|
|
|
Delayed bid cannot be considered under IBC even if better: NCLAT
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 19 Jan, 2021
In a major judgement, the National Company Law Appellate Tribunal
(NCLAT) has held that any resolution plan proposed by a bidder who had
not participated in the corporate insolvency resolution process (CIRP)
cannot be considered by the NCLT, even if the plan offers a better deal.
"We
are of the view that when the application for approval of resolution
plan is pending before the adjudicating authority, at that time the
adjudicating authority cannot entertain an application of a person who
has not participated in CIRP even when such person is ready to pay more
amount in comparison to the successful resolution applicant," said the
NCLAT order.
The ruling gains significance as there have been
several instances in which the resolution process get delayed as revised
and new offers cropped up after the timeline for submission of
resolution plans was over.
The judgement was made in a plea by
Kalinga Allied Industries India. Kalinga had submitted a resolution plan
in time. After several rounds of deliberations by the Committee of
Creditors (CoC), a revised resolution plan was submitted by the company
on December 19, 2018. The same was approved by the COC by requisite
majority in the 13th meeting on December 28, 2018.
Thereafter, the resolution professional filed an application for approval of plan in January 2019.
Further,
in February 2020, Hindustan Coils Ltd filed an application seeking
direction for consideration of its resolution plan which is 12 per cent
more than the offer of Kalinga which was already approved.
The NCLT approved the consideration of the new bid, following which Kalinga approached the appellate tribunal.
The
DHFL matter is the latest in this regard when after all the contenders
submitted their plans, Adani Group came up with a revised offer,
following which the other suitors Piramal and Oaktree cried foul.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|