2020 (1) TMI 1546

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....Ms. Meher Tandon, Advocates for R-3. ORDER SUDHANSU JYOTI MUKHOPADHAYA, J. In the 'Corporate Insolvency Resolution Process' 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,....

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....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, nontransparent 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 resolution process. In case a 'Resolution Applicant' is rea....

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....th 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 Debtor', lays down the process for evaluation of a 'Resolution Plan'. The 'Request for Resolution Plan' clearly sets out that the 'Committee of Creditors' would negotiate only with the ....

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....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 Limited Through Authorised Signatory v. Satish Kumar Gupta & Ors.─ Civil Appeal Nos. 8766-67 of 2019 etc.", the Hon'ble Supreme Court held that the commercial aspects of a 'Resolution Plan', its viability or otherwise, and, distribution of proceeds amongst stakeholders, were to be looked only by the 'Committee of Creditors' who are competent to go through all relevant aspects. Therefore, this Appellate Tribunal cannot deliberate on such issue. 11. The 'Resolution Plan' approved by the Adjudicating Authority can be challenged only on th....