2021 (7) TMI 938
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....r Vatsavayi, Member (J) IA No. 124/2021 1. Shri Navdeep Grover and Shri Sandeep Grover jointly filed the instant IA against the Resolution Professional and two financial creditors of M/s. Gupta Exim India Private Limited under Section 60(5) of the IBC Code, 2016 read with Regulation 36A of the IBBI (IRP for CP) Regulations, 2016 seeking to set aside the fresh Form G (Annexure 15) dated 21.02.2021 and to consider the resolution plan of the applicant in accordance with law. 2. Corporate Insolvency Resolution Process has been initiated against the corporate debtor M/s. Gupta Exim India Private Limited when CP (IB) No. 312/Chd/Hry/2018 filed by the Oriental Bank of Commerce, now since merged with Punjab National Bank, under Section 7 of the ....
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.... resolution plan was not considered favourably by the COC and therefore, stood rejected. 4. It is further submitted that the first respondent-RP published the impugned fresh Form G on 21.02.2021 inviting fresh resolution plans. The said impugned fresh Form G dated 21.02.2021 (Annexure A-15) is violative of Regulation 36A, in as much as the timelines mentioned therein are not in accordance with the said Regulation. The applicant vide its e-mail dated 25.02.2021 requested the first respondent-RP to republish Form-G in accordance with the provisions of the Code to enable it to submit a fresh resolution plan but the first respondent-RP illegally proceeded with the impugned fresh Form-G dated 21.02.2021. Accordingly, the applicant prays for set....
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....-G. Since the CIRP period was expiring on 15.03.2021, the first respondent-RP issued the fresh Form-G on 21.02.2021, however, with short timelines in comparison to the timelines provided under Regulation 36A of the CIRP Regulations. The applicant though initially objected for republication of the Form-G but vide e-mail dated 26.02.2021 (Annexure A-7) given his consent to participate in the resolution of the corporate debtor by stating that the amount already deposited be considered towards the fresh EMD required as per the republished Form-G. 6. In pursuance to the impugned Form-G, two earlier prospective resolution applicants and one new prospective resolution applicant submitted their resolution plans but the applicant in the instant IA ....
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.... debtor and when one of the resolution applicant offered the bid of Rs. 88 crores i.e. more than the rejected bid of the applicant, the COC and the RP are right in issuing fresh Form-G and to proceed with the fresh process of approval of the resolution plans. The first respondent-RP further submits that the applicant having given his consent to participate in the process in pursuance of the fresh Form-G by stating that the amount already deposited be considered towards the fresh EMD required as per the republished Form-G, is estopped from challenging the fresh Form-G on any ground. Further, the applicant having not submitted any fresh resolution plan, though opportunity was provided to him, cannot raise any objection for consideration of th....