Bank of India Vs Vishal Structurals Private Limited (NCLT Mumbai)
In the matter concerning National Company Law Tribunal approval of the resolution plan for Vishal Structurals Private Limited, the Tribunal considered an application filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 seeking approval of the resolution plan submitted by Bekem Infra Projects Private Limited.
The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor commenced on 12.03.2025 following admission of a Section 7 petition. Public announcements were issued inviting claims from creditors, and the Committee of Creditors (CoC) was constituted with Bank of India as the sole secured financial creditor. The Resolution Professional invited Expressions of Interest through Form-G and subsequently finalized a list of ten prospective resolution applicants. Ultimately, three resolution plans were received from Bekem Infra Projects Private Limited, Derit Infrastructure Private Limited, and Shri Danesh Contractor.
The CoC deliberated on the plans through multiple meetings and permitted revised submissions. Derit Infrastructure Private Limited’s revised plan was found non-compliant, ambiguous, and conditional. Bekem Infra Projects Private Limited subsequently enhanced its financial offer and submitted a compliant revised resolution plan dated 01.01.2026. Voting on the plans commenced on 08.12.2025 and concluded on 23.02.2026. The CoC approved the resolution plan of Bekem Infra Projects Private Limited with 100% voting share. A Letter of Intent was issued on 04.03.2026 and accepted on 06.03.2026, along with furnishing of a performance security of Rs. 1.04 crore.
