BANK OF INDIA Vs. TIRUPATI INFRAPROJECTS PVT LTD

JUDGEMENT

(1.) C.A. No. 4S4(PB) /2017 This petition is filed by a resolution applicant with a prayer for issuance of various directions to the Resolution Professional. The prayer made is to take back the alleged rejection of the resolution plan submitted by the petitioner and declare that the resolution plans proposed by the petitioner and that of Padam International Hotels Pvt. Ltd. as revised be taken on record for consideration by the Committee of Creditors in its meeting to be held.

(2.) A declaration has also been sought to reject the resolution plan of Pari Estates Pvt. Ltd. jointly with Phoenix ARC as they cannot be considered as resolution applicant any further. Other prayers have also been made. It is pertinent to mention that the resolution professional floated the 'expression of interest' by inviting application with Resolution plan in respect of Tirupati Infraprojects Pvt. Ltd.

(3.) According to the first expression of interest, the worth of any resolution applicant was required to be Rs. 100 crores and a deposit of Rs. 20 crores was required to be made. However, the Resolution Profession later floated another expression and abandoned the criteria as laid down in the first expression of interest.