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2020 (3) TMI 1007 - Tri - Insolvency and BankruptcyCalling of CoC meeting - consideration of proposal of the resolution applicant dated July 25, 2019 - section 60(5) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The e-mail which it sent dated July 25, 2019 by the resolution applicant is merely the revised commercial offer on the rejected plan submitted on July 18, 2019 which was rejected by the CoC and not a resolution plan in accordance with the provisions of the Code read with the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations") and per the judgment of hon'ble apex court in ArcelorMittal India P. Ltd. v. Satish Kumar Gupta [2018 (10) TMI 312 - SUPREME COURT] "the Adjudicating Authority has no jurisdiction to challenge the commercial wisdom of CoC to approve or reject the resolution plan". Further, the e-mail sent by the resolution applicant states that "the necessary changes shall be made to the resolution plan and the revised resolution plan shall be submitted shortly" which has not taken place and it is admitted by the resolution applicant that merely a revised offer and not a resolution plan to be considered. It is also to be considered that by allowing one resolution applicant to submit resolution plan even after its plan has got rejected will be in con travention of the law laid down by the hon'ble Supreme Court in Arce lorMittal India P. Ltd. v. Satish Kumar Gupta as the resolution plan was submitted in April, 2019 and there were other resolution applicants also who showed interest in the resolution pro cess. After the rejection of the resolution plan submitted by SREI, it would only be equitable that the resolution process is open for all resolution applicant in order to maximize the recovery for the creditors of the cor porate debtor. Application dismissed.
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