# In the matter of Supreme Overseas Exports India Pvt. Ltd.

> NCLT judgment dated 2023-11-22. Citation: TCN-2023-NCLT-00611. The application was filed on 2023-06-13 by Goldmine Online Hub Private Limited under Section 31…

- **Court:** NCLT
- **Order date:** 22 Nov 2023
- **Citation:** TCN-2023-NCLT-00611
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supreme-overseas-exports-india-pvt-ltd-97d66f45

## Summary

### Background

The application was filed on 2023-06-13 by Goldmine Online Hub Private Limited under Section 31 & 60(5) & Regulation 39 of CIRP Regulations of IBC, 2016 read with Rule 11 NCLT Rules, 2016, seeking to direct the RP and the Committee of Creditors to examine the Resolution Plan submitted by the Applicant as to whether it complied with the provisions of IBC and if complied to present to the Committee of Creditors for approval of the Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, M/s Goldmine Online Hub Private Limited, based on a petition filed by State Bank of India under Section 7 of the IBC, 2016, which was admitted by the Tribunal on 2022-06-07. Subsequently, the CoC confirmed the Resolution

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, M/s Goldmine Online Hub Private Limited, based on a petition filed by State Bank of India under Section 7 of the IBC, 2016, which was admitted by the Tribunal on 2022-06-07. Subsequently, the CoC confirmed the Resolution Professional. The Resolution Professional invited Expression of Interest (EOI) from prospective Resolution Applicants, with a deadline of 2022-10-23 for submission of the Resolution Plan. The applicant, M/s Goldmine Online Hub Private Limited, submitted their Resolution Plan on 2023-05-04 for Rs. 16.50 Crores and Expression of Interest. However, the RP returned the Resolution Plan along with Demand Drafts for Rs. 50 Lakhs paid towards EMD. The Resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Applicant should be considered by the RP and CoC, …

**Ratio:** Regulation 36 A (6) of the Insolvency and Bankruptcy Board of India (Insolvency

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**Reasoning:** The Tribunal reasoned that the Applicant submitted the EOI at a very belated stage, even

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**Interpretation:** This regulation implies that any expression of interest received after the

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**Application:** In this case, the Applicant submitted the EOI after the deadline and after the

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Respondents:** M/s Goldmine…; Raghu Babu…

## Timeline

- **2021-01-01 — CP (IB) No. 89/BB/2021…**: Filing of CP (IB) No.…
- **2022-06-07 — Admission of Company…**: Tribunal admitted the company petition filed by State Bank of India under section 7 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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