additional payments totaling to
Rs.9000 Crores which was in deviation from the final bid
submitted by IIHL. In the minutes of the meeting ... with the financial bid of the
applicant at INR 8,640 Crores being the highest
financial bid as communicated by the
respondent by its email
cause for
deviation of the original objective and timeline for CIRP. It was also noticed
that "late and unsolicited bids by Resolution Applicants after ... deadline for submission of the
plan' is a reason for deviation of the original objective and timeline. In para
249, following has been stated
fresh
Resolution Applicant or make any deviations in the EOI, the CoC was
required to approve the deviation in the EOI and restart ... Resolution plan dated 4.10.2018 as required by the Bid Process
Memorandum. They have also deviated on other parameters. And hence
CoC after deliberation has rejected
cause for
deviation of the original objective and timeline for CIRP. It was also noticed
that "late and unsolicited bids by Resolution Applicants after ... deadline for submission of the
plan' is a reason for deviation of the original objective and timeline. In para
249, following has been stated
fail to understand as to why the Resolution Professional had
deviated from the earlier procedure of publication of notice for the invitation ... Resolution Professional to accept the Resolution Plan
after opening the other bids, which were all submitted within the deadline
for submission of Resolution Plan cannot
reserve price
of Rs17.93 crores. The auction failed as no bids were received. It is further
highlighted that even prior to CIRP ... bid amount was
02.12.2023. The sanctity of timelines was repeatedly emphasised in SCC
meetings, and the liquidator was specifically directed to avoid any
deviation
understand as to why the current RP Mr. Pankaj
Joshi had deviated from the earlier procedure of notice for the
invitation of the EOI with ... accept the resolution plan after
opening the other bids, which were all submitted within the
deadline cannot justified by any means and is a blatant
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