Held, Subclause (7) of Regulation 36-B inserted with effect from 4-7-2018, dealing with the request for resolution plans unambiguously postulates that the resolution professional may, with the approval of the Committee, reissue the request for resolution plans, if the resolution plans received in response to an earlier request are not satisfactory, subject to the condition that the request is made to all prospective resolution applicants in the final list. In the present case, finally, only two bidders had participated and submitted their resolution plan which was placed before CoC and stated to have been rejected. However, applying the principle underlying Regulation 36-B(7), we deem it appropriate to permit IRP to reissue the request for resolution plans to the two bidders ( Suraksha Realty and NBCC) and/or call upon them to submit revised resolution plan(s), which can be then placed before CoC for its due consideration.
We direct that the IRP shall not entertain any expression of interest (improved) resolution plan individually or jointly or in concert with any other person, much less ineligible in terms of Section 29-A of the I & B Code.
(2020) 3 SCC 328- Jaiprakash Associates Limited and Another v. IDBI Bank Limited and Another.