2024 (5) TMI 1279

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....i Sharma , Advocates for R1 ORDER ( Hybrid Mode ) Heard Learned Counsel for the Appellant and Learned Counsel for the Respondent. 2. This Appeal has been filed against the order dated 28.03.2024 by which IA No.5390 of 2023 filed by the Appellant has been rejected. In the IA which was filed by the Appellant, following prayers have been made:- "i. This Hon'ble Tribunal be pleased to allow this application; ii. This Hon'ble Tribunal be pleased to set aside the alleged decision of the COC in its 19th meeting held on 18th August 2023 in its entirety, including the decision of the COC allegedly approving the resolution plan of another resolution applicant and allegedly declaring the Applicant as the unsuccess....

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.... Corporate Debtor for all resolution applicants viii. For ad interim and interim reliefs in terms of prayer (ii) to (vii) above; ix. For costs and; x. For such other order and further reliefs as this Hon'ble Tribunal may deem fit in the facts and circumstances of the case." 3. The Appellant, one of the Resolution Applicants whose plan was considered by the CoC and in the 19th meeting held on 18.08.2023, the plan of another SRA was approved. The Resolution Professional filed application for approval of the plan which application has been heard and order is reserved, as submitted by counsel for the Respondent. 4. Learned Counsel for the Appellant challenged the order on two grounds. Firstly, he submits that in....

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....r provided following key updates subsequent to the (last) Eighteenth Meeting of CoC dated June 02, 2023: a. Till the 18th CoC Meeting, Advaita Trading Private Limited (ATPL), despite multiple requests, had not submitted additional supporting's to back the MoU for raising debt entered with Money Care Finance and Leasing Company Limited sought by the CoC and the representatives of ATPL were again requested by the CoC and the RP to provide additional documents to back the MoU for debt raising. b. The representatives of ATPL during the meeting sought time till the evening of same day, I.e., June 02, 2023 to provide the required records. However, the RP was in receipt of an email from ATPL in the evening of June 02, 2023 wh....

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....r Resolution Plan ("RFRP") dated April 25, 2023 which was made available to all the Resolution Applicants at the initiation of their due diligence and no additional conditions, clauses, requirements were introduced in between the process. Therefore, all the resolution applicants were expected to adhere to the requirements in their submission of the resolution plan dated May 12, 2023. However, owing to the ongoing discussions and negotiations between the CoC and the Resolution Applicants, the Resolution Applicants were provided various opportunities to rectify their submissions and improve on their financial proposal with deadlines for submissions falling on May 24, 2023, May 29, 2023 and the final deadline being June 01, 2023. Sinc....