29th May, 2026 Approval of Resolution Plan - S. R. Worth Limited [I.A (IBC)(Plan)/34/2025 and I.A (I.B.C)/2272(KB)2024 and I.A (I.B.C)/160(KB)2025 in C.P (IB) No.28/2024] (637.59 KB)
1 I.A (IBC)(Plan)/34/2025 with I.A (I.B.C)/2272(KB)2024 And I.A (I.B.C)/160(KB)2025 in C.P (IB) No.28/2024 IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH, COURT-II KOLKATA
I.A (IBC)(Plan)/34/2025 And I.A (I.B.C)/2272(KB)2024 And in C.P (IB) No.28/2024
An application under Section 30(6) read with section 31 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.
IN THE MATTER OF:
STATE BANK OF INDIA
……Financial Creditor
Versus
S.R. WORTH LIMITED
……Corporate Debtor
And
IN THE MATTER OF:
NEERAJ KUMAR SUREKA,
Resolution Professional
Having an office at
Central Plaza, 6th Floor,
with
In
C.P (IB) No.28/2024
Room No. H, 41 B B Ganguly Street,
Kolkata, West Bengal - 700012
……Applicant
Order pronounced on: ------
CORAM:
MR. LABH SINGH, HON’BLE MEMBER (JUDICIAL)
MS. REKHA KANTILAL SHAH, HON’BLE MEMBER (TECHNICAL)
APPEARANCES:
Mr. Rishav Banerjee, Adv.
] For RP
Ms. Arundhuti Barman Roy, Adv.
]
Mr. Niraj Shukla, RP-in-person
Mr. Shaunak Mitra, Adv.
] For SBOD
Mr. Saurav Jain, Adv.
]
Ms. Zeba Khan, Advocate
] For SRA
O R D E R
LABH SINGH, JUDICIAL (MEMBER)
1.
The present interlocutory application bearing IA (IBC)
(Plan) No. 34/KB/2025 was filed on 18.11.2025 by Neeraj
Kumar Sureka Resolution Professional ( for short ‘RP’) of
S.R. Worth Limited, the Corporate Debtor ( for ‘CD’)
under the provisions of Sections 30(6) and section 31 of
the Insolvency & Bankruptcy Code, 2016 for short ‘IBC
Code) read with Regulation 39(4) of the Insolvency and
Bankruptcy Board of India (Insolvency Resolution Process
for Corporate Persons) Regulations, 2016 (for short ‘IBBI
Page 2 of 50
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In C.P (IB) No.28/2024 (CIRP) Regulation 2016’) for approval of the Resolution Plan submitted by M/s Joy Vincom Private Limited, the Successful Resolution Applicant (SRA), as approved by the Committee of Creditors (CoC) with 100% vote. 2. Brief facts about Corporate Debtor and CIRP: 2.1 The underlying Company Petition in CP (IB) No. 28/KB/2024 was filed by State Bank of India against S.R. Worth Limited, the Corporate Debtor, under section 7 of the Insolvency and Bankruptcy Code 2016 and the Corporate Debtor was admitted in Corporate Insolvency Resolution Process (for short ‘CIRP process’) by this Tribunal vide order dated 30.08.2024. 2.2 Initially, Mr. Neeraj Kumar Sureka was appointed as the Interim Resolution Professional. Subsequently, upon confirmation by the Committee of Creditors under Section 22(2) of the Insolvency and Bankruptcy Code, 2016, the said Mr. Neeraj Kumar Sureka continued as the Resolution Professional of the Corporate Debtor, without any change in appointment. 3. Collation of Claims, Constitution of CoC, and Valuation: 3.1 The IRP made public announcement on 01.09.2024 in “Financial Express” (English newspaper) and “Aajkaal” (Regional language Newspaper) newspapers regarding initiation of CIRP process and called proof of claims Page 3 of 50
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In
C.P (IB) No.28/2024
from the financial and operational creditors, workers and
employees of the Company in the specified forms till
13.09.2024.
3.2
The Committee of Creditors was initially constituted on
21.09.2024. Subsequently, a claim was received from the
Income Tax Department after the formation of the CoC. As
the claim of the Operational Creditor exceeded 10% of the
total admitted debt, the Applicant was required to
reconstitute the Committee of Creditors. Accordingly, the
CoC was reconstituted on 23.01.2025, comprising State
Bank of India as the Secured Financial Creditor, holding
100% voting share in the CoC.
3.3
The applicant states that a total of
nine (9) meetings
have been held during CIRP period, as follows:
PARTICULARS
ATE OF COC MEETING
1ST CoC Meeting
27.09.2024
2nd CoC Meeting
22.10.2024
3rd CoC Meeting
11.12.2024
4th CoC Meeting
27.01.2025
5th CoC Meeting
14.02.2025
6th CoC Meeting
08.04.2025
7th CoC Meeting
21.05.2025
8th CoC Meeting
08.07.2025
Page 4 of 50
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In C.P (IB) No.28/2024 9th CoC Meeting 28.10.2025
3.4 The applicant had appointed total 6 (six) valuers for all categories during the CIRP period of the corporate debtor namely Swapnil Jain and Bishwanath Choudhury for the Securities or Financial Assets, Debashish Ghosh and Asim Maity for Plant and Machinery and Tarik Anwar, Debabrata Ghosh for land & building. As such the Average Fair Value and Average Liquidation Value as derived by the valuers valuing Securities or Financial Assets is Rs 6,31,664 and Rs 3,83, 599 respectively. Further, the Average Fair Value and Average Liquidation Value as derived by the valuers valuing Plant and Machinery is Rs 5,14,437 and Rs 3,37,588 respectively. Lastly, the Average Fair Value and Average Liquidation Value of land and building is Rs 3,60,74,050 & Rs 2,70,55,788 respectively. It has been submitted that the COC has considered the Resolution Plan, keeping in view the Valuation Reports submitted by the Registered Valuers, named above. The summary of the Fair Value and Liquidation Value of the Corporate Debtor are as under: Page 5 of 50
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In C.P (IB) No.28/2024
Copy of the Valuation Reports has been annexed with the
Application for approval of Resolution Plan as Annexure
“N”.
