CP(IB)-128/KB/2020-NCLT

NCLT Kolkata Bench held that:
(i) It is settled position of law that Adjudicating Authority can return the plan for reconsideration, to the COC albeit on limited grounds.
(ii) The Adjudicating Authority should have the power to allow the prayer of the COC of the Corporate Debtor of permitting all the PRAs to enhance their plans financially giving them a level playing field.
(iii) allowed this application and allow all the Participating Resolution Applicants by giving a last, equal and fair opportunity to submit their revised and/or enhanced resolution plans to the RP of the Corporate Debtor. If required fresh timelines may be provided to all the Participating Resolution Applicants who wish to enhance and/or revise their resolution plans, keeping in view the prescribed timelines of completion of the CIR Process and voting period may also be extended if necessary.