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NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH: NEW DELHI Company Appeal (AT) (Ins) No. 1950 of 2024 [Arising out of the Order dated 27.09.2024, passed by the ‘Adjudicating Authority’ (National Company Law Tribunal, Ahmedabad Bench, Court-1), in IA(Plan)/33(AHM)/2024 in CP(IB)/561(AHM)/2O18]
IN THE MATTER OF:
LORENZO VITRIFIED TILES PRIVATE LIMITED Having its registered office at:
8-A, National Highway, Opp.
Omkar Petroluem, Post Box No. 411, Lalpur, Morbi – 363642 …Appellant Versus
11. COMMITTEE OF CREDITORS OF VRUNDAVAN CERAMIC PRIVATE LIMITED Through sole financial creditor State Bank of India Stressed Assets Management Branch, 2nd Floor, “Paramsiddhi Complex”
Opp. V.S. Hospital, Ellisbridge, Ahmedabad – 380006. ..Respondent No.1
22. VRUNDAVAN CERAMIC PRIVATE LIMITED Having its address at:
Survey No. 143/2, 8-A, National Highway, B/h. Gangotri Glazed Tiles, Village: Dhuva, Ta: Vankaner, District : Morbi, Gujarat – 363622 ..Respondent No.2
33. SHRI ARVIND GAUDANA ERSTWHILE RESOLUTION PROFESSIONAL OF VRUNDAVAN CERAMIC PRIVATE LIMITED Having its address at: 307, Ashirwad Paras, Nr. Prahladnagar Garden, Corporate Road, Prahladnagar, Satellite, Ahmedabad – 380015 ..Respondent No.3
44. M/S RRR INSOLVENCY SERVICE EXPERTS LLP LIQUIDATOR OF VRUNDAVAN CERAMIC PRIVATE LIMITE Having its address at:
C-10, Lower Ground Floor, Lajpat Nagar-III Delhi – 110024 ..Respondent No.4 Present:
For Appellant : Mr. Arjun Sheth, Mr. Shubhanshu Tiwari, Ms. Somya Jain, Advocates.
For Respondent : Mr. PBA Srinivasan, Ms. Barnali Paul, Mr. Manish Kumar, Advocates for Respondent No. 5/Intervener.
Mr. Harshit Khare, Mr. Prafful Saini, Mr. Ayuj Agrawal, Advocates for SBI.
Ms. Eshna Kumar, Ms. Astha Agrawal, Advocates for R-3. Ms. Aditi Sharma, Advocate for R-4.
With Company Appeal (AT) (Ins) No. 1952 of 2024 [Arising out of the Order dated 27.09.2024, passed by the ‘Adjudicating Authority’ (National Company Law Tribunal, Ahmedabad Bench), in IA(Plan)/33(AHM)2024 in CP(IB) 561 of
2018]
IN THE MATTER OF:
1. SHRI ARVIND GAUDANA ERSTWHILE RESOLUTION PROFESSIONAL OF VRUNDAVAN CERAMIC PRIVATE LIMITED Having its address at:
307, Ashirwad Paras, Nr. Prahladnagar Garden, Corporate Road, Prahladnagar, Satellite, Ahmedabad – 380015 arvindg_cs@yahoo.com …Appellant Versus
1. COMMITTEE OF CREDITORS OF VRUNDAVAN CERAMIC PRIVATE LIMITED Through sole financial creditor State Bank of India Stressed Assets Management Branch, 2nd Floor, “Paramsiddhi Complex”
Opp. V.S. Hospital, Ellisbridge, Ahmedabad – 380006. ..Respondent No.1 team5sanb.ahm@sbi.co.in
2. VRUNDAVAN CERAMIC PRIVATE LIMITED Having its address at:
Survey No. 143/2, 8-A, National Highway, B/h. Gangotri Glazed Tiles, Village: Dhuva, Ta: Vankaner, District: Morbi, Gujarat – 363622 vrundavanacct@gmail.com ..Respondent No.2
3. LORENZO VITRIFIED TILES PRIVATE LIMITED Having its address at:
8-A, National Highway, Opp. Omkar Petroleum, Post Box No. 411, Lalpur, Morbi – 363642 dinesh@lorenzovitrified.com ..Respondent No.3
4. M/S RRR INSOLVENCY SERVICE EXPERTS LLP LIQUIDATOR OF VRUNDAVAN CERAMIC PRIVATE LIMITED Having its address at:
C-10, Lower Ground Floor, Lajpat Nagar-
III Delhi – 110024 Asikdar1990@gmail.com ..Respondent No.4 Present:
For Appellant : Ms. Eshna Kumar, Ms. Astha Agrawal, Advocates.
