a leading mall in the city in operation, we hope it would fetch more value if the COC have had an open bidding among the resolution applicants - It is settled position of law as to the discretionary power of the COC to take the best decision in the interest of maximisation of asset value. We are also unable to see the recording of deliberations regarding the feasibility and viability of the plan selected among the three Plans in the minutes. The plan before us is not adhering to the object of the Code i.e. maximising the value of assets and balancing the interests of the stakeholders. There is unjust discrimination in regard to choosing one out of Three Resolution Applicants. In view of the above said factors, the plan submitted for approval is to be returned for submitting a revised plan enhancing the resolution bid amount if the resolution applicant wishes to improve its bid. Since the 330 period of CIRP would expire on 21.01.2020 in the instant case, the COC has to complete the process within a short span of period. The resolution plan of HI bidder Shrawan Kumar Agarwal is to be returned to RP forthwith.
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