3.5 Valuation of the Corporate Debtor, as further provided in
Form H, is as follows:
Fair Value (Average)
Rs.3,72,20,151
Liquidation Value (Average)
Rs.2,77,76,974
4. Invitation for Resolution Plan, Evaluation and Voting: 4.1. The Applicant submits that in terms of the provisions of Section 25(2)(h) of the Code read with Regulation 36A (1) of the IBBI (CIRP) Regulations 2016, invitations of Form ‘G’ for Expressions of Interest (for short “EoI”) from potential resolution applicants were issued. The Form ‘G’ was published on 29.10.2024 for submission of resolution Page 6 of 50
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In C.P (IB) No.28/2024 plans for the Corporate Debtor. The last date for receipt of EoIs was 15.11.2024. This was published in “Financial Express” (English Newspaper) and “Aajkaal” (Regional language newspaper) newspapers. The notice was also published on the website of the Insolvency and Bankruptcy Board of India (hereinafter referred to as ‘IBBI’). 4.2. The Applicant submits that in response to the invitation for ‘EoI’, up to the last date, i.e. 15.11.2024, three (3) EoI’s were received from M/s Joy Vincom Pvt Ltd, Sierra Information Systems LLP and AKB Ventures Private Limited on 14.11.2024, 15.11.2024 and 15.11.2024 respectively along with the EMD amount of Rs. 25,00,000.00 (Rupees Twenty-Five Lakhs only). 4.3. The final List of Prospective Resolution Applicants was issued on 04.12.2024 consisting of a total of three Prospective Resolution Applicants (PRAs). An information memorandum, evaluation matrix and Request for Resolution Plan (for short ‘RFRP’) was issued to the three prospective resolution applicants. Out of the three interested parties, two PRAs namely M/s Joy Vincom Pvt Ltd on 18.01.2025 and Sierra Information Systems LLP on 22.01.2025 (extended date of submission of the resolution plan as ratified in the 4th COC meeting held on 27.01.2025) has submitted their Resolution plan in the Page 7 of 50
with
In C.P (IB) No.28/2024 sealed envelope and password protected PDF file. Further one PRA namely, AKB Ventures Private Limited on 18.01.2025 expressing their wish to not submit any Resolution Plan and to refund their EMD amount of Rs. 25,00,000. 4.4. The Applicant opened the Resolution Plans in the 4th CoC meeting in front of the CoC members and the prospective resolution applicants and the Resolution Professional evaluated the Resolution Plans. 4.5. In the 7th CoC meeting held on 21.05.2025, the applicant was informed by the State Bank of India about another asset of the CD, in respect of which a corporate guarantee had been extended in favour of S.R Timber Products Pvt Ltd, which is also undergoing CIRP. It was noted that the said asset has not been included by the resolution applicants in their respective resolution plan. Due to this the COC has decided to provide another opportunity for the existing Prospective resolution applicants to submit their revised resolution plan. Thereafter, M/s Joy Vincom Pvt. Ltd. submitted its revised proposal, However, M/s Sierra Information Systems LLP neither submitted a revised offer nor provided any update regarding the submission of a revised proposal. The revised plan from M/s Joy Vincom Pvt. Ltd. was Page 8 of 50
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In C.P (IB) No.28/2024 received on 08.07.2025. Thereafter the applicant had called 8th CoC meeting on 08.07.2025, wherein both Resolution Plans were discussed and deliberated upon in detail. On 22.10.2025 State Bank of India was approved by 100% votes in favour of the resolution plan of M/s Joy Vincom Private Limited and further the sole member of the COC has rejected the Resolution plan Sierra Information System LLP. 4.6. The Applicant issued Letter of Intent on 29.10.2025 and the same was accepted and acknowledged by the successful resolution applicant on 31.10.2025. A copy of the accepted Letter of Intent is annexed to the present IA and marked as Annexure “X”. 4.7. The successful resolution applicant submitted the performance security in the shape of bank transfer amounting to Rs. 57,50,000/- by way of Cheques bearing no. 43464840352 & 43464840352 on 31.10.2025 in compliance with the RFRP dated 16.12.2024. A copy of the Bank Performance Guarantee/Transfer is annexed to the present IA and marked as Annexure “X” 4.8. The CIRP process was initiated against S.R. Worth Limited, the corporate debtor on 30.08.2024 and the resolution plan was approved by the CoC on 8th COC meeting held on 08.01.2025 but the voting was concluded on Page 9 of 50
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In C.P (IB) No.28/2024 22.10.2025. The application for approval of the resolution plan by this Adjudicating authority was filed on 18.11.2025. The initial CIRP period of 180 days ended on 25.02.2025 and further extension of 90 days period i.e., up to 26.05.2025 was granted by this Adjudication Authority vide order dated 28.02.2025. As per Section 12 of the IB Code, 2016, the CIRP period should be completed within 180 days or within the extended period of 270 days and mandatorily be completed within 330 days including any extension and the time taken in legal proceedings. Considering the given factual position and in the interest of justice, this Adjudicating Authority Suo-moto, hereby excludes the CIRP period from last date of extension till the date of approval of the resolution plan by this Adjudicating Authority. 5. Constitution of CoC 5.1 The Applicant duly constituted the Committee of Creditors (“CoC”) of the CD under Section 21 of the IBC, 2016 on 21st September 2024 in accordance with Regulation l7(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The composition of the CoC is furnished herein below: SL. No Name of Creditors Voting Percentage Page 10 of 50
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In
C.P (IB) No.28/2024
1
State Bank of India
100%
6. Collation of Claims 6.1. The Total amount claimed and admitted are summarized below:- PARTICULARS CLAIM FILED CLAIM ADMITTED Financial Creditors 1,34,46,69,1 55.29 1,13,82,41,952 Staff & Workmen 0.000 0.000 Operational Creditors (statutory dues) 30,03,77,671 30,03,77,671 Related Party (includes Unsecured Financial Creditors & Operational Creditor 0.000 0.000 Total 1,64,50,46,8 26.29 1,43,86,19,623
a. Financial Creditors
NAME OF THE LENDERS
AMOUNT CLAIMED
RS.
