Even after the lapse of 981 days and repeated compliance by the RP of the direction of the AA; the AA has not yet considered initiation of Liquidation as per Section 33 of the Code – Kuldeep Verma, Resolution Professional K. S. Oils Ltd. Vs. State Bank of India- NCLAT New Delhi
It is held that if this Appellate Tribunal consider the intervention Application i.e. IA No. 357 of 2021, it will again move in a wrong direction and will violate the principles of natural justice as the Code and the Regulator IBBI has prescribed a process for selection of Resolution Applicant which initially starts with Invitation for Expression of Interest (EOI) followed by Information Memorandum, Evaluation Matrix and a request for Resolution Plan in accordance with Chapter –X of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Hence, such midway interruptions of allowing a party to enter the fray after 3 years of issue of EOI is neither warranted by the Regulations nor by the Code.
