The court emphasized the importance of maintaining a level playing field in the corporate insolvency resolution process and found that the modification of the resolution plan by the appellant warranted the granting of corresponding permission to the other resolution applicant to place its modification for consideration of the Committee of Creditors.

ORDER :

Dinesh Maheshwari, J.

1. Having heard learned senior counsel for the appellant at sufficient length and having perused the material placed on record, we do not feel persuaded to entertain this appeal under Section 62 of Insolvency and Bankruptcy Code, 2016¹[Hereinafter also referred to as “the Code’.] by one of the resolution applicants²[A consortium led by the appellant (comprising of a private limited company and the appellant himself) has been the resolution applicant.] in the corporate insolvency resolution process³[‘CIRP’, for short.] concerning the corporate debtor-B.B. Foods Pvt. Ltd.

2. The appellant seeks to question the judgment and order dated 13.01.2022 as passed by the National Company Law Appellate Tribunal, Principal Bench, New Delhi⁴[Hereinafter also referred to as ‘the NCLAT’ or ‘the Appellate Tribunal’.] in Company Appeal (AT) Insolvency No. 35 of 2022 whereby, the Appellate Tribunal declined to interfere in the order dated 13.12.2021 passed in I.A. No. 367 of 2021 in CP No.(IB)349/ALD/2018 by the National Company Law Tribunal, Allahabad Bench, Allahabad⁵[Hereinafter also referred to as ‘the NCLT’ or ‘the Adjudicating Authority’.] by which, the Tribunal granted the prayer of the appellant to amend his resolution plan dated 22.10.2021 but, at the same time, also allowed the other resolution applicant to place any modification in their resolution plan before the Committee of Creditors⁶[‘CoC’, for short.].

3. Shorn of unnecessary details, the relevant background aspects for the present purpose are that as regards the CIRP in question, there had been two resolution applicants, the consortium led by appellant being one of them. It appears that there had been deliberations in the CoC over the resolution plans submitted by the appellant and other resolution applicant; and in the minutes of eighth meeting dated 02.11.2021, the CoC indicated its deliberations/observations concerning the two resolution plans in the following terms:

“At this stage, the representative of Resolution Applicant, namely, Sirius Foods Private Limited was invited to have detailed deliberations on the Resolution Plan submitted by Sirius Foods Private Limited and during the course of deliberations, defects/technical difficulty was pointed out and thereafter, representative of Resolution Applicant, namely, Sirius Foods Private Limited assured that all defects would be removed to the extent possible and to the satisfaction of the COC and Resolution Professional. No further objections/issues were raised by any other participant of the meeting and accordingly, representative of Resolution Applicant, namely, Sirius Foods Private Limited left the meeting thereafter.

At this stage, the representative of Resolution Applicant, namely, consortium of Prabhat Warehouse and Cold Storage Limited and Mr. Ajay Gupta was invited to have detailed deliberations on the Resolution Plan submitted by, consortium of Prabhat Warehouse and Cold Storage Limited & Mr. Ajay Gupta and during the course of deliberations, defects/technical difficulty were pointed out and thereafter, representative of Resolution Applicant, namely, consortium of Prabhat Warehouse and Cold Storage Limited and Mr. Ajay Gupta assured that all defects will be removed to the extent possible and to the satisfaction of the COC and Resolution Professional and left the meeting room. No further objections/issues were raised by any other participant of the meeting and accordingly, representative of the said Resolution Applicant, left the meeting thereafter.”

4. After the aforesaid deliberations/observations of CoC, the appellant sent a communication dated 18.11.2021 and annexed therewith his affidavit dated 17.11.2021 in the so-called ‘clarification in respect of the resolution plan’. The contents of this affidavit dated 17.11.2021 read as under: -

“AFFIDAVIT

I, Ajay Gupta, a director in Prabhat Warehouse Cold Storage Private Limited and on behalf of Ajay Gupta individual, which form a consortium and being