Edelweiss Asset Reconstruction Co. Ltd. initiated a corporate insolvency resolution process against Jalan Intercontinental Hotels (P) Ltd. A resolution applicant, ranked H-2, filed an application seeking a stay of the H-1 applicant's rank and an opportunity to revise its bid. The Resolution Professional (RP) had issued a Modified Information Memorandum, allowing applicants to revise their offers. The H-2 applicant submitted a revised offer on 26/04/2018, which was lower than the H-1 applicant's offer. The H-1 applicant objected to the court issuing directions to the RP to reconsider the offers. The Committee of Creditors (CoC) had not yet finalized the resolution plan.

Edelweiss Asset Reconstruction Co. Ltd. initiated a corporate insolvency resolution process against Jalan Intercontinental Hotels (P) Ltd. A resolution applicant, ranked H-2, filed an application seeking a stay of the H-1 applicant's rank and an opportunity to revise its bid. The Resolution Professional (RP) had issued a Modified Information Memorandum, allowing applicants to revise their offers. The H-2 applicant submitted a revised offer on 26/04/2018, which was lower than the H-1 applicant's offer. The H-1 applicant objected to the court issuing directions to the RP to reconsider the offers. The Committee of Creditors (CoC) had not yet finalized the resolution plan.