Whether CoC has the necessary power to restart the process of Insolvency Resolution by issuing Form G when it is not satisfied with the amount offered by the Resolution Applicant(s) – Mr. Jalesh Kumar Grover, RP M/s. Nexgen Laminators Pvt. Ltd. – NCLT Chandigarh Bench
The Adjudicating Authority held that as regards the applicant’s allegations that respondent No. 1-Resolution Applicant offered a higher amount in his proposal than the applicant at a belated stage by fraudulently accessing confidential information. The Adjudicating Authority held that this issue of an alleged breach of confidentiality cannot be adjudicated by this Bench as it has only a summary jurisdiction in the matter.