2024 (10) TMI 828

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ajeev Chowdhary, Advocates for CoC. JUDGMENT ASHOK BHUSHAN, J. This Appeal has been filed challenging order dated 17.07.2023 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court III by which I.A. No.3515 of 2023 filed by the Appellant seeking direction to the Resolution Professional to accept Resolution Plan of the Appellant, which has been rejected. Brief facts of the case necessary for deciding this appeal are: (i) Insolvency Resolution Process against the Corporate Debtor - M/s Diamond IT Infracon Private Limited was commenced by order dated 03.01.2023. (ii) In the CIRP of the Corporate Debtor Form G was published on 06.03.2023. (iii) In response to Form G, five Expres....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e have heard Shri Karan Gandhi, learned counsel for the Appellant and Shri Krishnendu Datta, learned senior counsel appearing for the Resolution Professional. 3. In the Reply filed by the Resolution Professional Para 47 and 48 of the RFRP dated 26.04.2023 has been extracted giving time and date of the submission of plan. Para 15 of the Reply is as follows: "15. The RFRP dated 26.04.2023 shared with all the PRAs, including the Appellant, which in paragraph 47 and 48 clearly stated that: "47. The Resolution Plan should be submitted before 17:00 Hours IST on the date mentioned in the Clause (referred to as the "Binding Plan Due Date"), at the address provided in Clause 29 above in the manner and form as detailed in this RF....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....app message. Message received from Mr. Aman is as follows: "Sir, Aman this side from Sandeep Gupta Ji&#39;s office. I am present at B-269 to handover the Resolution Plan of Diamond ITinfracon Private Limited. 6:00 pm" 5. At 06:20 PM, an email was sent by the Appellant to the Resolution Professional which has been brought on the record by the Resolution Professional at page 137, which is as follows: "SANDEEP GUPTA <[email protected]> Sat, Jun 3, 2023 at 6:20 PM To: DIAMOND IT <[email protected]> Dear Sir, We are enclosing the Resolution Plan Password Protected of Diamond ITInfracon Pvt Ltd under CIRP. Hard Copy of Resolution Plan and Demand draft of Rs 50,00,000/ drawn on B....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Hrs. When the time was extended from 27.05.2023 to 03.06.2023, the time for submission of plan shall remain the same. Admittedly, the Appellant attempted to submit the plan after 17:00 Hrs. 03.06.2023. When the time was extended, the Appellant took risk in submitting the plan at last hours that too after 17:00 Hrs. 9. Learned counsel for the Appellant further submits that the CoC is willing to consider the Resolution Plan of the Appellant. 10. In the Reply filed by the Resolution Professional it has been pleaded that the CoC considered the Resolution Plan of SVIP Reality Pvt. Ltd. but in the 8th CoC meeting held on 04.09.2023 plan has been rejected and CoC approved the liquidation of the Corporate Debtor. It has been submitted that th....