2022 (11) TMI 565 - Tri - Insolvency & Bankruptcy
Consideration of resolution plan of the applicant being most eligible resolution applicant in the present case - seeking withdrawal of new expression of interest being illegal - seeking stay on proceedings arising out of the new Expression of Interest/Form G - HELD THAT:- There is no ambiguity in the said order for which clarification is required as sought by the Committee of Creditors. It seeks to invite all the resolution applicants of the earlier round/process including the applicant in IA No.1355 of 2022. Now the cardinal question for determination in both these applications is ‘whether Committee of Creditors can be allowed to do so in order to avoid any grievance of such resolution applicants”?
Thus, when other Resolution Applicants were not included in the final list of H1 to H4 by the Committee of Creditors then it can be safely deduced that they were not in the fray of competing Resolution Applicants finally. If other Resolution Applicants of the earlier round including the applicant in IA No.1355/2022 were/are interested to compete then none stopped them to apply when fresh EOI/Form G inviting fresh resolution plans was approved by the Committee of Creditors and issued by the Resolution Professional - Although, IA No.1355/2022 deserves dismissal with heavy costs but we refrain ourselves from imposing such costs because Committee of Creditors itself has prompted to file IA No.1381/2022, wherein it sought clarification of unambiguous order dated 10.10.2022.