AMOUNT ADMITTED
RS.
State Bank of India
1,34,46,69,155
.29
1,13,82,41,952
Page 11 of 50
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In C.P (IB) No.28/2024 Total 1,34,46,69,155 .29 1,13,82,41,952
b. Operational Creditor:
NAME OF THE CREDITORS
AMOUNT CLAIMED
IN RUPEES
AMOUNT ADMITTED
RUPEES
Income Tax Department
30,03,77,671
30,03,77,671
Total:
30,03,77,671
30,03,77,671
7. Compliance of the Resolution Plan with various provisions: 7.1. The Applicant has filed a Compliance Certificate in prescribed form, i.e., Form ‘H’ in terms of regulation 39(4) of the IBBI(CIRP) Regulations, 2016, which has been annexed to the present application as Annexure “Y”. 7.2. The applicant has submitted that an application bearing IA No. 2272 of 2024 under Section 19(2) of the IBC Code 2016 has been filed on 04.11.2024 against the suspended board of Corporate Debtor before this Adjudicating Authority. As the suspended Board has failed to extend the requisite cooperation with the applicant. A perusal of Form – ‘H’ also confirms the same. The applicant also filed another application being IA No.160 of 2025 dated 29.01.2025 before this Tribunal, seeking directions for handover of the movable and immovable assets of the Page 12 of 50
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In C.P (IB) No.28/2024 corporate debtor, the same is pending before this Tribunal. Thereafter, Pursuant to the directions of this tribunal, under Section 19(2) of the Insolvency and Bankruptcy Code, 2016, certain incomplete documents were furnished by the Suspended Board of Directors; upon examination, the Applicant identified transactions falling within the ambit of PUFE and Section 66 of the Code, and accordingly filed an application under Section 66, being IA No. 983 of 2025, before the Hon’ble NCLT, Kolkata Bench on 05.06.2025, which is presently pending adjudication. The IA No. 983 of 2025 will be dealt with by the CoC post approval of resolution plan as per Pg. No. 48 of the plan. The applicant further submits that the liquidation value and fair market value of the corporate debtor is INR 2,77,76,974 Cr. and INR 3,72,20,151 Cr. respectively. 7.3. The Applicant submits details of various compliances as envisaged within the Code and the CIRP Regulations which requires a Resolution Plan to adhere to, which is reproduced hereunder:
I. SUBMISSION OF RESOLUTION PLAN IN TERMS OF SUB-SECTION (2) OF SECTION 30 OF THE CODE (AS AMENDED VIDE AMENDMENT DATED 16 AUGUST 2019): Page 13 of 50
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In C.P (IB) No.28/2024 CLAUSE OF S.30(2) REQUIREMENT HOW DEALT WITH IN THE PLAN (a) Plan must provide for payment of CIRP cost in priority to repayment of other debts of CD in the manner specified by the Board. Para “g” at Pages 47 of the Resolution Plan. (b) (i) Plan must provide for repayment of debts of OCs in such manner as may be specified by the Board which shall not be less than the amount payable to them in the event of liquidation u/s 53; or (ii) Plan must provide for repayment of debts of OCs in such manner as may be specified by the Board which shall be not less than amount that would have Para “b” at Pages No. 42 of the Resolution Plan.
Para “b” at Pages Nos. 42 and 43 of the Resolution Plan. Page 14 of 50
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In C.P (IB) No.28/2024 been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in sub-section (1) of section 53, whichever is higher and (iii)provides for payment of debts of financial creditors who do not vote in favour of the resolution plan, in such manner as may be specified by the Board. (c) Management of the affairs of the Corporate Debtor after approval of the Resolution Plan. Para “c” at Page No. 43 of the Resolution Plan. (d) Implementation and Supervision. Para “d” at Pages No.43 of the Plan.
Page 15 of 50
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In C.P (IB) No.28/2024 II. MEASURES REQUIRED FOR IMPLEMENTATION OF THE RESOLUTION PLAN IN TERMS OF REGULATION 37 OF CIRP REGULATIONS: PARTICULARS RELEVANT PAGE OF THE RESOLUTION PLAN DEALING AFORESAID COMPLIANCE WITH REGULATION A resolution plan shall provide for the measures, as may be necessary, for insolvency resolution of the corporate debtor for maximization of value of its assets, including but not limited to the following: - a) transfer of all or part of the assets of the corporate debtor to one or more persons; No such sale contemplated b) sale of all or part of the assets whether subject to any security interest or not; No such sale contemplated ba) restructuring of the corporate debtor, by way of merger, amalgamation and demerger; No such sale contemplated c) the substantial acquisition of shares of the corporate debtor, or the 100% acquisition of the shares contemplated at Page 16 of 50
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In C.P (IB) No.28/2024 merger or consolidation of the corporate debtor with one or more persons; page 22 of the plan ca) cancellation or delisting of any shares of the corporate debtor, if applicable; Page 22 of the plan. d) satisfaction or modification of any security interest; Page 17 & 26 of the plan. e) curing or waiving of any breach of the terms of any debt due from the corporate debtor; N.A. f) reduction in the amount payable to the creditors; 36 of the plan. g) extension of a maturity date or a change in interest rate or other terms of a debt due from the corporate debtor; N.A. h) amendment of the constitutional documents of the corporate debtor; Page 23 of the plan. i) issuance of securities of the corporate debtor, for cash, Page 23 of the plan. Page 17 of 50
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In C.P (IB) No.28/2024 property, securities, or in exchange for claims or interests, or other appropriate purpose;
j) change in portfolio of goods or services produced or rendered by the corporate debtor; N.A. k) change in technology used by the corporate debtor; and N.A. n) obtaining necessary approvals from the Central and State Governments and other authorities. Page 49 of the plan m) sale of one or more assets of corporate debtor to one or more successful resolution applicants submitting resolution plans for such assets; and manner of dealing with remaining assets] N.A.
