Belated EOI bids in CIRP cannot defeat published eligibility terms or delay the resolution process.

A belated request by a suspended director of an MSME corporate debtor to submit an expression of interest and resolution plan after the EOI deadline was rejected. The Tribunal noted that resolution plans had already been received and were under scrutiny, while the applicant relied only on a bare letter without meeting the published eligibility conditions. It held that the process could not be stalled on a speculative claim of possible investor support later, and treated the application as an attempt to delay and defeat the CIRP. The request for permission was therefore declined, and the resolution process was to proceed within time for the of stakeholders.

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Issues: Whether the suspended director of an MSME corporate debtor could be permitted, after expiry of the EOI timeline, to submit an expression of interest and resolution plan notwithstanding the eligibility conditions in the published EOI and the objections founded on the Code.

Analysis: The application was moved after the last date for submission of EOI had already expired, when resolution plans had already been received and were under scrutiny. The request was based on a bare letter seeking to be treated as an EOI, without compliance with the stated eligibility conditions. The Tribunal found the attempt to be belated and speculative, and held that the process could not be stalled on the premise that the applicant might later arrange support from investors. It further held that the application was aimed at delaying and defeating the CIRP, and that the resolution process had to be completed within time in the interest of stakeholders.

Conclusion: The request to permit submission of EOI and resolution plan was rejected, and the applicant was not entitled to the relief sought.

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