# In the matter of Orissa Metaliks Pvt. Ltd. vs. Avil Jerome Menezes

> NCLAT judgment dated 2025-07-25. Citation: TCN-2025-NCLAT-00415. The appeal challenges an order dated 16.06.2025 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 25 Jul 2025
- **Citation:** TCN-2025-NCLAT-00415
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/orissa-metaliks-pvt-ltd-vs-avil-jerome-menezes-910ee67f

## Summary

### Background

The appeal challenges an order dated 16.06.2025 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in I.A. No.2956/2024 & I.A. No. 3550/2024 in C.P. (IB) No. 513(MB)/2022. The order approved the decision of the CoC to permit R-3 to submit a revised resolution plan.

## Facts

The CIRP of Future Enterprises Limited commenced on 27.02.2023.

Both the appellant and R-3 submitted Expression of Interest (EoI) in response to the resolution plan issued on 01.02.2024.

The CoC requested both the appellant and R-3 to revise their plans.

The appellant submitted a revised resolution plan of Rs.60 crore and later a second revised plan for Rs.75 crore.

R-3 initially failed to submit a revised plan but later sought time.

On 29.05.2024, R-3 sent an email communicating its intention to withdraw from the process and seeking a refund of the EMD.

On 31.05.2024, R-3 sent another email asking the RP to ignore the earlier email and communicated that it would submit a revised plan.

…

## Issues and analysis

### Issue 1: Whether the CoC was justified in allowing R-3 to submit a revised resolution plan after R-3 had …

**Ratio:** The CoC has the power to take decisions for value maximization and can permit a

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**Reasoning:** The tribunal relied on the RFRP clauses and previous judgments, including 'Vistara ITCL

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**Interpretation:** The CoC's decision is based on commercial wisdom and is not subject to judicial

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**Application:** The tribunal found that the CoC's decision to permit R-3 to submit a revised

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Orissa Metaliks…; Uniwo…; +1 more
- **Respondents:** Future Enterprises…; Avil Jerome…; +1 more
- **Advocates:** Arun Kath…; Krishnendu…; +12 more

## Timeline

- **2023-02-27 — CIRP Commen…**: The Corporate Insolvency Resolution Process (CIRP) of Future Enterprises Limited…
- **2024-02-01 — Resolution Plan…**: Form G was issued inviting resolution plans for…

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