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2021 (10) TMI 388 - Insolvency & Bankruptcy
Seeking the ‘Expression of Interest’ be considered - Approval of Resolution Plan - Section 30(6) of IBC - HELD THAT:- It is not in dispute that the IRP issued the Public Announcement under Section 15 of the Code on 25.12.2020 in Form A in the ‘Financial Express’ (English) in Delhi and Chandigarh Editions apart from ‘Jansatta’ and ‘Dainik Jagran’, inviting claims from the Creditors of the ‘Corporate Debtor’. The record shows that after receiving the claims, the IRP collated the list of Creditors and constituted the CoC. In terms of the decision of the CoC in the 2nd Meeting held on 15.02.2021, the RP carried out publication of Form G inviting ‘Expression of Interest’ in ‘Economic Times’ and All India Edition on 19.02.2021, the ‘Business Standard’ on 20.02.2021 and in ‘Punjab Jagran’, Amritsar. Hence, the contention of the Learned Counsel appearing for the Appellant that vide publicity was not given while inviting EoI, is unsustainable.
It is seen from the record that the Appellant sought the indulgence of the RP to place its offer before the CoC for consideration vide emails dated 15.06.2020 and 16.06.2021, which were placed before the CoC by the Resolution Professional, but as the last date for submission of EoI has expired, the CoC rejected the same. Admittedly, the last date for submission of EoI’s was 06.03.2021 and the extended last date for submission of Resolution Plan was 10.05.2021 and it is pertinent to note that the email sent by the Appellant herein is dated 13.06.2021, which is much after the last date - Regulation 36A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, clearly stipulates that ‘the Expression of Interest received after the time specified in the limitation under clause (b) of sub-Regulation (3) shall be rejected’.
The legislative intent of the statute together with the fact that in the instant case the Resolution Plan was accepted by 100% of voting share in the CoC Meeting dated 21.06.2021 and having regard to the fact that the Appellant had never participated in the EoI, we are of the view that any reliefs granted in contra to the timelines would be ultra vires to the scope and objective of the Code - The ratio of the Hon’ble Supreme Court in ‘Ebix Singapore Pvt. Ltd.’ [2020 (8) TMI 338 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] is squarely applicable to the facts of this case wherein it was observed by the Hon’ble Apex Court that once the Plan is approved by majority of the CoC as provided for under Section 30 of the Code, then no fresh plans may come in intervention of an already approved Plan.