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2022 (12) TMI 1510 - SUPREME COURTEligibility to submit the resolution plan under Section 29A(f) of the IBC - rejection on the ground that the resolution applicant was ineligible under Section 29A(f) of the IBC at the time of submission of the resolution plan - HELD THAT:- Since the Court is apprised of the fact that substantially higher offers are now made available to the CoC, it would be appropriate and proper that the CoC is permitted to proceed further on the basis of the fresh EoIs which have been received. Since the subsequent communication dated 16 February 2021 issued by BSE operates to lift the restraint status that was imposed on the appellants, it would be appropriate to permit the appellants to submit a resolution plan and an EoI to the CoC within a period of thirty days. The bank guarantees and the earnest money which were submitted by the appellants with their resolution plan shall be returned back to the appellants so as to facilitate the submission of a fresh resolution plan together with a fresh bank guarantee - The period for the completion of the process shall stand extended by sixty days from the date of this order. After completing the process, the RP shall file a fresh application before the adjudicating authority for approval of the resolution plan in terms of the provisions of Section 31 of the IBC. The impugned judgment and order of the NCLAT is set aside and substituted by the directions - Appeal disposed off.
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