The case pertains to IA/1301/2023 filed in the Corporate Insolvency Resolution Process (CIRP) of MB Malls Private Limited. The applicant, Namo E-waste Management Limited & Vardhman Sales Agency, sought condonation of delay in submitting the fixed deposit receipt as security towards the bank guarantee and direction to the Resolution Professional to consider their resolution plan. The Resolution Professional (RP) argued that the applicant's resolution plan was non-responsive due to the non-submission of the bid bond, a mandatory requirement as per the Request for Resolution Plan (RFRP).
The Corporate Insolvency Resolution Process (CIRP) of MB Malls Private Limited was initiated on 2022-08-03. Namo E-waste Management Limited & Vardhman Sales Agency, as prospective resolution applicants, submitted a resolution plan. The last date for submission was 2023-01-31. The applicant failed to submit the required bank guarantee along with the resolution plan initially, but later provided a fixed deposit receipt. The 17th CoC meeting on 2023-02-14 rejected the plan because it was not submitted on time as per the RFRP. The Resolution Professional (RP) received seven resolution plans, including the applicant's, which was deemed 'nonresponsive' because it lacked the bid bond as per provision 3.7.1 (iv) of the RFRP. All other six resolution applicants provided the
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The case pertains to IA/1301/2023 filed in the Corporate Insolvency Resolution Process (CIRP) of MB Malls Private Limited. The applicant, Namo E-waste Management Limited & Vardhman Sales Agency, sought condonation of delay in submitting the fixed deposit receipt as security towards the bank guarantee and direction to the Resolution Professional to consider their resolution plan. The Resolution Professional (RP) argued that the applicant's resolution plan was non-responsive due to the non-submission of the bid bond, a mandatory requirement as per the Request for Resolution Plan (RFRP).
The Corporate Insolvency Resolution Process (CIRP) of MB Malls Private Limited was initiated on 2022-08-03. Namo E-waste Management Limited & Vardhman Sales Agency, as prospective resolution applicants, submitted a resolution plan. The last date for submission was 2023-01-31. The applicant failed to submit the required bank guarantee along with the resolution plan initially, but later provided a fixed deposit receipt. The 17th CoC meeting on 2023-02-14 rejected the plan because it was not submitted on time as per the RFRP. The Resolution Professional (RP) received seven resolution plans, including the applicant's, which was deemed 'nonresponsive' because it lacked the bid bond as per provision 3.7.1 (iv) of the RFRP. All other six resolution applicants provided the
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Expression of…