Trimurti Associates Private Limited Vs BKM Industries Limited (NCLT Kolkata)
NCLT Kolkata held that application filed by resolution professional of BKM Industries Limited (Corporate Debtor) for approval of resolution plan stand approved.
Facts- This application has been filed by Mr. Pratim Bayal, Resolution Professional of BKM Industries Limited, by invoking the provisions of section 30(6) of the Insolvency and Bankruptcy Code, 2016 read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for approval of a Resolution Plan in respect of BKM Industries Limited (Corporate Debtor).
The underlying Company Petition in C.P. (IB) No. 2078/KB/2019 was filed by Trimurti Associates Private Limited, the Financial Creditor to initiate Corporate Insolvency Resolution Process against BKM Industries Limited, the Corporate Debtor, u/s. 7 of the Insolvency and Bankruptcy Code 2016, which was admitted vide order dated 30 December 2020.
Conclusion- Held that Subject to the observations made in this Order, the Resolution Plan in question is hereby APPROVED by this Bench. The Resolution Plan shall form part of this Order. The Resolution Plan is binding on the Corporate Debtor and other stakeholders involved so that revival of the Debtor Company shall come into force with immediate effect. The Moratorium imposed under section 14 shall cease to have effect from the date of this order.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1. This Court convened through hybrid mode.
Preliminary
2. A. (IB) No. 702/KB/2022 is an application under section 30(6) of the Insolvency and Bankruptcy Code, 2016, after approval of the resolution plan by the Committee of Creditors (“CoC”).
3. This application has been filed by Mr. Pratim Bayal, Resolution Professional of BKM Industries Limited, by invoking the provisions of section 30(6) of the Insolvency and Bankruptcy Code, 2016 (“the Code” or “IBC”) read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) for approval of a Resolution Plan in respect of BKM Industries Limited (“Corporate Debtor”).
4. The underlying Company Petition in C.P. (IB) No. 2078/KB/2019 was filed by Trimurti Associates Private Limited, the Financial Creditor to initiate Corporate Insolvency Resolution Process (“CIRP”) against BKM Industries Limited, the Corporate Debtor, under section 7 of the Insolvency and Bankruptcy Code 2016, which was admitted vide order dated 30 December 2020.
5. Initially, Mr. Kanchan Dutta was appointed as the Interim Resolution Professional (“IRP”). At the 9th meeting of the CoC held on 01 December 2021, the CoC resolved to appoint Mr. Pratim Bayal (IBBI Reg. No. IBBI/IPA-003/IP-N00213/2018-19/12385) as the Resolution Professional (“RP”) by 90.15% voting share. A. (IB) No. 15/KB/2022 was filed under section 27 and section 60(5) of the Code, which was aloowed by this Adjudicating Authority on 17 February 2022, thereby appointing Mr. Pratim Bayal as the Resolution Professional.
Constitution of CoC
The I6. RP made public announcement on 02 January 2021 in Business Standard (English) (All India Edition), Aajkal (Bengali) (West Bengal edition), Jansatta (Delhi edition), Daman Ganga (Silvassa edition), Nav Telangana (Hyderabad edition) and Samyukta (Bangalore edition) newspapers regarding initiation of Corporate Insolvency Resolution Process (CIRP) and called proof of claims from the financial and operational creditors, workers and employees of the corporate debtor in the specified forms till 14 January 2021.
7. The CoC was first constituted and a list certifying the constitution of Creditors dated 23 January 2021 was submitted before the Adjudicating Authority on 25 January 2021. The CoC was reconstituted from time to time and final list of CoC members comprised of eleven Financial Creditors was finalised. A report of the constitution of the CoC was filed before the Adjudicating Authority. The list of CoC members along with their voting share are as follows:
