The National Company Law Tribunal (NCLT), Kolkata Bench of Judicial Member Rohit Kapoor and Technical Member Balraj Joshi was hearing an application filed by G.S. Global Projects Private Limited against the Resolution Professional, alleging irregularities and non-transparency in the evaluation process. The NCLT Kolkata bench approved the Resolution Plan of Jupiter Wagons Limited. It dismissed the application alleging irregularities while addressing various aspects of the Corporate Insolvency Resolution Process (CIRP) and providing necessary reliefs and waivers.
The NCLT order, relating to a Company Petition filed by ICICI Bank Limited against Stone India Limited, the Corporate Debtor, under section 7 of the Insolvency and Bankruptcy Code 2016, has been concluded. The petition was admitted, and the Corporate Insolvency Resolution Process (CIRP) was initiated on 9th November 2021, with Mr. Kuldeep Verma initially appointed as the Interim Resolution Professional (IRP), and later Mr. Sanjai Kumar Gupta appointed as the Resolution Professional (RP) on 28th February 2022.
During the CIRP period, 14 meetings of the Committee of Creditors (CoC) were held, and various matters related to the CIRP process were discussed.
Expressions of Interest (EoIs) were invited, and 11 EoIs were received. The Resolution Professional issued the necessary documents to the prospective resolution applicants, and four Resolution Plans were accepted. Jupiter Wagons Limited, GS Global Projects Private Limited, and Lal Baba Seamless Tubes Private Limited submitted their plans, which were considered by the CoC.
An application was filed by G.S. Global Projects Private Limited against the Resolution Professional, alleging irregularities and non-transparency in the evaluation process. However, the NCLT found no merit in the applicant's claims and dismissed their application.
The Resolution Plan of Jupiter Wagons Limited was approved by the CoC with 100% voting share. The NCLT reviewed the Plan and found that it complied with the necessary procedures and regulations, thereby approving it.
Jupiter Wagons Limited, the successful Resolution Applicant, submitted the required performance bank guarantee. The amounts claimed and admitted by various creditors, both financial and operational, were outlined in the order.
The Resolution Plan addressed various aspects such as human capital, claims of the Corporate Debtor, the effect of the Plan, business operations, and compliance requirements. The NCLT order included specific directives related to these aspects.
In conclusion, the NCLT order approved the Resolution Plan of Jupiter Wagons Limited, provided necessary reliefs and waivers, and outlined the obligations and responsibilities of the stakeholders involved. The Resolution Professional was discharged from duties, and the moratorium under Section 14 ceased to have effect. Parties were notified of the order, and certified copies were to be issued upon compliance with formalities. The file was consigned to the record.
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