2022 (10) TMI 745

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....nil Singh , Advocates for R 2 ORDER Heard Learned Counsel for the Appellant. 2. This Appeal has been filed against the order dated 09.09.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Indore Bench, Court No.1 by which order the Adjudicating Authority has rejected the objection filed by the Appellant being I.A. No. 46(MP)2022 and allowed I.A. No. 15(MP)2022 filed by the Resolution Professional for approval of the Resolution Plan. 3. Learned Counsel for the Appellant submits that the Appellant was Successful Resolution Applicant who was to deposit EMD amount by 21.09.2021. He sent an e-mail to the Resolution Professional praying for extension of 10 days' time to furnish the Bank Guarantee which was not ....

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....mance Guarantee has been deposited nor Bank Draft/ Cash in Bank Account in lieu of Bank Performance Guarantee has been deposited by successful Resolution Applicant. Mr. Gopal Nyati erstwhile director and also part of consortium of Resolution Applicant attended the meeting and informed the members that they are unable to fulfil the conditions of RFRP of providing performance guarantee for an amount equivalent to 10% of the total bid amount under the resolution plan. After submission made by the Sh Nyati, the COC unanimously decided to adjourn the meeting till 29.09.2021 so that appropriate legal advice can be taken on this matter. Hence the meeting was adjourned to 29.09.2021 at 4:30 PM. RP informed the house that ....

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....of the Consortium of the Resolution Applicant stated that they are unable to fulfil the conditions of RFRP of providing Performance Guarantee for an amount equivalent to 10% of the total bid amount. After noticing the aforesaid, the CoC decided to adjourn the meeting and the CoC decided unanimously to conduct e-voting for fresh publication of Form-G. 7. In the 17th meeting, the issuance of Form-G was approved and thereafter Form-G was issued and new Resolution Plan was received which has been approved. 8. The submission of the Counsel for the Appellant is that although the Adjudicating Authority has excluded 58 days' period but had not granted any specific permission for issuance of Form-G. The order dated 25.11.2021 of the Adjudicati....