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NCLAT quashed NCLT's order rejecting Resolution Professional's application to issue fresh Form G for inviting new Expression of Interest from prospective resolution applicants. NCLT had erroneously relied on Committee of Creditors' earlier decision in separate JSW application while ignoring CoC's subsequent commercial wisdom supporting fresh EoI invitation. NCLAT held that I&B Code 2016 and IBBI Regulations create no absolute legal embargo against fresh Form G issuance post-resolution plan submission or voting completion. Court found RP's proposal meritorious as fresh EoI would increase competition, likely resulting in higher bids, ensure fairness by allowing existing resolution applicants to participate in challenge mechanism, and promote transparency. Despite time extension concerns, NCLAT granted relief permitting fresh Form G issuance subject to strict adherence to statutory timelines for completing Corporate Insolvency Resolution Process, emphasizing value maximization objective under I&B Code.
NCLAT quashed NCLT's order rejecting Resolution Professional's application to issue fresh Form G for inviting new Expression of Interest from prospective resolution applicants. NCLT had erroneously relied on Committee of Creditors' earlier decision in separate JSW application while ignoring CoC's subsequent commercial wisdom supporting fresh EoI invitation. NCLAT held that I&B Code 2016 and IBBI Regulations create no absolute legal embargo against fresh Form G issuance post-resolution plan submission or voting completion. Court found RP's proposal meritorious as fresh EoI would increase competition, likely resulting in higher bids, ensure fairness by allowing existing resolution applicants to participate in challenge mechanism, and promote transparency. Despite time extension concerns, NCLAT granted relief permitting fresh Form G issuance subject to strict adherence to statutory timelines for completing Corporate Insolvency Resolution Process, emphasizing value maximization objective under I&B Code.
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