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TMI Blog2022 (11) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... sh Jain, Advocate Ms. Divya Sharma, Advocate Mr. Siddhant Jain, Advocate For the Respondent No.1 : Mr. Aalok Jagga, Advocate Mr. A.P.S Madaan, Advocate For the Respondent No.2 : Mr. Abhishek Anand, Advocate Mr. Viren Sharma, Advocate For the Applicant : Mr. Sangram Patnaik, Advocate Mr. Vishav Bharti Gupta, Advocate For the Respondent No.1 : Mr. Abhishek Anand, Advocate Mr. Viren Sharma, Advocate For the Respondent No.2 : Mr. Manish Jain, Advocate Ms. Divya Sharma, Advocate Mr. Siddhant Jain, Advocate For the Respondent No.3 : None ORDER PER : HARNAM SINGH THAKUR, MEMBER (JUDICIAL) Both these applications i.e. IA No.1381 of 2022 and IA No.1355 of 2022 are taken up together for discussion, being interrelated and interconnected. IA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4) and also fresh resolution applicants for the purpose of negotiations in finalization of Resolution Plan in accordance with law. It is made clear that steps, if any, taken by the Resolution Professional or Committee of Creditors during the interregnum between the date of reservation of this order i.e. 19.09.2022 till today, would be subject to this order. Thus, IA No.656/2022 is disposed of accordingly." Thus, in view of the above, it is submitted by the applicant that it seeks to invite all the Resolution Applicants of the earlier round/process for their participation in terms of the directions passed by this Adjudicating Authority in order dated 10.10.2022. 3. It is contended by the applicant that so as to not give the other remaining ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t known to the respondent No.1/Resolution Professional and respondent No.2/Committee of Creditors, without considering the resolution plan given by the applicant, the Resolution Plan of M/s Aggarsain Spinners Limited was accepted. 3. It is further stated that once admittedly a sum of Rs.25 Lacs was paid and still lying with the resolution professional, the minimum which is expected from the Resolution Professional is to examine the resolution plan of the applicant and put it before the Committee of Creditors for consideration and approval particularly when Resolution Plan was prepared on the basis of information memorandum and was submitted by the applicant or rejected before going for any other resolution plan from any other prospective r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le Resolution Applicant, namely, M/s Aggarsain Spinners Limited and request to that effect has already been made to the Resolution Professional, vide e-mail dated 28.08.2022 (Annexure A-5). Thus, it is prayed by learned counsel for the applicant that in view of the above circumstances, the present application be allowed in the interest of justice. 7. Upon notice, it is submitted by learned counsel for respondent Nos.1 and 2 in IA No.1381 of 2022 that there is no need to file the reply and they will argue the matter directly. Similarly, it is submitted by learned counsel for respondent Nos.1 and 2 in IA No.1355/2022 that there is no need to file the reply as a similar application being IA No.1381/2022 has been filed on behalf of the Committ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Shivani Trendz Private Limited- H3; and Pankaj Bhatia & Shreeji Cotfab- H4 and obviously, these Resolution Plans were to be considered by the Committee of Creditors and all the three Resolution Applicants were required to be called for negotiations and for maximization of the value of the assets of the corporate debtor. Now, when the Resolution Plan of Aggarsain Spinners Limited has been rejected by this Bench, being ineligible under Section 29A(f) of the Code, then certainly to meet the ends of justice an opportunity is required to be given to the remaining three Resolution Applicants, who submitted their resolution plans simultaneously with erstwhile Successful Resolution Applicant- Aggarsain Spinners Limited." Thus, when other Resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X
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