2021 (6) TMI 1076

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....lication filed by the promoter/suspended Director of the Corporate Debtor, aggrieved against the rejection of the Resolution Plan by the Resolution Professional on 20.11.2020 and sought for a direction against the RP to consider the same. Since the IA/33/CHE/2021 was posted to 24.05.2021, the Applicant has moved the present IA/500/CHE/2021 seeking relief as follows; a. To fix the date of hearing before 24-May-2021, to take up this matter on priority basis and held the applicant to participate in EOI process as the last date for the submission of the resolution plan is 24-May-2021. b. To issue necessary direction to Resolution Professional to consider the Applicant as an_ eligible "resolution applicant" and also issue neces....

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.... Accordingly, he is not eligible as per Section 29A(e). 5. It is seen that the CoC has fixed the minimum eligibility criteria, from which it is evident that a prospective Resolution Application should have a net worth of Rs. 2 Crore. Since the Applicant does not meet the said criteria, his Expression of Interest and consequent submission of Resolution Plan was rejected by the CoC. 6. Thereafter, it is seen that the Applicant by way of his e-mail dated 18.11.2020 has sent a reply to the objections raised by the RP. The Applicant in response to the eligibility criteria has stated that he will be providing suitable Chartered Accountants Net worth certificate at the time of submissions of Resolution Plan and that the same will be done wit....

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....lution Plan. In this regard, it is seen that the Applicant has annexed the MSME Certificate as Annexure - 9. A perusal of the said certificate posits the fact that the Date of UDYAM Registration is seen mentioned as 19.12.2020. The CIRP in relation to the Corporate Debtor was initiated by this Tribunal on 12.02.2020 and after the initiation of the CIRP, the Applicant has obtained MSME Certificate from Government of India. At this juncture, it is relevant to refer to the decision of the NCLAT in the matter of Harkirat Singh Bedi Vs. The Oriental Bank of Commerce & Anr. in Company Appeal (AT) (Ins.) No. 40 of 2020, wherein the Hon'ble NCLAT, dealing with the facts which are similar to present case, has held in para 39 as follows; "39....