Alok Srivastava JUDGMENT
Ashok Bhushan, J. (Chairperson)
1. This Appeal has been filed by an Unsuccessful Resolution Applicant challenging the order of the Adjudicating Authority dated 13.10.2021 by which the Adjudicating Authority has approved the Resolution Plan of Respondent No. 3.
2. The Corporate Insolvency Resolution Process (CIRP) was initiated against Bohra Industries Limited - the Corporate Debtor, by order dated 9th August, 2019. After publication of Form-G on 21.10.2019 a Resolution Plan was submitted by the Appellant. In Committee of Creditors (CoC) meeting dated 10th June, 2020, the Appellant made a statement that it had given its best offer. The possibility of any upward revision in Appellant offer was declined. A resolution was passed authorizing Resolution Professional to publish a fresh Form-G, inviting Expression of Interest to submit Resolution Plan for Bohra Industries Limited. In the 9th CoC meeting, Resolution Professional requested that CoC may deliberate on Resolution Plan submitted by the Appellant as well as another Resolution Plan submitted by consortium of six individual. CoC decided to choose to discuss the Resolution Plan with Resolution Applicants separately. In the 10th CoC meeting held on 25th August, 2020, both the Resolution Applicants were asked to give their updated revised Resolution Plans on or before 2nd September, 2020. The representatives of CoC categorically asked to increase the amount offered in the respective Resolution Plans. In 11th, 12th and 13th COC meeting, both the Resolution Applicants were given opportunity to revise the Plan. Thirteenth COC meeting was held on 18th September, 2020 in which it was noted that both the Resolution Applicants have sent their final plan. On 19.09.2020, it was circulated to CoC. Fourteenth CoC meeting was held to take vote of CoC on the Resolution Plan. The CoC decided to approve the Resolution Plan submitted by consortium of six individuals, i.e. Respondent No. 3 and declared the same as approved with 100% voting and Resolution Plan submitted by the Appellant was rejected with 100% voting. Hence, an Application was filed before the Adjudicating Authority for approval of the Resolution Plan. The Adjudicating Authority by the impugned order dated 13.10.2021 has approved the Resolution Plan of Respondent No. 3. Aggrieved against which judgment this Appeal has been filed.
3. Learned Counsel for the Appellant challenging the order passed by the Adjudicating Authority contends that Adjudicating Authority had committed error in approving the Resolution Plan of Respondent No. 3. It is submitted that under the evaluation matrix, the higher upfront payment was to be preferred and the Appellant having offered higher upfront payment was to be given the opportunity. It was submitted by learned Counsel for the Appellant that score of evaluation matrix was neither disclosed nor deliberated and the Resolution Plan was not as per evaluation matrix. It is submitted that as per Regulation 39(3)(a) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the approved Resolution Plan was not as per evaluation matrix. Learned Counsel for the Appellant submits that Appellant's Plan had higher value. Learned Counsel further submits that no opportunity was given to the Appellant to enhance the value of its Plan. It is submitted that various circulars issued by IBBI were not followed by the CoC while approving the Resolution Plan of Respondent No. 3.
4. When the Appeal was heard by this Tribunal on 0........