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TMI Blog2020 (10) TMI 265X X X X Extracts X X X X X X X X Extracts X X X X ..... Abhinav Goyal, P. Nagesh, Harshal Kumar, Zehra Khan, Mohit Prasad, Anurag Bhatt, Lokesh Pathak, Pawan Kumar Garg, Mishal Johari, Bilal Ali, Sarthak Ahuja, Advs. ORDER C.A. No. 627(PB)/2020 On the application filed by Larsen and Tourbo Limited seeking direction against the RP to pass a reasoned order regarding verification of outstanding claims of the Applicant to the tune of Rs. 12,95,88,891/- on the ground that when this Applicant made this claim against the Corporate Debtor before the RP on 18.12.2018, the RP has only allowed part claim of Rs. 6,14,83,363/- without mentioning as to why the remaining claim of the applicant is not admissible by keeping the remaining balance under verification, this Applicant is in dark as to whether its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this case. It is an admitted fact, that the invitation of Expression of Interest published by the RP on 28.05.2019 mentions the last date for submission of Expression of Interest is by 06.06.2019. Based on such invitation, the RP received nine Expressions of Interests from various persons including Consortium of One City Infrastructure Private Limited and APM Infrastructure Private Limited-H/ 1 and Joint Venture of Eight Capital India Recovery Fund Limited and Ambit Flowers Asset Construction Private Limited-H/2. On verification of those Expressions of Interest, since three Expressions of Interests were met with the eligibility criteria, they were asked to file Resolution Plan. Out of those three, only two persons namely Consortium of One C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate Debtor therefore, it is interested to submit new Resolution Plan. It is not the case of this Applicant that it met the criteria within the stipulated time stated under Regulation 36A of the CIRP Regulations. It is also pertinent to mention here that the Regulatory Authority i.e. IBBI after having seen people filing applications even after approval of the Resolution Plan, it has come out with the timeline as to within how much time Expression of Interest is to be given, within how much time Expression of Interest is to be considered by the RP and thereafter within how much time the Resolution Plan is to be filed, after having timelines come into existence the same being reiterated by Hon'ble Supreme Court stating that timelines give ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onent to be considered provided more than one claim has been placed before the CoC then the CoC will consider the Resolution Plan that maximize the value of the Corporate Debtor. It is not that the Plan that comes after four months with added value is to be treated as a plan for maximization the value of the Corporate Debtor, because if this Bench considers such plan after four months, tomorrow if somebody else comes with more value than instead of considering this plan that plan has to be considered. This Bench is bound by the procedure as set out under the Code, once it is in compliance of the procedure this Bench has jurisdiction to see as to whether the plan placed before this Bench is in confirmation with Section 30(2) of the IBC or no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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