# In the matter of Meghalaya Infratech Ltd. I.A. No. 27-2020 in CP (IB) No. 13-GB-2019

> NCLT judgment dated 2020-03-18. Citation: TCN-2020-NCLT-01464. The case involves I.A.No.27 of 2020 in CP (IB) No.13/GB/2019 filed under Section 12(2) of the…

- **Court:** NCLT
- **Order date:** 18 Mar 2020
- **Citation:** TCN-2020-NCLT-01464
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/meghalaya-infratech-ltd-ia-no-27-2020-in-cp-ib-no-13-gb-2019-306ecee8

## Summary

### Background

The case involves I.A.No.27 of 2020 in CP (IB) No.13/GB/2019 filed under Section 12(2) of the Insolvency & Bankruptcy Code, 2016 read with Regulation 40 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process of Corporate Persons), Regulations, 2016. Panna Pragati Infrastructure and another, the applicants, filed an application against Mr. Amit Pareek, RP, the respondent. The applicants, who are the proposed unsuccessful Resolution Plan Applicants (RPAs), sought a direction from the Tribunal to the RP to take on record and consider their revised offer submitted by email dated 14.02.2020. The resolution plan submitted by the highest bidder had already been approved by the COC on 12.02.2020 with 100% voting and submitted to the Tribunal for

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## Facts

Panna Pragati Infrastructure and another filed an application (I.A.No.27 of 2020) in CP (IB) No.13/GB/2019 as unsuccessful Resolution Plan Applicants (RPAs). They sought a direction from the Tribunal to the Resolution Professional (RP) to consider their revised offer submitted via email on 14.02.2020. The Committee of Creditors (COC) had already approved the resolution plan submitted by the highest bidder with 100% voting on 12.02.2020 and submitted it to the Tribunal for approval. The applicants insisted that the COC provide individual scores and bid amounts of all RPAs before the presentation of the plan. The applicants abstained from attending the COC meeting on 12.02.2020. The COC had already considered the applicant's earlier plan. The respondent filed a written

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## Issues and analysis

### Issue 1: Whether the Tribunal should direct the RP to take on record and consider the revised offer of the …

**Ratio:** An application can be rejected if the resolution plan of the highest bidder has already

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**Reasoning:** The Tribunal reasoned that since the resolution plan of the highest bidder had already

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**Interpretation:** This interpretation suggests that once the COC has approved a resolution plan

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**Application:** The Tribunal applied this principle to the facts by noting that the COC had

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## Parties

- **Judges:** Hari Venkata…
- **Appellants:** Panna Pragati…
- **Respondents:** Amit Pare…

## Timeline

- **2020-02-11 — 5th COC M…**: 5th COC meeting held. The petitioner insisted the COC to provide the individual score and…
- **2020-02-12 — COC Approves Resolution…**: The COC approved the resolution plan submitted…

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