Mideast Pipeline Products Through Its ... vs Pratim Bayal Resolution Professional ...

Mideast Pipeline Products Through Its Sole Proprietor, Maninder Singh ...Appellant Versus Pratim Bayal, RP, Nandini Impex Pvt. Ltd. & Anr. ...Respondents

Present: For Appellant : Ms. Pooja Mehra Saigal, Sr. Advocate with Mr. Ishank Jha, Mr. Nivesh Dixit, Advocates. For Respondents : Mr. Partha Sil, Mr. Utkarsh Dwivedi, Advocate for R-2.

ORDER

(Hybrid Mode)

07.08.2025: Heard learned counsel for the Appellant. This appeal has

been filed against order dated 11.06.2025 by which I.A. No.812/KB/2025

filed by the Appellant has been rejected. The Appellant in the application has

made various prayers which have been extracted by the Adjudicating

Authority in Para 3 of the order, which is as follows:

"3. By way of this application the Applicant Mideast Pipeline Products through its sole Proprietor, Shri Maninder Singh would seek the following relief:

a) Direction upon the Respondent No. 1 to forthwith provide the details of the availability of the assets and equipment mentioned in the Information Memorandum and Addendum Note to the same;

b) Direction upon the respondent No. 1 to forthwith furnish a Report before this Tribunal regarding the

Cont'd..../ availability of each of the equipment lying at the various sites of the Corporate Debtor (in CIRP) which are mentioned in the Information Memorandum and Addendum Note to the same;

c) Direction be made extending the time for the Applicant to put in its revised offer within 7 days from the date on which the confirmation of the availability of the equipment and machineries mentioned in the Information Memorandum and Addendum Note to the same are made available to the Applicant;

d) Ad-interim orders in terms of prayers above;"

2. The Adjudicating Authority after hearing the Appellant as well as the

Resolution Professional came to the conclusion that Applicant has been given

sufficient time to put in its Plan/revised offer, but it has failed to come up

with any plan. The said observation has been made in Para 16 of the order,

which is as follows:

"16. In view of such and having noted that Mideast Pipeline Products has been given sufficient time to put in its Plan/revised offer, but it has miserably failed to come up with any, we dismiss the present IA (IB)No. 812/KB/2025, as we feel that the said entity Mideast Pipeline Products does not deserve any further extension of time having noted absence of any extenuating circumstances to permit Mideast Pipeline Products to seek extension any further."

3. The Adjudicating Authority also permitted the Resolution Professional

to come up with appropriate application in accordance with law.

Comp. App. (AT) (Ins.) No. 1087 of 2025 2 of 3

4. It is submitted by learned counsel for the Appellant that the Resolution

Professional has issued an Addendum in which Addendum also no

clarification with regard to existence of assets was made and several

disclaimers were made in the Addendum. It is submitted that the Resolution

Professional is required to give details as required by CIRP Regulations, 2016

and the disclaimer are not in accordance with the law and Regulations.

5. Learned counsel for the CoC submits that after the order passed by the

Adjudicating Authority fresh Form-G has been issued and several Applicants

including the Appellant has filed their Expression of Interest.

6. In view of the fact that fresh process has commenced, in which the

Appellant has already participating, we see no reason to enter the various

issues sought to be raised by the Appellant in the present appeal. We do not

find any error in the order of the Adjudicating Authority rejecting the prayers

as was made by the Appellant in the application. The order of the

Adjudicating Authority does not warrant any interference, however, it shall be

open for the Appellant and other stakeholders to take such steps as

permissible in law with regard to the fresh process. Appeal is dismissed with

observations as above.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) Archana/nn

Comp. App. (AT) (Ins.) No. 1087 of 2025 3 of 3