III. MANDATORY CONTENTS OF RESOLUTION PLAN IN TERMS OF REGULATION 38 OF CIRP REGULATIONS: Page 18 of 50
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In C.P (IB) No.28/2024 REFERENCE TO RELEVANT REGULATION REQUIREMENT HOW DEALT WITH IN THE PLAN 38(1) The amount due to the operational creditors under a resolution plan shall be given priority in payment over financial creditors. Para “b” at Pages No. 42 of the Resolution Plan. 38(1A) A resolution plan shall include a statement as to how it has dealt with the interests of all stakeholders, including financial creditors and operational creditors of the corporate debtor. Para “f” at Page No. 46 of the Resolution Plan. 38(1B) A resolution plan shall include a statement giving details if the resolution applicant or any of its related parties has failed to implement or contributed to the failure of implementation of any other resolution plan approved by the Adjudicating Authority at any time in the past. Para “h” at Page 47 of the Resolution Plan. Page 19 of 50
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In C.P (IB) No.28/2024 38(2) A resolution plan shall provide: (a) the term of the plan and its implementation schedule; Para “h” at Pages No. 48 of the Resolution Plan. 38(3) A resolution plan shall demonstrate that – (a) it addresses the cause of default; Para “h” at Page no. 48 of the Resolution Plan.
(b) it is feasible and viable; Para “h” at page nos. 48 and 49 of the Resolution Plan.
(c) it has provisions for its effective implementation; Para “h” at Page no. 49 of the Resolution Plan. (d) it has provisions for approvals required and the timeline for the same; and Para “h” at Page no. 49 of the Resolution Plan. (e) the Resolution Applicant has the capability to implement the resolution plan. Para “h” at Page no. 49 of the Resolution Plan.
7.4. The Applicant submits that the successful Resolution Page 20 of 50
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In C.P (IB) No.28/2024 Applicant has submitted a certificate of eligibility under section 29A of the Code, which has been annexed as Annexure “R” at Page No. 505. 8. DETAILS OF RESOLUTION PLAN/PAYMENT SCHEDULE: 8.1 The Applicant submits the relevant information with regard to the amount claimed, amount admitted, and the amount proposed to be paid by the Resolution Applicant, i.e., Rs. 330 lakhs, under the said Resolution Plan is tabulated as under: SL. NO
CATEGORY OF CREDITOR
AMOUNT OF CLAIM (IN RUPEES.) CLAIM ADMITTED (IN Rupees) AMOUNT PROVIDED IN THE PLAN (IN Rupees) 1. Insolvency Resolution Process Cost
30,00,000 (Payment within 30 days of approval of the Resolutio Page 21 of 50
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In C.P (IB) No.28/2024 n Plan ) 2. Operationa l Creditor (including Statutory Liabilitie s admitted by RP) 30,03,77,671 30,03,77,671 2,00,000 (Payment within 30 days of approval of the Resolutio n Plan) 3.
Workmen/Em ployees
0.000
0.000
0.000 4.
Financial Creditor 1,3446,69,155.2 9 1,13,82,41,952 Rs. 2,98,00,0 00
{Rs. 65,50,000 within 30 days of approval of the Resolution Plan & Page 22 of 50
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In C.P (IB) No.28/2024 Rs. 2,32,50,0 00 within 120 days of approval of the Resolutio n Plan}
Working Capital (within 12 months)
100 Total 1,64,50,46,826 .29 1,43,86,19,623 4,30,00,0 00
8.2 The Resolution Plan defines “Effective Date” or “Completion Date” shall mean the date of receipt of order pronounced by the Adjudicating Authority whereby the instant resolution plan stands approved as per provision of the IBC Code. Page 23 of 50
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In C.P (IB) No.28/2024 8.3 It is hereby noted that the Resolution Plan provides for the payment of the Insolvency Resolution Process Costs within a period of 30 days from the date of approval of the Resolution Plan by this Tribunal and further accords priority in payment to the Operational Creditors over the Financial Creditors. 8.4 With regard to the Preferential, Undervalued, Fraudulent and Extortionate (“PUFE”) transactions, it has been provided in the Resolution Plan that, in the event any transaction is avoided or set aside by this Tribunal in terms of Sections 43, 45, 47, 49, 50 or 66 of the Insolvency and Bankruptcy Code, 2016, any amount received by the Resolution Professional or the Corporate Debtor pursuant thereto shall be deemed to have been received for the benefit of the Secured Financial Creditors and shall accordingly be distributed to the Secured Financial Creditors. It has further been clarified that all litigation costs and expenses in relation to the aforesaid proceedings shall be borne by the Secured Financial Creditors/Committee of Creditors, being the ultimate beneficiaries of such recoveries. 9. TERM of Resolution Plan: As per Form H (annexure ‘Y’ to the Application at p. 700), the term of the Resolution Plan shall commence from Page 24 of 50
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the date of approval of the Resolution Plan by this
Tribunal and shall conclude upon payment of the balance
amount, i.e., the final tranche, within 120 days from the
date of approval of the Resolution Plan.
10.
The details of realisable amount under the resolution
plan have been provided in Form-H furnished by the RP as
under:
Realisable amount:
Sl. No
Particulars
Description
1.
Total Realisable amount under the plan
(In case of real estate CDs, provide
the monetary value of flats etc.
given to allottees)
Rs. 3,30,00,000
2.
Fair Value
Rs.3,72,20,151
3.
Liquidation Value
Rs. 2,77,76,974
4.
Percentage (%) of realisable amount to
Fair Value
88.66%
5.
Percentage (%) of realisable amount to
Liquidation Value
118.80%
6.
Percentage (%) of realisable amount to
Principal amount
6.38%
7.
Percentage (%) of realisable amount to
Total admitted claims
2.29%
8.
