Tribunal grants extension for late EoI, sets timelines for Resolution Plan The Tribunal allowed the Applicant's late submission of Expression of Interest (EoI) to promote wider participation in the resolution process for ...
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Tribunal grants extension for late EoI, sets timelines for Resolution Plan
The Tribunal allowed the Applicant's late submission of Expression of Interest (EoI) to promote wider participation in the resolution process for Hindusthan National Glass & Industries Limited. The Resolution Professional was directed to assist the Applicant in filing the EoI and Resolution Plan within specific timelines. Additionally, the Tribunal granted a 90-day extension for the completion of the Corporate Insolvency Resolution Process (CIRP) to ensure an effective resolution process for the company. The judgment emphasized adherence to timelines and the objectives of the Insolvency and Bankruptcy Code while considering the interests of all stakeholders.
Issues Involved: 1. Application for direction to accept Expression of Interest (EoI) beyond stipulated timeframe. 2. Application for extension of Corporate Insolvency Resolution Process (CIRP) period.
Issue 1: Application for direction to accept Expression of Interest (EoI) beyond stipulated timeframe:
The case involved the Applicant, a Singapore-based company, seeking direction to accept its EoI submitted after the stipulated timeframe for Hindusthan National Glass & Industries Limited. The Applicant's EoI was rejected by the Respondent No. 3, the Resolution Professional, due to being submitted late. The Applicant argued that it was unaware of the EoI publication and faced delays in authorizing its director in India. The Applicant highlighted support from a financial creditor, Edelweiss, during CoC meetings. The Tribunal acknowledged the objective of the Insolvency and Bankruptcy Code to maximize the assets of the Corporate Debtor and decided to allow the Applicant's EoI to promote wider participation. The Tribunal directed the Resolution Professional to provide necessary information to the Applicant for filing the EoI and Resolution Plan within specific timelines.
Issue 2: Application for extension of Corporate Insolvency Resolution Process (CIRP) period:
The Resolution Professional of Hindusthan National Glass & Industries Limited filed an application seeking a 90-day extension for the completion of the CIRP. The CoC had approved the extension with a significant voting share. The Tribunal, after hearing the parties and reviewing the records, granted the extension from 10 July 2022 to 08 October 2022 for the completion of the entire CIRP. The decision aimed to facilitate the completion of the CIRP process effectively.
In conclusion, the Tribunal addressed both issues comprehensively, allowing the late EoI submission by the Applicant to encourage wider participation and granting the extension of the CIRP period to ensure a thorough resolution process for Hindusthan National Glass & Industries Limited. The judgment emphasized adherence to timelines and objectives of the Insolvency and Bankruptcy Code while balancing the interests of all stakeholders involved in the resolution process.
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