Case Note & Summary
The appeal was filed by a suspended director of PK Global Power Pvt. Ltd. against an order of the Adjudicating Authority regarding the submission of an Expression of Interest (EoI) in the Corporate Insolvency Resolution Process (CIRP). The Appellant claimed to have submitted an EoI in response to the initial Form G but failed to submit within the revised timeline after the Form G was re-issued. The Resolution Professional rejected the late submission, stating that it could not be entertained as per the CIRP Regulations. The Appellant argued that he was not informed of the new dates for the Form G, which led to his inability to submit on time. The Resolution Professional countered that the Appellant's offer was considered in a prior Committee of Creditors meeting and deemed unacceptable. The Adjudicating Authority found no error in the Resolution Professional's decision, as the Appellant did not submit the EoI by the deadline. The Tribunal noted that the application for approval of the Resolution Plan was still pending and indicated that the Appellant could seek legal remedies following the decision on the Plan. Ultimately, the Tribunal dismissed the appeal, affirming the importance of compliance with procedural timelines in insolvency proceedings.
Headnote
A) Corporate Law - Corporate Insolvency Resolution Process - Timeliness of Submission - Insolvency and Bankruptcy Code, 2016, Section 30 - The Appellant failed to submit the Expression of Interest within the stipulated time after the re-issuance of Form G, leading to rejection by the Resolution Professional. The Adjudicating Authority upheld this decision, emphasizing the importance of adhering to timelines set forth in the CIRP Regulations. Held that the RP acted within the law in rejecting the late submission (Paras 11-12).
Issue of Consideration
Whether the Appellant's late submission of Expression of Interest should be accepted despite the revised timeline.
Final Decision
The Tribunal dismissed the appeal, affirming the Adjudicating Authority's decision to reject the late submission of the Expression of Interest due to non-compliance with the stipulated timelines.
Law Points
- Corporate Insolvency Resolution Process
- Expression of Interest
- Committee of Creditors
- Adjudicating Authority
- MSME provisions