Percentage (%) of realisable amount to
Other than admitted Corporate Guarantee
claims
2.29%
Details of Realisable amount: Page 25 of 50
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In C.P (IB) No.28/2024 Stakeholder Type Amount(s) Payment schedule Amount Claimed Amount Admitted Realisabl e amount under the plan Amount realiza ble in plan to amount claimed (%)
Secured Financial Creditors
-
Creditors not having a right to vote under sub-section (2) of section 21
-
Dissenting
-
Assenting
NA
1,34,46,69 ,155.29
NA
1,13,82, 41,952
NA
2,98,00,0 00
NA
2.22%
NA
Rs. 65,50,000 within 30 days of NCLT order
Rs. 2,32,50,0 00 within Page 26 of 50
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In C.P (IB) No.28/2024 120 days of NCLT order Unsecured Financial Creditors -Creditors not having a right to vote under sub-section (2) of section 21
- Dissenting
- Assenting NA NA NA NA NA Operational Creditors
(i)
GGovern
ment
30,03,77,67
1
30,03,77,
671
2,00,000
0.07%
Within 30
days of
approval
of
resolutio
n plan by
adjudicat
ing
authority
(ii) Workmen
- PF dues
- Other dues
NA
NA
NA
NA
NA
(iii)Employee
s
NA
NA
NA
NA
NA
Page 27 of 50
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- PF dues
- Other dues
(iv)Other
Operational
creditors
NA
NA
NA
NA
NA
Other Debts
and Dues
NA
NA
NA
NA
NA
Shareholders
NA
NA
NA
NA
NA
Total
1645046826.
29
143861962
3
3,00,00,0
00
2.29%
11.
Provision For Implementation and Supervision:
11.1 The provision about implementation and supervision of the
resolution plan has been provided in term of Section
30(2)(d) of the IBC Code 2016. The relevant extract of
the
plan
regarding
implementation
and
supervision,
provided at p. 608 of the application is reproduced
hereinbelow:-
“For effective implementation and supervision of the
Approved Resolution Plan, it is proposed to appoint a
Monitoring Committee.
A Monitoring Committee (MC) is to be formed comprising of
a representative from Secured Financial Creditors, RA
as well as Resolution Professional (in terms of
Provisions of section 30(2)(d) of Insolvency and
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In
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Bankruptcy Code, 2016 read with Regulation 38(2)(c) of
The
Insolvency
and
Bankruptcy
Board
of
India
(Insolvency Resolution Process for Corporate Persons)
Regulations, 2016. The appointment shall be for the
period with effect from the Date of Approval of
Resolution Plan by Hon'ble NCLT.
The scope of work of the MC would be (1) Coordination
amongst the stakeholders for smooth implementation of
resolution plan; (2) monitoring various compliances as
per Resolution Plan during implementation period; (3)
providing
specified
information
to
stakeholders
regarding
implementation
of Resolution Plan. (4)
Monitoring of Production Process of the CD by RA on
going concern basis.
The cost of supervision shall be borne by the CD, as
approved by the MC provided that the monthly fee
payable to the Monitoring Chairman shall not exceed the
fee received by him during the Corporate Insolvency
Resolution
Process
(CIRP),
in
accordance
with
Regulation 38(4)(b) of the CIRP Regulations. In case of
inadequacy
of funds with the CD, the cost of
supervision shall be borne by the RA.
It is to be NOTED that post NCLT Approval of the
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C.P (IB) No.28/2024
Resolution Plan, all costs incurred in relation to the
implementation of the Resolution Plan and litigations
if any, including legal costs, to be borne by the CD,
and in case of deficiency, by the RA.
The Tenor of the MC will be termed as Complete and it
will be treated that MC has completed all acts required
to be done on/after payment of the Full Payment by the
RA as envisaged under the Resolution Plan.
It is to be NOTED that the MC shall have the same
functions, powers and protections as ascribed to the
Resolution Professional under the Code.
Control and Management in the interim period from the
date of approval of plan by Hon'ble NCLT till the
implementation of the plan by RA will remain with MC as
per the terms of RFRP and Further, the role of MC WILL
BE To oversee the supervision of implementation of plan
as per the approved plan.”
11.2 The details of implementation of the resolution plan as
provided in Form H at page 700 of the application is
extracted below:
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12.
Upon perusal of the documents on record and/or documents, we are
satisfied that the Resolution Plan submitted by M/s Joy Vincom
Private Limited (Successful Resolution Applicant), annexed at
565-616 as annexure “T”, to the instant Application, is in
accordance with Sections 30 and 31 of the I&B Code, 2016 and
also complies with Regulations 38 and 39 of the IBBI (Insolvency
Resolution Process for Corporate Persons) Regulations, 2016.
13.
It has also been stated in the Form H attached to the
application, that the Regulatory fee (0.25%) payable to the
Board under Regulation 31A is Rs. 82,500/- (Rupees Eighty Two
Thousand Five Hundred), shall be part of the CIRP cost and shall
be paid as decided by the CoC in its 9th CoC meeting held on
28.10.2025.
14.
RELINQUISHMENT/Waiver of liabilities and Approvals
14.1 We have perused the reliefs, waivers and concessions as
sought for in the application. It is evident that some of
the reliefs, waivers and concessions sought by the
Resolution Applicant come within the ambit of the IBC
Code 2016 and the Companies Act 2013, while many others
fall under the power and jurisdiction of different
Government
Authorities/Departments.
