https://www.taxtmi.com/caselaws?id=398677 The Tribunal dismissed the Applicant's request to be impleaded in the main Company Petition, citing the commencement date of the Corporate Insolvency Resolution Process (CIRP) and lack of merit. The delay in submitting the Expression of Interest (EOI) and Resolution Plan was not condoned due to inadequate justification. The Applicant's failure to meet the CoC's eligibility criteria based on tangible net worth led to rejection on both delay and merit grounds. The rejection of the Applicant's EOI was upheld as compliant with regulations, and a subsequent application by another party was deemed infructuous to maintain the CIRP's integrity. en-us Fri, 29 May 2020 00:00:00 +0530 Tue, 22 Sep 2020 09:36:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398677 The Tribunal dismissed the Applicant's request to be impleaded in the main Company Petition, citing the commencement date of the Corporate Insolvency Resolution Process (CIRP) and lack of merit. The delay in submitting the Expression of Interest (EOI) and Resolution Plan was not condoned due to inadequate justification. The Applicant's failure to meet the CoC's eligibility criteria based on tangible net worth led to rejection on both delay and merit grounds. The rejection of the Applicant's EOI was upheld as compliant with regulations, and a subsequent application by another party was deemed infructuous to maintain the CIRP's integrity. Case-Laws Insolvency and Bankruptcy Fri, 29 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398677