MUMBAI BENCH, COURT-I I.A. NO. 1123 OF 2025 IN Under section 60(5) of the Insolvency and Bankruptcy Code, 2016; and In the matter of Sagar Sharma & Anr.

….Applicants Versus Pravin R. Navandar & Ors.

....Respondents And In the matter of Asset Care & Reconstruction Limited ….Financial Creditor Versus Hotel Horizon Private Limited ….Corporate Debtor Order Pronounced on 12.01.2026 Coram:

Sh. Prabhat Kumar Sh. Sushil Mahadeorao Kochey Hon’ble Member (Technical) Hon’ble Member (Judicial)

Appearances:

For the Applicant : Mr. Sagar Sharma (virtually) Adv.

Askhay Petkar a/w Adv. Akash Agarwal For the Resolution Professional : Sr. Adv. Gaurav Joshi, a/w Adv.

Rushabh J. Adv. Kriti Kalyani, Adv.

Ansh Kumar For the COC : Adv. Rohit Gupta, a/w Adv. Manaswi Agrawal, Adv. Salni Kalwade

ORDER

Brief Facts:

1. The present Interlocutory Application No. 1123 of 2025 in CP (IB) No.

1241 of 2022 has been filed on 28.02.2025 by Sagar Sharma & Anr., Suspended Director/Promoter of the Horizon Private Limited (“Corporate Debtor”) in the ongoing Corporate Insolvency Resolution Process (‘CIRP’), commenced in terms of order dated 19.11.2024 in C.P. (IB) 121 (MB)/2022 on an application filed by Asset Care & Reconstruction Limited (‘ACRA’), a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“Code”), under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the decision of the Pravin R. Navandar (“Respondent No.1/RP”), communicated vide his email dated 18.02.2025 rejecting the Expression of Interest ("EOI") submitted by the Applicants due to the Applicants not qualifying to submit the EOI because for not fulfilling the criteria of having adequate net worth. Respondent No. 2 to 5 are Financial Creditors and Respondent No. 6 is erstwhile RP. The Application has made following prayers :

i) set aside the Impugned Email dated February 18, 2025, addressed by Respondent No.1 rejecting the Applicant's EOI.

ii) direct Respondent No.1 to accept the EOI submitted by the Applicants and include the Applicants in the list of final PRAs.

iii) declare that the net worth criteria approved by the CoC members to accept the EOI is not applicable to the Applicants considering the Corporate Debtor is a MSME;

iv) pending the hearing and final disposal, be pleased to direct the Respondents not to take any further steps until the issue of EOI Submitted by the Applicants are considered and decided including but not limited to share any confidential data of the Corporate Debtor;

v) Any other order that this Hon'ble Tribunal may deem fit in the facts and circumstances of this case.

2. The CIRP of the Corporate Debtor commenced pursuant to an admission order dated 19.11.2024, whereby the National Company Law Tribunal appointed an Interim Resolution Professional (“IRP”) to conduct the CIRP. In furtherance of the CIRP, a public announcement dated 22.11.2024 was issued by the IRP inviting claims from creditors, with

03.12.2024 being the last date for submission of claims.

3. On 27.11.2024, the Applicants filed an appeal before the Hon’ble NCLAT challenging the admission of the Corporate Debtor into CIRP. The first meeting of the CoC was held on 18.12.2024, wherein the CoC, in exercise of its powers under Section 25(2)(h) of the IBC read with Regulation 36A of the CIRP Regulations, approved the eligibility criteria for PRAs and decided to issue Form-G.

4. Pursuant thereto, Form-G inviting EOI was published on 19.12.2024, initially fixing 10.01.2025 as the last date for submission of EOIs. On 23.12.2024, the IRP requested the Applicants, being the suspended management, to hand over books, records, and assets of the Corporate Debtor. The second CoC meeting was held on 09.01.2025, wherein the Applicants were again requested to extend cooperation and provide documents and access to the assets of the Corporate Debtor. In the said meeting, the IRP informed the CoC that five EOIs had been received and the CoC approved extension of time for receipt of EOIs up to 24.01