Delayed bid cannot be considered under IBC even if better: NCLAT

9

New Delhi, Jan 19 | 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.

Source: IANS

Sponsors Posts

Vision Luxury Apartments in Vijay Nagar Jabalpur by Paroha Developers - BhaskarProperty.com

Vision Luxury Apartments in Vijay Nagar Jabalpur by Paroha Developers - BhaskarProperty.com

VISION JABALPUR – PRIVILEGED LOCATION, ELEGANT DESIGN

Your home is “your place of pride” which is why we build homes that are impeccably designed, Flawlessly finished and perfectly presented.

GRAND WELCOME TO A NEW CONCEPT

There is more to architecture than just buildings. It is about thoughtfully designing a space & constructing to take our breath away!

Vision Jabalpur is a lifetime opportunity for those with higher expectation. It is one of a kind, world-class development for both locals and the international NRI market. This unique concept development will be a serviced apartment township, providing a luxury hotel-style living to all of its residents. Located in the central yet largely residential area of Vijay Nagar, it’s a place to be now and forever

PROJECT HIGHLIGHTS AND AMENITIES

1st 16 floors serviced apartment township of Jabalpur.
1st in India to enjoy skywalk (180 ft.) & sky lounge (190 ft.) height.
1st development in Jabalpur with on-site helipad* (subject to approvals).
1st ever 16 floor high rise in Jabalpur to offer a 360* panorama view.
1st ever fully Wi-Fi township and smart homes in Jabalpur.

ELEVATE TO MODERN LIVING

Enjoy a contemporary lifestyle that one can ever imagine. You and your family can indulge in a host of amenities on offer, right next to your door.

• Visit Lord Shiva temple is on-site to inspire spirituality.
• Spend time shopping at the mall.
• Get in shape at the fitness centre.
• Refresh at the swimming pools, spa, steam room and Jacuzzi.
• Watch a movie at the multiplex theatre.
• Host a party at the multi-purpose hall.
• Try your hand at billiards, squash, snooker and table tennis.
• Skywalk 180 ft. above the ground.
• Bathe in the sun at the sky,190 ft. above the ground.
• Admire the beauty of landscaped gardens.
• Let your children enjoy in the kids play area.

STEP UP TO GREENER LIVING

Designed in an environmentally sensitive way, the architectural plans help reduce carbon emission and hence support the principle of sustainability.

• 70% greenery & rainwater harvesting.
• Sewage water treatment.
• Energy-efficient water pumps and fixtures.
• External solar lighting.
• Well ventilated apartments with ample natural light.

ENJOY A LAVISH LIFESTYLE

Just make a wish and concierge, facility management and housekeeping services will be at your command.

• Emergency & ambulance support.
• Wireless internet.
• Taxi service.
• Cleaning & laundry services.
• Travel tickets booking.
• Travel tickets booking.
• Car parking.
• Waste management.
• 24 hrs. water supply.
• Three-tier security.

YOUR LIVING SPACE EXUDES EXCEPTIONAL QUALITY

Vision Jabalpur is Impressive in style, design, technology and specification. Inner space is light and airy to emphasise a relaxed ambience. State of the art kitchen. quality bathrooms, living spaces, calm bedrooms all combine to create a home that brings together every element of refined lifestyle and taste.

• Fully furnished apartments.
• Air-conditioned.
• Video door entry and intercom to the concierge.
• Provision for gas pipeline connection.
• DTH television facilities.
• 24 hrs. concierge services.
• Ample covered and open parking spaces.
• Private terrace & garden for selected apartments.

HOME THAT LEAVE A LASTING IMPRESSION

With interiors to inspire, Vision Jabalpur offer the discerning buyer the chance to own a home in perfect harmony with its natural surroundings. Some of the materials that get into making your home are:

• Premium vitrified tiles for bedrooms.
• European style chrome plated CP fitting Jaguar equivalent.
• Sanitary fitting of premium range.
• Kitchen –premium quality granite top, hob and chimney.
• UPVC/ anodized aluminium windows.
• Stainless steel rating on terrace with anti-skid ceramic tiles.
• Gypsum plaster and lustre pains on walls & ceilings in all apartments.
• Acrylic paints for external walls.
• High speed elevator.
• Ample light in parking and landscaped areas.
• CCTV, intercom and video door entry systems.

For more details please click here or visit bhaskarproperty.com

Sponsors Posts

Rajul City Phase III, Bilahari, Jabalpur - Bhaskarproperty.com

Rajul City Phase III, Bilahari, Jabalpur - Bhaskarproperty.com

About Project:

Buy a new lifestyle for a lifetime with aptly sized plots for your dream home.

Rajul Builders is proud to announce the launch of yet another milestone in the city of Jabalpur. Rajul city Phase 3 is a gated community with plot sizes for everyone.

With first-class amenities like a clubhouse which includes a steam room, indoor games such as carom, table tennis, and more.

Open gym coupled with jogging & biking track well within your society, there’s no need to step out.

*25,000 sq.ft. plus one of the largest private gardens in Jabalpur.

*Premium landscaping all around the society.

*Gated Community with 24×7 Security.

*Swimming pool with waterfall & kids pool separately.

*Underground water storage tanks for each plot.

*Rainwater harvesting facility.

01. Amenities like never before making it premium yet affordable.

We have thoughtfully planned the entire project in a smart way so you get the flexibility of building your dream home at your own pace.

02. Buy multiple plots for big sizes.

All kinds of sizes available.

Our plot sizes range from 330 – 1500 sq. ft. So we have a plot for all kinds of requirements. In true Rajul spirit whether your budget is small or large, we have an answer for everyone.

For more details please click here or visit bhaskarproperty.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here