No bar under IBC provisions for the CoC to call for a fresh valuation report – Indian Bank Vs. Charu Desai, Erstwhile RP & Chairman of Monitoring Committee of GB Global Ltd. & Anr. – NCLAT New Delhi
NCLAT observed that in the present case, earlier CIRP was completed by approval of Resolution Plan but Resolution Applicant could not implement the plan, hence, fresh process was started for inviting a fresh Resolution Plan. The earlier Resolution Applicant has run the Corporate Debtor for almost a year. It was noted by the CoC that there has been significant fall in the book value of the Corporate Debtor in the previous years. NCLAT viewed that the decision of CoC to obtain a fresh valuation of the Corporate Debtor as on 31.07.2020 could not be faulted nor it can be said to have contravened any provisions of the Code or Regulations.