This
Adjudicating
Authority has the power to grant reliefs, waivers and
concessions only concerning the reliefs, waivers and
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In C.P (IB) No.28/2024 concessions that are directly with the IBC Code 2016 and the Companies Act 2013 (within the powers of the NCLT). The reliefs, waivers and concessions that pertain to other Governmental Authorities/Departments may be dealt with by the respective competent Authorities/Forums/Offices, Government or Semi- Government of the State or Central Government concerning the respective reliefs, waivers and concession, whenever sought for. The competent authorities including the Appellate Authorities may consider granting such reliefs, waivers and concessions keeping in view the spirit of the IBC Code, 2016 and the Companies Act, 2013. 14.2 It is settled proposition of law that the Resolution Plan must be consistent with the extant law. The Resolution Applicant shall make necessary applications to the concerned regulatory or statutory authorities for renewal of business permits and supply of essential services, if required, and all necessary forms along with filing fees etc. and such authority shall also consider the same keeping in mind the objectives of the Code, which is essentially the resolving of the insolvency of the Corporate Debtor. On this aspect, Hon’ble Apex Court in case of Embassy Property Developments Pvt. Ltd. vs. State of Karnataka (2020) 13 SCC 308, held that: Page 33 of 50
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In C.P (IB) No.28/2024 “39. If NCLT has been conferred with jurisdiction to decide all types of claims to property, of the corporate debtor, Section 18(f)(vi) would not have made the task of the interim resolution professional in taking control and custody of an asset over which the corporate debtor has ownership rights, subject to the determination of ownership by a court or other authority. In fact, an asset owned by a third party, but which is in the possession of the corporate debtor under contractual arrangements, is specifically kept out of the definition of the term "assets" under the Explanation to Section 18. This assumes significance in view of the language used in Sections 18 and 25 in contrast to the language employed in Section. Section 18 speaks about the duties of the interim resolution professional and Section 25 speaks about the duties of resolution professional. These two provisions use the word "assets", while Section 20(1) uses the word "property" together with the word "value". Sections 18 and 25 do not use the expression "property". Another important aspect is that Under Section 25(2)(b) of IBC, 2016, the resolution professional is obliged to represent and act on behalf of the Page 34 of 50
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corporate debtor with third parties and exercise
rights for the benefit of the corporate debtor in
judicial, quasi-judicial and arbitration proceedings.
Section 25(1) and 25(2)(b) reads as follows:
Duties of resolution professional –
(1)
It
shall
be
the
duty
of
the
resolution
professional to preserve and protect the assets of
the
corporate
debtor,
including
the
continued
business operations of the corporate debtor.
(2)
For
the purposes of Sub-section (1), the
resolution professional shall undertake the following
actions:
(a).............
(b) represent and act on behalf of the corporate
debtor with third parties, exercise rights for the
benefit
of
the
corporate
debtor
in
judicial,
quasi-judicial
and
arbitration
proceedings. This
shows that wherever the corporate debtor has to
exercise
rights
in
judicial,
quasi-judicial
proceedings,
the
resolution
professional
cannot
short-circuit the same and bring a claim before NCLT
taking advantage of Section 60(5).
Therefore, in the light of the statutory scheme as
culled out from various provisions of the IBC, 2016
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it is clear that wherever the corporate debtor has to
exercise a right that falls outside the purview of
the IBC, 2016 especially in the realm of the public
law,
they
cannot,
through
the
resolution
professional, take a bypass and go before NCLT for
the enforcement of such a right”.
14.3 The reliefs sought for subsisting contracts/agreements
can be granted, and no blanket orders can be granted in
the absence of the parties to the contracts and
agreements.
14.4 Insofar as waivers with regard to the extinguishment of
claims which arose prior to the initiation of the CIRP
Process and which have not been claimed are granted in
terms of the law laid down by the Hon’ble Apex Court in
case of Ghanashyam Mishra and Sons Private Limited vs.
Edelweiss Asset Reconstruction Company Limited [2021] 13
SCR 737, wherein Hon’ble Apex Court held that
“Once
a
resolution plan is duly approved by the
Adjudicating Authority under sub-section (1) of section
31, the claims as provided in the resolution plan shall
stand frozen and will be binding on the Corporate
Debtor and its employees, members, creditors, including
the Central Govt., any State Govt. or any local
Authority, guarantors and other stakeholders”.
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In C.P (IB) No.28/2024 14.5 It has further been held by Hon’ble Apex Court Ghanshyam Mishra Case (supra) in this regard is reproduced below: “61. All these details are required to be contained in the information memorandum so that the resolution applicant is aware, as to what are the liabilities, that he may have to face and provide for a plan, which apart from satisfying a part of such liabilities would also ensure, that the Corporate Debtor is revived and made a running establishment. The legislative intent of making the resolution plan binding on all the stake-holders after it gets the seal of approval from the Adjudicating Authority upon its satisfaction, that the resolution plan approved by CoC meets the requirement as referred to in Sub-section (2) of Section 30 is, that after the approval of the resolution plan, no surprise claims should be flung on the successful resolution applicant. The dominant purpose is, that he should start with fresh slate on the basis of the resolution plan approved. “62. This aspect has been aptly explained by this Court in the case of Committee of Creditors of Essar Steel India Limited through Authorized Signatory (supra). “107. For the same reason, the impugned NCLAT judgment [Standard Chartered Bank v. Satish Kumar Gupta] in Page 37 of 50
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In C.P (IB) No.28/2024 holding that claims that may exist apart from those decided on merits by the resolution professional and by the Adjudicating Authority/Appellate Tribunal can now be decided by an appropriate forum in terms of Section 60(6) of the Code, also militates against the rationale of Section 31 of the Code. A successful resolution applicant cannot suddenly be faced with "undecided" claims after the resolution plan submitted by him has been accepted as this would amount to a hydra head popping up which would throw into uncertainty amounts payable by a prospective resolution applicant who would successfully take over the business of the corporate debtor. All claims must be submitted to and decided by the resolution professional so that a prospective resolution applicant knows exactly what has to be paid in order that it may then take over and run the business of the corporate debtor. This the successful resolution applicant does on a fresh slate, as has been pointed out by us hereinabove. For these reasons, NCLAT judgment must also be set aside on this count.” 14.6 On the same aspect we would also rely on the judgement of Hon’ble High Court of Rajasthan in the matter of EMC v. State of Rajasthan (2023) ibclaw.in 42 HC wherein Hon’ble High Court held that Page 38 of 50
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In C.P (IB) No.28/2024 “Law is well-settled that with the finalization of insolvency resolution plan and the approval thereof by the NCLT, all dues of creditors, Corporate, Statutory and others stand extinguished, and no demand can be raised for the period prior to the specified date.” 14.7 Thus, on the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan as per the law laid down by the Hon’ble Supreme Court in Ghanashyam Mishra supra. The Hon’ble Supreme Court also held that all the dues including the statutory dues owed to the Central Govt, any State Govt or any local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date on which the Adjudicating Authority grants its approval under section 31 could be continued. 14.8 The waivers sought with respect to guarantors, we place reliance on the judgment of Hon’ble Supreme Court in case of Lalit Kumar Jain v. Union of India (2021) 9 SCC 321, wherein Hon’ble Supreme Court in para no. 133 held that sanction of a resolution plan and finality imparted to it Page 39 of 50
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by section 31 does not per se operate as a discharge of
the guarantor’s liability shall apply.
