# In the matter of Bhadreshwar Vidyut Private Limited

> NCLT judgment dated 2023-09-21. Citation: TCN-2023-NCLT-01508. The case involves an application filed by Global VS Commodity Services (FZE) against Hitesh…

- **Court:** NCLT
- **Order date:** 21 Sept 2023
- **Citation:** TCN-2023-NCLT-01508
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhadreshwar-vidyut-private-limited-3810a1fd

## Summary

### Background

The case involves an application filed by Global VS Commodity Services (FZE) against Hitesh Goel, the Resolution Professional of Bhadreshwar Vidyut Private Limited, seeking condonation of a delay in submitting the Expression of Interest (EOI) and to allow the applicant to participate in the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The applicant also seeks to have their resolution plan, submitted on 12.05.2023, placed before the Committee of Creditors (CoC). The Resolution Professional had rejected the applicant's EOI, citing delays and ineligibility under Section 29A of the Insolvency and Bankruptcy Code (IBC).

## Facts

Global VS Commodity Services (FZE) filed an application seeking to participate in the CIRP of Bhadreshwar Vidyut Private Limited. The Corporate Debtor was admitted into CIRP on 2022-10-18. The applicant submitted its EOI on 2022-12-31 along with Rs. 11.0 Lakh as Earnest Money Deposit and a resolution plan on 2023-05-12, remitting Rs. 1.0 Crore on 2023-04-27 as Earnest Money Deposit. The Resolution Professional (RP) rejected the applicant's EOI, citing delays and ineligibility under Section 29A of the IBC, due to a relationship between a Key Managerial Person of the Applicant and the promoter of Gita Power and Infrastructure Private Limited (GPIPL), the holding company of the Corporate Debtor. The RP floated another revised Form-G on 2023-07-29, with a deadline of

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## Issues and analysis

### Issue 1: Whether the delay in submitting the Expression of Interest (EOI) by the applicant should be …

**Ratio:** The primary objective of the IBC is to maximize the value of the Corporate Debtor's

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**Reasoning:** The Adjudicating Authority considered precedents where delays were condoned, emphasizing

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**Interpretation:** Regulation 36A (3) of the CIRP Regulations stipulates that the last date for

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**Application:** The court applied the ratio and reasoning to the specific facts of the case,

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## Parties

- **Judges:** SANJIV…; RAVICHANDRAN…
- **Appellants:** Global VS…
- **Respondents:** Bhadreshwar…; Hitesh…

## Timeline

- **2022-10-18 — CIRP Admi…**: Corporate Debtor admitted to CIRP vide…
- **2022-12-17 — Form-G Publ…**: Form-G initially published indicating the last date for submitting the Expression of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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