The case pertains to IA/1301/2023 filed in the matter of 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 as required by 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, the applicant, is a prospective resolution applicant. The last date for submitting the resolution plan was 2023-01-31. The applicant submitted the resolution plan on time but failed to submit the bank guarantee along with it. They later handed over a fixed deposit receipt amounting to Rs. 2,00,00,000/- to the Resolution Professional on 2023-02-15. The 17th CoC meeting was held on 2023-02-14, where the resolution plan was rejected because it was not submitted in time as per the RFRP. The Resolution Professional received seven resolution plans, including the applicant's, but deemed the applicant's plan
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The case pertains to IA/1301/2023 filed in the matter of 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 as required by 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, the applicant, is a prospective resolution applicant. The last date for submitting the resolution plan was 2023-01-31. The applicant submitted the resolution plan on time but failed to submit the bank guarantee along with it. They later handed over a fixed deposit receipt amounting to Rs. 2,00,00,000/- to the Resolution Professional on 2023-02-15. The 17th CoC meeting was held on 2023-02-14, where the resolution plan was rejected because it was not submitted in time as per the RFRP. The Resolution Professional received seven resolution plans, including the applicant's, but deemed the applicant's plan
…CIRP of MB Malls…
Expression of…