14.9 Further, we would rely upon the judgment passed by the
Hon’ble NCLAT in case of Roshan Lal Mittal v. Rishabh
Jain reported in (2023) ibclaw.in 803 wherein Hon’ble
NCLAT held that:
“The Resolution Plan does not absolve the personal
guarantors from their guarantee. The law well settled
by the Hon’ble Supreme Court in the matter of “Lalit
Kumar Jain vs. Union of India & Ors. (2021) 9 SCC
321),
that
by
approval
of
resolution
plan
the
guarantees are not ipso facto discharged.”
14.10Insofar as reliefs and waivers sought for all inquiries,
litigations, investigations and proceedings shall be
granted strictly as per the section 32A of the Code and
the provisions of the law as may be applicable. In this
context, we would note that upon the approval of the
Resolution Plan, the Corporate Debtor avails the limbs of
new management to revive its business. Thus, all the past
liabilities of the Corporate Debtor including criminal
liability prior to the initiation of the CIR Process
shall stand effaced and the new management will step into
the shoes of the company with a fresh or clean slate.
Hence, the old management shall be liable to face all the
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offences committed prior to the commencement of the CIR
Process. At this juncture, we would rely upon the
judgment rendered by the Hon’ble Apex Court in Ajay Kumar
Radheyshyam Goenka vs. Tourism Finance Corporation of
India Ltd. reported in MANU/SC/0244/2023: (2023) 10 SCC
545 that:
“67. Thus, Section 32A broadly leads to:
a. Extinguishment of the criminal liability of the
corporate debtor, if the control of the corporate
debtor goes in the hands of the new management which is
different from the original old management.
b. The prosecution in relation to "every person who was a
"designated partner" as defined in Clause (j) of
Section 2 of the Limited Liability Partnership Act 2008
(6 of 2009), or an "officer who is in default", as
defined in Clause (60) of Section 2 of the Companies
Act. 2013 (18 of 2013), or was in any manner in charge
of, or responsible to the corporate debtor for the
conduct
of
its business or associated with the
corporate debtor in any manner and who was directly or
indirectly involved in the commission of such offence"
shall be proceeded and the law will take it’s own
course. Only the corporate debtor (with new management)
as held in Para 42 of P. Mohanraj will be safeguarded.
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c. If the old management takes over the corporate debtor
(for MSME Section 29A does not apply (see 240A), hence
for MSME old management can takeover) the corporate
debtor itself is also not safeguarded from prosecution
Under Section 138 or any other offences.”
14.11Further, Hon’ble High Court of Madras in case of Vasan
Healthcare Pvt. Ltd. vs. The Deputy Director of Income
Tax (Investigation), Unit 3(2) (2024) ibclaw.in 80 HC,
held that:
“9. In the above judgement, the Apex Court after dealing
with the provision in detail, came to a categoric
conclusion that insofar as the criminal prosecution is
concerned, the criminal liability of the corporate
debtor viz., company gets completely wiped off and the
new management is allowed to take over the company on a
clean slate. However, the Apex Court also made it clear
that the persons who are involved in the day today
affairs
of
the
company
and
were
incharge
and
responsible for running of the company, will be liable
to face all the offence committed prior to the
commencement of the Corporate Insolvency Resolution
Process. There is no escape for those persons from
criminal liability even though the corporate debtor is
given a clean slate and is handed over to the new
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Management. In the National Company Law Tribunal
10. Useful reference can also be made to the judgement of
the Calcutta High Court in [Tantia Constructions
Limited Vs. Krishna Hi-Tech Infrastructure P Ltd] in
CRP No. 172 of 2022 The relevant portions in the order
are extracted hereunder:- 4. For the application of
Section 32A of IBC, 2016 and in light of the present
matter, it is pertinent to determine the following two
issues, i.e.,
i. Whether the offence as complained in the impugned
criminal proceedings has been alleged to be committed
before
the
initiation
of
corporate
insolvency
resolution process or during such process?
ii. Whether the resolution plan has resulted in change in
the management or corporate debtor in consonance with
the provisions of Section 32A(1) of IBC, 2016?
5. With respect to Issue No. 1, it is pertinent to note
that the corporate insolvency resolution process as
against the Petitioner/Corporate Debtor was initiated
on 13.03.2019 when the application was accepted and the
Order of Moratorium under Section 14 of the IBC, 2016
was imposed by NCLT, Kolkata in the aforementioned
case.
The
complaint
that
commenced
the impugned
criminal proceedings was filed on 22.07.2019 before the
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concerned court by the opposite party. Whereby, said
alleged offence so complained, took place before or
during the corporate insolvency resolution process and
is covered under the ambit of Section 32A of IBC, 2016.
6. With respect to Issue No. 2, it is observed that the
petitioner has not made specific submission in this
regard.
However, it is the submission of the opposite party that
the impugned complaint case does not concern itself
with the new directors that were appointed after
takeover by the Resolution Applicant in line with the
Resolution Plan so approved by NCLT dated 24.02.2022.
It
is
their submission that they are primarily
aggrieved by the actions of petitioner when it was in
control of erstwhile Directors.
11. The above judgement clearly lays down the law on the
subject. The moment the Corporate Insolvency Resolution
Process is initiated against the corporate debtor, and
the application is accepted by the NCLT, the moratorium
comes into operation. Once the resolution plan is
accepted by the NCLT and orders are passed and the
corporate debtor gets into hands of the new management,
all
the
past
liabilities
including
the criminal
liability of the corporate debtor gets wiped off and
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the new Management takes over the company with clean
slate.”