For : CS Arvind Gaudana for RP.
Respondent Mr. Arjun Sheth, Mr. Shubhanshu Tiwari, Ms.
Somya Jain, Advocates for R-3.
Mr. PBA Srinivasan, Ms. Barnali Paul, Mr. Manish Kumar, Advocates for Respondent No.
5/Intervener.
Mr. Harshit Khare, Mr. Prafful Saini, Mr. Ayuj Agrawal, Advocates for SBI.
Ms. Aditi Sharma, Advocate for R-4.
J U D G M E N T
(Hybrid Mode)
[Per: Justice Mohd. Faiz Alam Khan, Member (Judicial)]
1.Both the aforesaid appeals have been filed against the same impugned order passed by the Ld. Adjudicating Authority and for the sake of convenience are being disposed of by passing this common judgment.
2. CA (AT) (Ins) No. 1950 of 2024 has been filed by the Resolution Applicant (RA) of the Corporate Debtor (CD) Challenging the impugned order dated 27.09.2024 passed by the National Company Law Tribunal, Ahmedabad Bench, (Adjudicating Authority) in IA No. 33 of 2024 moved in CP IB No. 561 of 2018 for the approval of the Resolution Plan whereby the Resolution Plan approved by the Committee of Creditors (CoC) has been rejected by the Ld. Adjudicating Authority and order for liquidation of the CD has been passed while CA (AT) (Ins) No. 1952 of 2024 has been preferred by the Resolution Professional of the CD (RP) challenging the same impugned order wherein the Ld. Adjudicating Authority in the process of rejecting the Resolution Plan has made some adverse observations against the conduct of the RP.
3. The facts of the aforesaid appeals are that vide order dated 21.01.2020 passed in CP IB No. 561 of 2018 the Vrundavan Ceramics Pvt. Ltd. (CD) was admitted into the Corporate Insolvency Resolution Process (CIRP) on an application moved under Section 7 of the Insolvency and Bankruptcy Code, 2016 (Code) filed by the State Bank of India.
4. The IRP during the course of CIRP collated the claims of the various creditors and constituted the CoC comprising of the State Bank of India as the Sole Financial Creditor and the first meeting of the CoC was held on 20.02.2020 wherein Shri Arvind Gaudana was appointed as the Resolution Professional (RP) of the CD.
5. It is further reflected that an IA No. 604 of 2020 was filed by the RP for exclusion/extension of the CIRP period which was due to expire on 18.07.2020 and vide order dated 21.09.2020 the period of CIRP was extended up to 15.10.2020 and thereafter the Form G Seeking Expression of Interest (EOI) under Regulation 36 A of the CIRP Regulations, 2016 was published by the RP on 11.06.2020 and the last date of submission of Resolution Plan was on or before 04.08.2020.
6. It is also evident that due to the Covid-19 Pandemic situation no plan was received and some of the prospective applicants had requested for extension of time for submitting their EOI’s and in view of the Resolution passed in the 4th meeting of the CoC held on 05.09.2020 revised Form G was published on 15.09.2020 and in pursuance of the same three Resolution Applicants including the appellant- Lorenzo Vitrified were received and these three Resolution Plans were placed before the CoC in its meeting held on 12.02.2021. The 7th CoC meeting scheduled to be held on 04.03.2021 was adjourned on account of the fact that one of the Resolution Applicant namely Shri Vishram Akhai Patel raised objections against another Resolution Applicant.
7. It is also reflected that the RP filed IA No. 205 of 2021 for the exclusion of period from 25.03.2020 to 31.05.2020 which was allowed by the Ld. Adjudicating Authority vide order dated 23.03.2021. In the 8th CoC meeting held on 13.04.2021 various issues were discussed by the CoC including the approval of the CIRP expenses and thereafter the 9th CoC meeting was held on 22.04.2021 wherein the CoC resolved to direct the Resolution Applicants to submit their financial offers on or before 27.04.2021 and thereafter in the 10th CoC meeting held on 03.05.2021 all the three Resolution Applicants were called through online mode to ascertain whether they can increase their offers and ultimately it was resolved that the applicants will submit their revised plans.
8. It is also reflected that in the 11th CoC meeting held on 07.05.2021 after negotiations with all the three Resolution Applicants the CoC informed them to send their revised financial offers and in pursuance of this resolution, revised resolution plan was submitted by the ap
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