# In the matter of Bhadreshwar Vidyut Private Limited

> NCLT judgment dated 2023-09-21. Citation: TCN-2023-NCLT-01515. Global VS Commodity Services (FZE) filed an application against Hitesh Goel, the Resolution…

- **Court:** NCLT
- **Order date:** 21 Sept 2023
- **Citation:** TCN-2023-NCLT-01515
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhadreshwar-vidyut-private-limited-8a84e73e

## Summary

### Background

Global VS Commodity Services (FZE) filed an application against Hitesh Goel, the Resolution Professional of Bhadreshwar Vidyut Private Limited, seeking condonation of a delay in submitting their Expression of Interest (EOI) and to have their resolution plan considered by the Committee of Creditors (CoC). The Corporate Debtor, Bhadreshwar Vidyut Private Limited, was admitted into CIRP on 2022-10-18. The Resolution Professional rejected the applicant's EOI, citing delays and ineligibility under Section 29A of the Insolvency and Bankruptcy Code (IBC). The applicant argued that the delay was not willful and that the rejection was premature. The applicant also contended that Section 29A should not apply because the assignees are not related parties.

## Facts

Global VS Commodity Services (FZE) applied to participate in the CIRP of Bhadreshwar Vidyut Private Limited. The Corporate Debtor was admitted to CIRP on 2022-10-18. The applicant submitted its EOI with a delay. The Resolution Professional (RP) rejected the EOI, citing delays and ineligibility under Section 29A of the IBC, arguing that Suresh Kumar Gupta, a Key Managerial Person of the Applicant, is the brother of Arvind Gupta, the promoter of Gita Power and Infrastructure Private Limited, the holding company of the Corporate Debtor. The applicant argued that the delay was due to logistical issues in the United Arab Emirates and that Section 29A should not apply because the assignees are not related parties. The RP did not place the EOI before the CoC for

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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 court considered precedents where delays were condoned to maximize the value of the

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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 to the facts of the case, noting that the delay was

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## Parties

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

## Timeline

- **2022-10-18 — CIRP Admi…**: Corporate Debtor…
- **2022-12-17 — Form-G Publ…**: Form-G initially…

## 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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