# In the matter of Panna Pragati Infrastructure Pvt. Ltd. & Anr. Vs. Amit Pareek & Ors. CA(AT)(Ins)No. 515 of 2020

> NCLAT judgment dated 2020-10-19. Citation: TCN-2020-NCLAT-00074. The case involves two appeals (Company Appeal (AT) (Insolvency) No. 515 of 2020 and No. 516…

- **Court:** NCLAT
- **Order date:** 19 Oct 2020
- **Citation:** TCN-2020-NCLAT-00074
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/panna-pragati-infrastructure-pvt-ltd-anr-vs-amit-pareek-ors-ca-7743b62f

## Summary

### Background

The case involves two appeals (Company Appeal (AT) (Insolvency) No. 515 of 2020 and No. 516 of 2020) arising from orders passed by the Adjudicating Authority (National Company Law Tribunal), Guwahati Bench, Guwahati. Appeal No. 515 challenges the rejection of the Appellant's application seeking direction to the Resolution Professional to consider their revised offer. Appeal No. 516 challenges the approval of the Resolution Plan of Ngaitlang Dhar (H1 Bidder). The Appellants contended that their revised Resolution Plan was not properly considered, while the Respondents argued that the Committee of Creditors (CoC) acted within its rights to approve the plan of another bidder.

## Facts

Meghalaya Infratech Ltd. (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Allahabad Bank. Amit Pareek was appointed as the Interim Resolution Professional (IRP) and later confirmed as Resolution Professional. The IRP made a public announcement inviting claims from creditors, leading to the constitution of a Committee of Creditors (CoC). Several parties, including Panna Pragati Infrastructure Pvt. Ltd. (Appellant) and Ngaitlang Dhar (Respondent No.4), submitted Expression of Interest and Resolution Plans. The Appellant submitted two plans during the CIRP. The first plan was placed before the CoC, and the Appellants were given an opportunity to revise

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority and Resolution Professional erred in rejecting the Appellant's …

**Ratio:** The Hon'ble Apex Court in “Committee of Creditors of Essar Steel India Limited Vs. Satish

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**Reasoning:** The court found that the rejection of the Appellant's revised Resolution Plan was not

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**Interpretation:** The court interpreted the I&B Code and relevant precedents to allow for

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**Application:** The court applied the principle that timelines can be relaxed in exceptional

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## Parties

- **Judges:** Bansi Lal…; Jarat Kuma…; +2 more
- **Appellants:** Panna Pragati…
- **Respondents:** Meghalaya…; Amit Pa…
- **Advocates:** Abhijeet…; Soumya…; +5 more

## Timeline

- **2019-09-25 — First Committee of…**: Amit Pareek was confirmed as Resolution Professional at the first Committee of Creditors…
- **2020-02-06 — Notice of Committee of…**: The Appellants were advised by notice about the agenda of the Committee of Creditors…

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