TaxTMI 
TaxTMI 
2025 (1) TMI 228
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.... has been dismissed. Aggrieved by the order dated 14.05.2024, this Appeal has been filed. 2. Brief facts of the case necessary to be noticed for deciding the Appeal are:- 2.1. CIRP against the Corporate Debtor- 'Unijules Life Sciences Limited' commenced vide order dated 08.03.2019 passed by the Adjudicating Authority. The Resolution Professional published Invitation for Expressions of Interest on 20.05.2019 in response to which Appellant also submitted its Resolution Plan. The Resolution Plan submitted by the Appellant was approved on 30.12.2019 by 75.49% voting share. On 06.02.2020, an IA No.102 of 2020 was filed by the Resolution Professional for approval of the Resolution Plan. An IA No.1434 of 2020 was filed by an unsecured financial creditor seeking direction from the Adjudicating Authority to send back the Resolution Plan for consideration of the CoC. It was further prayed that the exercise of valuation is required to be undertaken with respect to an intangible asset of the corporate debtor. The Resolution Professional informed the Appellant about the IA No.1434 of 2020. By order dated 04.08.2023, IA No.1434 of 2020 was allowed and the Resolution Professional was directed t....
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.... for the CoC. 4. Counsel for the Appellant challenging the order submits that there was gross material irregularity in the conduct of the CIRP. Fresh valuation of intangible assets after approval of the plan was impermissible under law. IRP did not amend the Information Memorandum even after fresh valuation. Under Section 30(2), the Adjudicating Authority is entitled to examine the validity of the Resolution Plan and cannot direct the CoC to further negotiate with the Successful Resolution Applicant. Adjudicating Authority travelled beyond its scope while issuing direction on 04.08.2023 and by directing reissuance of Form G, there is no consideration of substantially revised financial proposals given by the Appellant. Appellant has revised its financial proposal to the extent of 14% including the timelines. Appellant was not aware of the proceedings nor party to the IA No.1434 of 2020 seeking revaluation. Adjudicating Authority has failed to consider the IA filed by the Appellant being IA No.1891 of 2024 in its right perspective. Appellant's revised plan was also required to be considered along with consideration of the other Resolution Plans. 5. Counsel for the Resolution Profes....
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....esent matter we observed that the Intangible Assets of the Corporate Debtor were not valued separately. In such peculiar situation, at this juncture to set the record straight and to meet the ends of justice. We are of the considered view that the Intangible Assets of the Corporate Debtor shall be valued and categorized separately. Hence Ordered. 56. The Resolution Professional is directed to engage the services of IBBI Registered valuer for valuation of Intangible Assets of the Corporate Debtor. Further, the Resolution Professional is also directed to prepare a comprehensive valuation report categorizing assets in following category: a. Land & Building b. Plant & Machinery c. Securities and Financial Assets d. Intangible Assets The Report prepared by the Resolution Professional be placed before CoC for consideration and in terms of the said Report, the CoC is directed to vote on the Resolution Plan of the SRA. Thereafter, the Resolution professional is directed to place the minutes of the CoC meeting by way of an affidavit before this Tribunal." 8. Subsequent to the order dated 04.08.2023, valuers were engaged and fresh valuation of intangible assets was received b....
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.... whether the Corporate Debtor be put to Liquidation Process or a fresh Corporate Insolvency Resolution Process be started. However, Ld. Counsel for the Resolution Professional informs that the Committee of Creditors is likely to take decision on the matter whether to Liquidate the Corporate Debtor or to start fresh Resolution Process, for which purpose the voting is about to commence, which will take another Two weeks. 5) After taking into consideration of all facts, we direct the Resolution Professional to re-initiate Corporate Insolvency Resolution Process of the Corporate Debtor by publish fresh Form G afresh for inviting Expression of Interest for the Corporate Debtor. 6) Resolution Professional shall take out appropriate Application for extension of Corporate Insolvency Resolution Process period of the Corporate Debtor and regularisation of period which has already expired." 10. It is relevant to notice that the order dated 11.03.2024 was not challenged by any stakeholders including the Appellant. The order dated 11.03.2024 dismissing IA No.102 of 2020 for approval of the Resolution Plan as infructuous and the Adjudicating Authority having directed for issuance of Form ....