NATIONAL COMPANY LAW TRIBUNAL

MUMBAI BENCH, COURT-II

24. IA 1486/2024 IA 2907/2024 IN C.P. (IB)/786(MB)2023

CORAM:

SHRI ANIL RAJ CHELLAN SHRI KULDIP KUMAR KAREER

HON’BLE MEMBER (T) HON’BLE MEMBER (J)

ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE

NATIONAL COMPANY LAW TRIBUNAL ON 11.06.2024

NAME OF THE PARTIES: - IA 1486/2024 Allcheckdeals India Private

Limited V/s. 4b Networks Private Limited

_______________________________________

IA 2907/2024 Allcheckdeals India Private Limited V/s. Mr. Ravindra Chaturvedi Resolution Professionalof 4b Networks Private

Limited

IN THE MATTER OF

Krishkan Investment Private Limited

V/s.

4B Networks Private Limited

Section: Rule 11 of NCLT, 2016, 19(2) Sec 60(5) U/s 7 of the Insolvency and

Bankruptcy Code, 2016

_______________________________________________________________

ORDER

IA 1486 of 2024:- Counsel, Kunal Kanungo appeared for the Applicant. List this matter

on 10.07.2024.

IA 2907 of 2024:-

1. Sr. Counsel, Zal T Andhyarjina appeared for the Applicant through VC. Heard, Counsel

for the Applicant for a considerable time. The present application is filed by the Applicant, one of the Prospective Resolution Applicants (‘PRAs’) under Sections 60(5) of the Insolvency and Bankruptcy Code, 2016 (the ‘Code’) seeking (a) appropriate directions for suspension of submission of Resolution Plans for the resolution of the Corporate Debtor till such time that the required information/documents/clarification is made available, and (b) extend the time for submission of Resolution Plan by 30 days or until sufficient information and documents pertaining to the Corporate Debtor are

made available to the Applicant, whichever is later. The Counsel for the Applicant, during the hearing submits that the prayer for suspension of submission of Resolution Plans is not pressed but he is only seeking an extension of time for submission of Resolution Plan until sufficient information and documents pertaining to the Corporate Debtor are made available to the Applicant.

2. Pursuant to the order dated 12.02.2024 initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and appointment of Respondent as Interim Resolution Professional (‘IRP’), the Form-G inviting expression of interest (EoI) was published on 12.03.2024. The Applicant submitted its expression of interest and has been included in the final list of PRAs. On 26.04.2024 the IRP, who has been confirmed as Resolution Professional (RP), issued the request for a Resolution Plan and the Information Memorandum (IM) to the Applicant which was subsequently revised/updated on 08.05.2024. The Applicant states that the IM does not provide adequate information and contains only very limited information pertaining to the Corporate Debtor and its business, assets, liabilities, operations, financials, legal issues etc. The Applicant vide its emails to the RP sought complete information which is crucial for the purpose of undertaking due diligence and preparing a viable and feasible Resolution Plan. The Applicant further stated that the Resolution Professional (RP) had filed an application under Section 19(2) of the Code against the suspended Board of Directors (SBoD) to cooperate with the RP and hand over the information and documents pertaining to the Corporate Debtor which was allowed by this Tribunal vide its order dated 01.05.2024. Since the information is not forthcoming from the SBoD, the Respondent/RP has also filed a contempt petition against the suspended Board of Directors which is still pending.

3. The Applicant is seeking an extension of time for submission of the Resolution Plan till such time the required documents/information sought by it are made available. The Respondent/RP, however, contended that the information available with the RP has already been provided to the Applicant through the Information Memorandum (IM) and under various reply emails to the Applicant. At the request of the Applicant, the last date for submission of the Resolution Plan was