14.12 Hon’ble Madras High Court in M/s. Vasan Healthcare Pvt
Ltd v. M/s. India Infoline Finance Ltd, (2024) ibclaw.in
700 HC, has observed that:
“13. As a result of the above discussion and the law laid
in Ajay Kumar Radheshyam Goenka case, it is clear that
the corporate debtor cannot be prosecuted for the prior
liability after the approval of the Resolution Plan. At
the same time, it is to be bear in mind the protection
under Section 32-A of the Corporate debtor and not to
its Directors who were in charge of the affairs of the
Company when the offence committed or the signatory of
the cheque.”
14.13Further, the Hon’ble Apex Court in Jaypee Kensington
Boulevard Apartments Welfare Association and Ors. vs.
NBCC (India) Ltd. and Ors. (2022) 1 SCC 401at Para 216,
has laid down proposition of law that:
“The Adjudicating Authority has limited jurisdiction in
the matter of approval of a resolution plan, which is
well-defined and circumscribed by Sections 30(2) and 31
of the Code. In the adjudicatory process concerning a
resolution plan under IBC, there is no scope for
interference
with
the
commercial
aspects
of the
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decision of the CoC; and there is no scope for
substituting any commercial term of the resolution plan
approved by Committee of Creditors. … .”
14.14Further, in Committee of Creditors of Essar Steel India
Limited vs. Satish Kumar Gupta reported at (2020) 8 SCC
531, the Hon’ble Apex Court has held that:
“38. This Regulation fleshes out Section 30(4) of the
Code, making it clear that ultimately it is the
commercial wisdom of the Committee of Creditors which
operates to approve what is deemed by a majority of
such creditors to be the best resolution plan, which is
finally accepted after negotiation of its terms by such
Committee with prospective resolution applicants.”
15.
Therefore, in view of the above, we come to a final
conclusion that if there are any personal guarantors of
the corporate debtor, the personal guarantees shall be
invoked and an appropriate action against them, in
accordance with law, be taken.
16.
As far as the question of granting time to comply with
the
statutory
obligations/seeking
sanctions
from
Government
Authorities is concerned, the Resolution
Applicant is directed to do the same within one year as
prescribed under section 31(4) of the Code.
17.
In case of non-compliance of this order or withdrawal of
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Resolution Plan, the CoC shall have the right to forfeit
the EMD amount already paid by the Resolution Applicant.
18.
ORDER
18.1 Therefore, in view of aforesaid observations of ours and
law applicable thereon, we hereby approve the Resolution
Plan for an amount of Rs. 3,30,00,000/-(Rupees Three
Crore Thirty Lakh Only) submitted by Joy Vincom Private
Limited (Successful Resolution Applicant).
18.2 The Resolution Plan shall form part of this Order and
shall be read along with this order for implementation.
The Resolution Plan thus approved shall be binding on the
Corporate Debtor and all other stakeholders involved in
terms of Section 31 of the IBC Code 2016, so that the
revival of the Corporate Debtor shall come into force
with immediate effect without any delay. 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.
18.3 The Moratorium imposed under section 14 shall cease to
have effect from the date of this order.
18.4 The Resolution Professional shall submit the records
collected during the commencement of the proceedings to
the Insolvency & Bankruptcy Board of India for their
record and also return to the Resolution Applicant or New
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Promoters.
18.5 Certified copy of this Order be issued on demand to the
concerned parties, upon due compliance.
18.6 Liberty is hereby granted to prefer any application if
required in connection with implementation of this
Resolution Plan.
18.7 A copy of this Order is to be submitted in the Office of
the Registrar of Companies, West Bengal.
18.8 It is not on record whether the Financial Creditors have
invoked Personal Guarantees or not. It is essential for
the purpose of maximization for wealth of the Corporate
Debtor;
personal
guarantees
need
to
be
invoked.
Therefore, we direct the Financial Creditors to invoke
Personal Guarantees, if not already done.
18.9 The Resolution Professional may stand discharged from his
duties with effect from the date of this Order; however,
he is required to comply with our directions mentioned in
the order subject to comply the direction, which the
creditors should bear in mind.
18.10The Resolution Professional shall stand discharged from
his duties with effect from the date of this Order. The
Resolution Professional is further directed to handover
all
records,
premises/factories/documents
to
the
Resolution Applicant to finalise the further line of
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action required for starting of the operation. The
Resolution Applicant shall have access to all the
records/premises/factories/documents
through
the
Resolution Professional to finalise the further line of
action required for starting of the operation.
18.11The Registry is directed to send e-mail copies of the
order forthwith to all the parties and their Ld. Counsel
for information and for taking necessary steps.
19.
In light of the approval of the Resolution Plan, the
Interlocutory Application being I.A(I.B.C)/160(KB)2025
filed
under
Section
60(5)
of
the
Insolvency
and
Bankruptcy
Code,
2016,
seeking
directions
for
the
handover of assets and information from the suspended
directors,
has become infructuous. Accordingly, the
stands disposed of.
20.
Since the resolution plan has been approved and hence,
the pending application being IA No. 2272/2024 filed
under Section 19(2) of the IBC Code 2016 against
suspended board for non-co-operation stands disposed of.
21.
The Interlocutory Application being IA(IBC)(Plan) No.
34/KB/2025
and
CP.No.28/KB/2024
stands
disposed
of
accordingly.
22.
Certified copy of this order may be issued, if applied
for, upon compliance of all requisite formalities.
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In C.P (IB) No.28/2024 23. Before parting with this order, this Bench places its appreciation to the able assistance rendered by Sridhar R, Legal Research Assistant (LRA) attached to this Bench. 24. File be consigned to the record.
REKHA KANTILAL SHAH
LABH SINGH
MEMBER (TECHNICAL)
MEMBER (JUDICIAL)
(Order signed on the 08th day of 2026)
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