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NCLAT orders consideration of resolution plan submitted by highest bidder

November 2, 2018[2018] 99 taxmann.com 33 (NCL-AT)
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I&B Code : Where appellant-SREI was declared as highest evaluated Resolution Applicant (H1) but BPSL which was H2 bidder alleged in regard to ineligibility of appellant as Resolution Applicant, legal impediment in form of ineligibility alleged against appellant having been removed by process of law, BPSL Resolution Plan pending approval before Adjudicating Authority under section 31(1) no more survived for consideration and Resolution Professional would be required to place Resolution Plan submitted by appellant and approved by CoC before Adjudicating Authority for its approval in terms of provisions of section 30(6)

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