9911796707
TMI Blog2022 (8) TMI 999X X X X Extracts X X X X X X X X Extracts X X X X ..... 39;) seeking direction to the respondent to refund the EMD amount and to reimburse the amount given by the applicant as bank guarantee towards performance security. 2. The submissions made by the applicant in its application and presented/argued by the learned advocate are summarized hereunder: (i) That the corporate debtor M/s. JSM Devcons India Private Limited was admitted into CIRP vide order dated 12.04.2019 and the respondent-Shri Vineet Agrawal (IP Registration No.: IBBI/IPA-001/IP-P00475/2017-18/10818) was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor and subsequently the said IRP was appointed as Resolution Professional (RP). Thereafter, the respondent-RP published Expression of Interest (EoI) i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent requested the applicant to submit the revised resolution plan in view of updated claim list. Considering all the facts the applicant submitted the revised resolution plan dated 20.02.2021, to which the respondent never communicated, however, at a belated stage the applicant came to know that the said resolution plan is rejected by the CoC and that the first stage EMD and performance security has been encashed by the respondent without informing the applicant. 3. The submissions made by the respondent-RP Shri Vineet Agrawal in its reply and presented/argued by the learned advocate are summarized hereunder: (i) That the applicant submitted its original resolution plan on 04.05.2020 after considering the details of the registered plo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Adjudicating Authority directs to refund the forfeited amount then the CoC may also be directed to contribute enabling the respondent to refund the same. 4. The CoC through its authorized representative replied that the CoC rejected the revised resolution plan submitted by the applicant, which was entirely different from the one voted for and based on the legal advice given by the respondent the CoC decided to forfeit the EMD and performance security provided by the applicant. Further, the corporate debtor is overseeing liquidation and subsequent corporate death for which the applicant is solely responsible considering that if the plan had not been completely revised it would have been again voted in favour by the CoC. 5. We have hear ..... X X X X Extracts X X X X X X X X Extracts X X X X
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