TaxTMI 
TaxTMI 
2020 (6) TMI 651
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....ocess' of 'M/s. Alex Green Energy Pvt. Ltd.'- ('Corporate Debtor'), the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, by impugned order dated 25th November, 2019 approved the 'Resolution Plan' submitted by 'Fortis Chemicals Pvt. Ltd.'- (3rd Respondent). The Appellant- 'Kundan Care Products Ltd., another 'Resolution Applicant' has challenged the same order in both the appeals. 2. The case of the Appellant is as follows: 2.1 The Appellant- 'Kundan Care Products Ltd.' submitted its 'Resolution Plan' on 29th October, 2019 before the 'Committee of Creditors'. On 1st November, 2019, the Appellant received an e-mail from the 'Resolution ....
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....le approved the 'Resolution Plan' of 3rd Respondent rejected the offer given by the Appellant. 2.5. Learned counsel for the Appellant submitted that the evaluation process was conducted by the 'Resolution Professional' in a closed, non-transparent manner without affording an opportunity of hearing to the Appellant. The 'Resolution Professional' conveniently skipped the third step stipulated in the RFRP which envisaged the presentation of 'Resolution Plans' by the 'Resolution Applicants' to the 'Committee of Creditors' and was in fact not considered properly. 2.6. Learned counsel for the Appellant submitted that no scoring as H1 Applicant is not a disqualification from participating in the re....
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....lay in submission of the 'Expression of Interest', looking to their potential and financial capability, 1st Respondent with the approval of the 'Committee of Creditors' considered the 'Expression of Interest' submitted by the Appellant and selected such 'Expression of Interest' for submission of 'Resolution Plan'. Such inclusion/provisional confirmation was communicated to the Appellant on 27th September, 2019 and a request for 'Resolution Plan' with all relevant information was accordingly made available to the Appellant on 29th September, 2019. 5. It was submitted that Part II of the 'Request for Resolution Plan' approved by the 'Committee of Creditors' of the 'Corporate....
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....ired to be placed before the 'Committee of Creditors. The process of evaluation is guided by the said criteria as set out in the 'Request for Resolution Plan'. If the evaluation criteria suggest that only top three 'Resolution Applicants' should be negotiated, the Appellant who ranked 6th among the 'Resolution Applicants' cannot have any right to participate for re-negotiation over the decision of the 'Committee of Creditors'. 10. In Committee of Creditors of Essar Steel India Ltd. v. Satish Kumar Gupta [2019] 111 taxmann.com 234, the Hon'ble Supreme Court held that the commercial aspects of a 'Resolution Plan', its viability or otherwise, and, distribution of proceeds amongst stakeholders, w....