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TMI Blog2022 (8) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... Hindusthan National Glass & Industries Limited was admitted into Corporate Insolvency Resolution Process ("CIRP") vide order dated 21 October 2021 (amended on 22 October 2021) on a petition filed under section 7 of the Insolvency and Bankruptcy Code, 2016 ("Code") by DBS Bank Limited. I.A (IB) No. 578/KB/2022 3. I.A (IB) No. 578/KB/2022 has been filed by Lotus One Investment Pte. Limited seeking direction upon the Respondent No. 3 to accept the Expression of Interest (EoI) submitted by the Applicant and to evaluate the same and direction upon the Respondent No. 3 and the Committee of Creditors (CoC) to allow and consider the EoI by the Applicant. Submissions of Mr. Ratnanko Banerji, learned Senior Counsel appearing on behalf of the Appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the minutes of the 5th CoC meeting dated 18 May 2022, the issue relating to the EOI submitted by the applicant has been discussed and recorded, it is pertinent to note that 3 Prospective Resolution Applicants who had not submitted compliant EOI's was given time to submit the same, and although the list of Prospective Resolution Applicants were not finalized, however only the EoI submitted by the Applicant was rejected, even though one of the financial creditors viz. Edelweiss had voted in favor to allow the Applicant to submit its EoI. 12. In the minutes of the 7th CoC meeting, the CoC has resolved to comply with the directions of this Adjudicating Authority with respect to the present I.A. 13. At this stage no Resolution Plans have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Applicant is considered then that would result in re-opening of the Invitation for EoI process which stood completed on 09 May 2022. 18. The learned Counsel urged us to note that the present application was filed on 15 June 2022 i.e. almost one month after rejection. Furthermore, even after filing the I.A, the Applicant made no attempt to expedite hearing of its application. 19. The Respondent No. 3 has published the final list of the Prospective Resolution Applicants on 29 May 2022 and the last date for submission of Resolution Plan is 23 July 2022. 20. The learned Counsel submitted that the present application was also put to discussion in the 7th Meeting of the CoC held on 20 June 2022 wherein the CoC reiterated its stand. 21 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the learned Senior Counsel appearing on behalf of the Applicant and the learned Counsel appearing on behalf of the Resolution Professional and perused the records. 28. With respect to I.A.(IB) No. 594/KB/2022, we allow the application and grant 90 days extension from 10 July 2022 till 08 October 2022 for completion of the entire CIRP. 29. In I.A (IB) No. 578/KB/2022, the Applicant has filed its EoI beyond the stipulated timeframe and hence, the Resolution Professional has rejected the request for submission of EoI. However, one must not forget the object of the Code, i.e. maximisation of the assets of the Corporate Debtor. The contention of the applicant that in the meeting, one of the financial creditors namely Edelweiss had strongly v ..... X X X X Extracts X X X X X X X X Extracts X X X X
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