# In the matter of Findoc Finvest Private Limited vs. Surendera Raj Gang & Ors.

> NCLAT judgment dated 2025-03-18. Citation: TCN-2025-NCLAT-00392. The appeal was filed by an unsuccessful resolution applicant challenging the order dated…

- **Court:** NCLAT
- **Order date:** 18 Mar 2025
- **Citation:** TCN-2025-NCLAT-00392
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/findoc-finvest-private-limited-vs-surendera-raj-gang-ors-869ddfe6

## Summary

### Background

The appeal was filed by an unsuccessful resolution applicant challenging the order dated 04.10.2024 passed by the National Company Law Tribunal, Principal Bench, New Delhi, which approved the resolution plan submitted by the successful resolution applicant in the CIRP of M/s Metenere Limited.

## Facts

An application was filed by State Bank of India under Section 7 against the Corporate Debtor, M/s Metenere Ltd., and CIRP commenced on 03.10.2020.

A resolution plan by M/s Jubilee Metals Pvt. Ltd. was initially approved but later withdrawn due to changes in the company's operational status.

The RP issued a fresh Form-G on 02.12.2023, inviting Expression of Interest for submission of a Resolution Plan.

The Appellant filed IA No.504 of 2024 to include its name in the final list of Prospective Resolution Applicants.

The Adjudicating Authority permitted the Appellant to submit a Resolution Plan, which was to be scrutinized by the CoC.

The CoC granted time till 14.05.2024 for all Resolution Applicants to complete their due diligence and submit revised Resolution Plans.

…

## Issues and analysis

### Issue 1: Whether the CoC was obligated to conduct a Swiss Challenge Mechanism to maximize the value of the …

**Ratio:** The RFRP contemplated that the CoC, in its

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**Reasoning:** The clause in the RFRP vested discretion on the

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**Interpretation:** The CoC was not obligated to conduct a Swiss Challenge Mechanism, and its

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**Application:** The court upheld the CoC's decision not to conduct a Swiss Challenge Mechanism,

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Findoc Finvest…
- **Respondents:** M/s Metener…; Surendera R…; +2 more
- **Other parties:** Committee of…; State Bank of…
- **Advocates:** Gaurav…; Harsh Vardhan…; +5 more

## Timeline

- **2020-10-03 — CIRP Commen…**: CIRP commenced vide…
- **2023-12-02 — Form-G I…**: The RP issued fresh Form-G dated…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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