Before the financial bids are opened in the presence of Committee of Creditors, qualitative scores would be allocated to each Resolution Applicant based on the Bid Evaluation Matrix already declared and based on the documents submitted by the Resolution Applicants. The Committee of Creditors reserves its right to announce in open the qualitative score of each Resolution Applicant.
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The financial bids would be submitted in sealed envelope before the Resolution Professional in the presence of Committee of Creditors and after verification of all eligibility criteria and other relevant facts, the bids would be opened in public view and figures would be inserted in the Bid Evaluation Matrix to ascertain the score of each bidder.
The quantitative and qualitative scores would be added up for each Resolution Applicant and would be announced in public. The Resolution Applicant with highest score would be declared as H1 bidder & H2 Bidder (In case of more than one resolution applicant).
The Earnest Money Deposit of H1 and H2 bidder would be retained by Resolution Professional and all other EMD would be returned to bidders.
The Earnest Money Deposit of H2 bidder would be retained till the resolution plan of H1 bidder is approved by Committee of Creditors. In case, the Resolution Plan of H1 bidder is rejected or he become ineligible for any reasons or he withdraw his Resolution Plan, then the Resolution Plan of H2 bidder would be considered for approval. The EMD of H2 bidder would be returned immediately after the Resolution Plan of H1 bidder is approved by Committee of Creditors.
In case, H1 bidder does not provide documents or information as may be required by Committee of Creditors to get necessary approval from their sanctioning authorities, the Resolution Professional will give a notice in writing to the Resolution Applicant and provide him an opportunity of reasonable time depending upon the time available under Corporate Insolvency Resolution Process to provide all the
information and documents. In case the Resolution Applicant does not provide the documents and information even after the notice in writing, the Resolution Professional will forfeit the Earnest Money Deposit.