2024 (3) TMI 863

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....s. Namrata Saraogi, Mr. Swetab Kumar, Mr. Kartik Pandey, Mr. Pawan Kaushik, Advocates For the Respondents : Mr. Sandeep Bajaj, Ms. Aakanksha Nehra, Ms. Gunjan Nauyar, Advocates for R1 Mr. Gautam Singh, Mr. Aditya Vaibhav Singh, Advocates for R3 Mr. Gaurav Mitra, Sr. Advocate for CoC Mr. Sameer Pandit, Ms. Sarreh Khambati, Mr. Aman Raj Gandhi, Ms. Saloni Kumar, Mr. Devanshu Behl, Advocates. ORDER ( Hybrid Mode ) These two appeals have been filed by the same Appellant challenging the orders dated 12.02.2024 and 21.02.2024 passed by the Adjudicating Authority in I.A. No.345 of 2024 and I.A. No.624 of 2024, respectively. In Company Appeal (AT) (Ins.) No.459 of 2024, the order under challenge is order passed in I.A. No. 345 ....

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....ver, the period so extended by the CoC shall not be extended by more than 15 days in aggregate beyond 25.02.2024. 7) With the aforesaid observations and directions, the Interlocutory Application bearing IA No. 624 of 2024, is disposed of as allowed." 3. The Appellant aggrieved by the aforesaid orders dated 12.04.2024 and 21.04.2024 has come up in these appeals. Appellant's case is that it underwent 33 rounds of bidding and was declared H1 and it was thereafter IA was filed by Patanjali Ayurveda Ltd. and other two applicants namely B-Right Realestate Ltd. and MGN Agro Properties Private Limited, on whose application direction has been issued to place their Resolution Plan before CoC for consideration. It is submitted that neither....

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....n'ble NCLAT. 2. I say that I am filing this Limited Affidavit-in-Reply only to place on record the extract of 20 Committee of Creditors Minutes of Meeting ("CoC Meeting") held on 07th March 2024 at 12:00 noon. I state that the all the lenders forming the part of Respondent no.2 i.e. the committee of creditors were present during the 20th CoC Meeting and the quorum of the 20% CoC Meeting was complete and thereafter the meeting was commenced. In the 20th CoC Meeting, the Respondent no.2 passed a resolution and the same was approved by majority vote of the Committee of Creditors. Hereto annexed and marked as Annexure-2 is the copy of the extract of the 20th CoC Meeting." 6. The Minutes of the meeting of CoC dated 07.03.2024 has....

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....ulations, 2016 provides as follows: "39. Approval of resolution plan...................... (1B) The committee shall not consider any resolution plan- (a) received after the time as specified by the committee under regulation 36B; or (b) received from a person who does not appear in the final list of prospective resolution applicants; or (c) does not comply with the provisions of sub-section (2) of section 30 and sub-regulation (1)." 10. The Regulation thus clearly provides that the committee shall not consider a resolution plan received from an application whose name does not appear in the list of PRAs. Admittedly, neither Patanjali nor other two applications have submitted any EOI nor their name was reflected in the List of PRA....