IN RE Vs. RAVE SCANS PVT LTD

JUDGEMENT

(1.) It has been represented before us that a Resolution Plan offering a sum of Rs. 51 crores as against the valuation report assessing it for Rs. 33 crores has been rejected by the Committee of Creditors principally by voting of the representative of the Indian Overseas Bank.

(2.) The Resolution Plan as well as the Minutes of the Meeting dated 12th January, 2018 shows that lenders were still left free to execute Guarantee Agreement against the guarantor in respect of the guaranteed amount of the debt obtained by the principal borrower.

(3.) If that be so, then we find no reason supporting the view for rejection of the Resolution Plan submitted by one Mr. Rahul Jain.