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2018 (5) TMI 1777 - Tri - Companies LawCorporate Insolvency Resolution Process - Held that - We are inclined to issue directions to have a reconsideration of modified offer if any submitted by the Resolution Applicant in the application. At this juncture Counsel appearing for the H-1 applicant strongly objected issuing such a directions to the RP. According to him such a direction if issued it would prejudice to the H-1 Resolution Applicant and that the entire process is to be disrupted. The above objection seems to have no legal force at all because RP not at all concluded the Corporate Insolvency Resolution Process (CIRP) and the COC did not finalised which is the best resolution plan to be taken into consideration for its approval. Only ranking of Resolution Applicant based on the highest offer and other requirement to be meted out as per the information memorandum is finalised. So in the interest of all stake holders and in order to arriving for maximisation of value of assets of the corporate debtor allowing the H-2 Resolution Applicant to modify its offer and give an opportunity in participating in the bidding process to be finalised by the COC is just and proper in the nature of this case. In the said circumstances it appears to us that directions to the Resolution Professional is to be issued in order to avoid further interruption in the CIRP.
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