Case Law Details
Binani Industries Limited Vs Bank of Baroda & Anr. (NCLAT, Delhi)
In exercise of powers conferred by Section 31 of the ‘I&B Code’ read with order of remand by the Hon’ble Supreme Court, we have gone through the records, revised ‘Resolution Plan’ submitted by ‘Ultratech Cement Limited, gist of which noticed earlier and being satisfied that the ‘Resolution Plan’ approved by the ‘Committee of Creditors’ under sub-section (4) of Section 30 in its 17th meeting held on 28th May, 2018 meets the requirements as referred to in sub-section (2) of Section 30, we approve the revised ‘Resolution Plan’ submitted by ‘Ultratech Cement Limited’ which shall be binding on the ‘Corporate Debtor’ and its employees, members, Creditors, guarantors and other stakeholders involved in the ‘Resolution Plan’.
In the result, the Company Appeal (AT) (Insolvency) Nos. 123 & 188 of 2018 preferred by ‘Rajputana Properties Private Limited’ and Company Appeal (AT) (Insolvency) Nos. 82 & 216 of 2018 preferred by ‘Binani Industries Limited’ are dismissed. The Company Appeal (AT) (Insolvency) No. 234 of 2018 preferred by Mr. Vijay Kumar Iyer, ‘Resolution Professional’ is allowed. The observations made against Mr. Vijay Kumar Iyer is set aside. Records of Company Petition (IB) No. 359/KB/2017 is remitted to the Adjudicating Authority for constitution of monitoring committee and implementation of revised approved plan submitted by ‘Ultratech Cement Limited’ in accordance with law.
FULL TEXT OF THE ORDER OF NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
As all these appeals arise out of the order(s) passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, in ‘Corporate Insolvency Resolution Process’ initiated against ‘Binani Cement Limited’- (‘Corporate Debtor’), they were heard together and are disposed of by this common judgment.
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