Nanubhai N Desai vs Vishram Narayan Panchpor

Nanubhai N Desai ...Appellant

Versus

Vishram Narayan Panchpor & Ors. ...Respondents

Present: For Appellant: Mr. Prakhar Tandon and Mr. Agam H. Maloo, Advocates. For Respondents: Mr. Avinash Rajan Khanolkar, Advocate with Mr. Vishram N Panchpor, RP for R-1.

ORDER

(Virtual Mode)

29.07.2022: Heard learned counsel for the Appellant. This Appeal has been filed against the order dated 29.11.2021 passed by the Adjudicating Authority (National Company Law tribunal), Mumbai Bench by which order the Adjudicating Authority has directed for liquidation of the Corporate Debtor. The Adjudicating noticed that Form-G was published for three times on 18.12.2020, 11.04.2021 and 02.06.2021 but no Resolution Plan was received. One Expression of Interest (EOI) was received from Mr. Tushar Kumar Desai in response to the published notices of Form-G but the said EOI was not meeting the criteria and it was rejected.

2. The learned counsel for the Appellant submits that the Appellant is interested in reviving the Corporate Debtor and if a short opportunity is allowed he can submit the EMD amount of the Resolution Plan.

3. Learned counsel for the Respondent refuting the submission submits that no Resolution Plan was received from the Appellant and EOI which was received was rejected since EMD was not paid for that, which was done on 14.05.2021.

Cont'd.../ 2

4. Learned counsel for the Appellant submits that he had no opportunity to challenge order dated 14.05.2021 as immediately after that Adjudicating Authority passed order dated 29.11.2021.

5. We have considered the submission of learned counsel for parties and perused the record.

6. When after publication of Form-G there were no Resolution Plans received, the Adjudicating Authority has rightly proceeded to pass order for liquidation. Insofar as submission of the Appellant that he may be allowed to give Resolution Plan, we are of the view that the EOI which was filed by the Appellant in pursuance of the invitation by Form-G was rejected and that was not challenged by the Appellant for more than six months. At this stage, we are not persuaded by the submission of the Appellant to give him another opportunity.

7. We do not find any error in the order of the Adjudicating Authority directing for liquidation in the facts of the case. The Appeal is dismissed.

[Justice Ashok Bhushan] Chairperson

[Justice M. Satyanarayana Murthy] Member (Judicial)

[Barun Mitra] Member (Technical) Archana/nn

Company Appeal (AT) (Insolvency) No. 838 of 2022