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NCLAT dismissed appeal challenging extension of timeline for submission of Expression of Interest (EoI) and Resolution Plan during Corporate Insolvency Resolution Process (CIRP). CoC's decision to extend timeline without issuing fresh Form G was upheld as it aligned with original EoI's Clause 6. Regulation 36B distinguishes between modification and timeline extension, with only modifications requiring fresh Form G publication. Resolution Plan by Pinax Paper Mills Private Limited secured 96.05% voting share. Appellant's objection was rejected as they participated in process post-extension without prior objection, submitting revised plan after removing non-compliant partner. No material irregularity found in Resolution Professional's conduct warranting CIRP process invalidation.
NCLAT dismissed appeal challenging extension of timeline for submission of Expression of Interest (EoI) and Resolution Plan during Corporate Insolvency Resolution Process (CIRP). CoC's decision to extend timeline without issuing fresh Form G was upheld as it aligned with original EoI's Clause 6. Regulation 36B distinguishes between modification and timeline extension, with only modifications requiring fresh Form G publication. Resolution Plan by Pinax Paper Mills Private Limited secured 96.05% voting share. Appellant's objection was rejected as they participated in process post-extension without prior objection, submitting revised plan after removing non-compliant partner. No material irregularity found in Resolution Professional's conduct warranting CIRP process invalidation.
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