IN THE NATIONAL COMPANY LAW TRIBUNAL,

DIVISION BENCH – II, CHENNAI

Intervention Petition.(IBC)/4/2024

IN

IA 419/2024

IN

CP(IB)/106/CHE/2021

(Filed under Section 60(5) of Insolvency and Bankruptcy Code, 2016 Read with

Rule 11 of the National Company Law Tribunal Rules, 2016) Manaksia Coated Metals & Industries Limited (Lead),

In Consortium with Ideal Buildcon Pvt. Ltd &

Ideal Motor Finance Pvt. Ltd.

Through its Authorised Signatory

Mrs. Shruti Agarwal

Address: 4/1, Dr. Abani Dutta Road,

3rd Floor, Howrah, West Bengal – 711106.

… Applicant

Order Pronounced on 11th December 2024

CORAM:

Shri. JYOTI KUMAR TRIPATHI, MEMBER (JUDICIAL)

Shri. RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL)

Present:

For Petitioner : Lokesh Malik, Sandeep & Shalya Agarwal For Respondents : Ms. Shweta Dubey, Ms. Kanishka prasad

ORDER

(Hybrid Hearing

This application has been filed by the Manaksia Coated Metals &

Industries Ltd in Consortium with Ideal Buildcon Pvt Ltd & Ideal Motor Finance Pvt Ltd through its authorised signatory Mrs. Shruti Agarwal under Section 60(5) of Insolvency and Bankruptcy Code 2016 r/w Rule

11 of NCLT Rules 2016 seeking intervention of the applicant in IA.

419/2024 filed by Jindal Power Ltd and seeking the following reliefs, i) Allow the present Application.

ii) Pass appropriate order(s)/ direction(s) allowing the applicant to intervene and implead in IA 419/2024.

2. APPLICANT SUBMISSIONS:

2.1 The Applicant submits that the CIRP of Corporate Debtor was initiated on 18.10.2022 pursuant to which the resolution professional called for Expression of Interest. It is further submitted that CoC has decided to adopt Challenge Mechanism for the purpose of value maximisation, in pursuant to which 1st Challenge Process was conducted.

2.2 It is submitted that 1st Challenge Process was conducted on 07.12.2023, where the applicant has participated and gave addendum to revised plan having Net Present Value (NPV) of Rs.262 Crore and Subsequently in this 1st Challenge process the applicant in I.A 419/2024 i.e., Jindal power limited was declared as an H1 bidder with the NPV of Rs. 378.77 Crores.

2.3 It is further submitted that for the purpose of value maximisation 2nd Challenge Process was also conducted on 12.01.2024, where Jindal power limited was the sole participant in the 2nd Challenge process and was declared as H1 bidder with highest NPV of Rs. 418.30 Crores and It is an admitted fact that all other PRA had not taken part in the 2nd Challenge process.

2.4 It is an admitted fact that the applicant did not participate in the 2nd challenge process. In furtherance to which, the RP and CoC has decided to initiate 3rd Challenge Process, however this Tribunal vide order dated on 12.02.2024 has granted interim stay on the 3rd Challenge Process. The relevant portion is extracted below, 2.5 The applicant in this present applicant sort for impleading and intervening in I.A 419/2024.

3. RESPONDENTS SUBMISSIONS

3.1. The Respondent in his reply has submitted that the applicant does not have locus standi to intervene or implead in I.A 419/2024, stating that the applicant is neither a necessary nor a proper party in I.A

419/2024.

3.2. The Respondent has also submitted that the applicant has participated only in the 1st Challenge Process and the NPV given by the applicant in this petition is 262 Crore which is lesser than the NPV given H1 bidder and further it is submitted that the applicant has failed to participate in the 2nd Challenge process.

3.3. The Respondent further submitted that the contention of the Applicant is contrary as the applicant on one hand contends that the challenge process is violative of regulation 39(1A) and the applicant on the other hand wants to participate in the 3rd Challenge Process.

3.4. The Respondents further submitted that the applicant has failed to specify the legal grievance caused to him and in addition to this the applicant has failed to prove that the applicant is the aggrieved person in I.A 419/2024.

4. FINDINGS OF THIS TRIBUNAL

4.1. This application is file