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2020 (10) TMI 739 - Tri - Insolvency and BankruptcyDirection to Resolution Professional to call for a meeting of the COC and to further direct the COC to invite the Applicant to the said meeting - discussing, negotiating and finalising last revised bid submitted by the Applicant for the purpose of deciding the successful resolution applicant - stay on approval of Resolution Plan. The main prayer of the applicant herein, who is the unsuccessful Resolution Applicant, is that this Adjudicating Authority should direct the RP to conduct another CoC meeting to consider its revised Resolution Plan for the purpose of deciding the successful Resolution Applicant, keeping in view, the objects of the Code. HELD THAT:- Various allegations have been levelled by the Applicant alleging bias in favor of the successful Resolution Applicant on the part of the CoC. It is also alleged that CoC accepted the bid of the successful RA, by ignoring the higher bid submitted by the Applicant herein in the evening of 21.02.2019, which was brought before CoC by the RP on 22.02.2019, and that it was done intentionally to keep the applicant out of race. However, no concrete evidence to prove these allegations have been placed on record, particularly in view of the admitted fact that a revised Resolution Plan was submitted suo motu by the applicant herein to RP, after the RP had already submitted IA No. 173/2019, inter-alia, seeking approval of this Adjudicating Authority to the Resolution Plan approved by the CoC in terms of section 30(4) of the Code. As per the provisions of IBC, 2016 once a CIRP application is admitted, it is the duty of RP to constitute CoC and thereafter publish EoI, Information Memorandum and Evaluation Matrix on the basis of decisions taken in CoC meetings. Thereafter, upon receipt of EoI by potential Resolution Applicants, various Resolution plans are examined by the RP and all the compliant Resolution Plans are put up before the CoC for deliberations about each of those plans for considering their feasibility and viability. In this regard, it is pertinent to note here that under the provisions of the Code, the commercial wisdom of the CoC has been given paramount status without any judicial intervention. In the instant case, the present application has been filed before this Adjudicating Authority after placing of Resolution plan approved by CoC for a determination by this Adjudicating Authority under section 31 of the Code - such application is not maintainable as there is no vested right or fundamental right with any Resolution Applicant to have its Resolution Plan considered or approved. Further, as no adjudication has been done on the Resolution Plan so submitted by the RP by this Adjudicating Authority, no such IAs can be adjudicated upon at his stage. Application dismissed as not maintainable.
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