# In the matter of PAE Limited

> NCLT judgment dated 2024-09-30. Citation: TCN-2024-NCLT-00527. This Interlocutory Application (I.A. 4201/MB/2024) was filed in CP (IB) No. 1074/MB/2023 on…

- **Court:** NCLT
- **Order date:** 30 Sept 2024
- **Citation:** TCN-2024-NCLT-00527
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pae-limited-fd5e975c

## Summary

### Background

This Interlocutory Application (I.A. 4201/MB/2024) was filed in CP (IB) No. 1074/MB/2023 on 2024-07-15 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) by Rohstoffe International Private Limited, a prospective resolution applicant (PRA), against Mr. Karthik Natarajan, the Resolution Professional (RP) of PAE Limited, and the Committee of Creditors (COC) of PAE Limited. The applicant sought an order to accept and consider its Expression of Interest (Eol) in parity with other PRAs. The main application, filed by Alp Acres & Landlines Private Limited, was admitted on 2024-04-22 under Section 7 of the IBC, initiating Corporate Insolvency Resolution Process (CIRP) against PAE Limited.

## Facts

Rohstoffe International Private Limited (the Applicant) filed an Interlocutory Application (I.A. 4201/MB/2024) in CP (IB) No. 1074/MB/2023, seeking an order to direct the Resolution Professional (RP) of PAE Limited to accept and consider its Expression of Interest (Eol). The main application, filed by Alp Acres & Landlines Private Limited, was admitted on 2024-04-22, initiating Corporate Insolvency Resolution Process (CIRP) against PAE Limited. The RP issued Form G on 2024-05-23, inviting Eols with a deadline of 2024-06-12. The Applicant missed this deadline but submitted its Eol on 2024-06-19, which was rejected by the RP. The Applicant claims it intended to submit the Eol by email dated 2024-05-24. The RP sent a reminder email on 2024-06-11 to all PRAs, including

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## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) was justified in rejecting the Expression of Interest …

**Ratio:** Regulation 36A(6) of the CIRP Regulations mandates that the Eol received after the time

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**Reasoning:** The court reasoned that the RP is mandated to reject Eols received after the time

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**Interpretation:** The interpretation of Regulation 36A(6) and the preamble of the IBC emphasizes

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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:** K. R. SAJI…; SANJIV…
- **Appellants:** ROHSTOFFE…
- **Respondents:** PAE LIM…; KARTHIK NAT…

## Timeline

- **2024-04-22 — Admission of Main…**: The Bench admitted the Main Application under Section 7 of the IBC, filed by the…
- **2024-05-23 — Issuance of…**: Respondent No. 1/RP issued Form G, inviting Eol for the CD, with a final submission…

## 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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