Sagar Sharma & Anr., Suspended Director/Promoter of Horizon Private Limited, filed an Interlocutory Application challenging the rejection of their EOI.

The RP rejected the EOI because the Applicants did not meet the net worth criteria approved by the CoC.

The Applicants claimed exemption from net worth requirements as the Corporate Debtor is an MSME.

The RP argued that the MSME exemption only applies to certain clauses of Section 29A and does not dispense with compliance of eligibility criteria fixed by the CoC.

The Applicants were non-cooperative in the CIRP process and failed to hand over documents and assets of the Corporate Debtor.

The CoC is vested with the power to decide the minimum eligibility criterion.

Sagar Sharma & Anr., Suspended Director/Promoter of Horizon Private Limited, filed an Interlocutory Application challenging the rejection of their EOI.

The RP rejected the EOI because the Applicants did not meet the net worth criteria approved by the CoC.

The Applicants claimed exemption from net worth requirements as the Corporate Debtor is an MSME.

The RP argued that the MSME exemption only applies to certain clauses of Section 29A and does not dispense with compliance of eligibility criteria fixed by the CoC.

The Applicants were non-cooperative in the CIRP process and failed to hand over documents and assets of the Corporate Debtor.

The CoC is vested with the power to decide the minimum eligibility criterion.