Commercial wisdom on belated EoIs bars compelled consideration once creditors choose liquidation.

Where the Committee of Creditors, in exercise of its commercial wisdom, declined to entertain belated expressions of interest and resolved to proceed with liquidation, the Resolution Professional could not be compelled to accept or consider an EoI filed after the fixed deadline. The appellate tribunal found no legal error in refusing to direct consideration of the delayed submission, and the earlier cited order was treated as fact-specific rather than laying down any general rule. The impugned order was therefore left undisturbed and the challenge failed.

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Issues: Whether a belated expression of interest could be directed to be considered despite the Committee of Creditors having decided not to accept delayed expressions of interest and to proceed with liquidation.

Analysis: The expression of interest was submitted after the last date fixed for receipt of EoIs. The Committee of Creditors had already exercised its commercial wisdom to reject belated EoIs and to move towards liquidation of the corporate debtor. In these circumstances, the Resolution Professional had no authority to accept the delayed EoI, and no legal error was shown in the order refusing the prayer to compel its consideration. The cited earlier order was fact-specific and did not lay down any rule requiring consideration of an EoI filed beyond the prescribed deadline.

Conclusion: The request to direct consideration of the belated EoI was not accepted and the challenge failed.

Final Conclusion: The impugned order was left undisturbed and the appeal was dismissed.

Ratio Decidendi: Where the Committee of Creditors, in exercise of its commercial wisdom, has declined to entertain belated EoIs and chosen liquidation, a Resolution Professional cannot be compelled to accept or consider an EoI filed after the fixed last date.

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