Disposed

In the matter of Swastik Oil Refinery Pvt. Ltd. [I.a. (Ib) No. 554-KB-2023 in Cp (Ib) No. 119-KB-2021]

NCLT3 Jan 2024I.A. (IB) No. 554-KB-2023 in CP (IB) No. 119-KB-2021

Case brief

AI extract

What is this about?

This order clarifies discrepancies regarding the date of approval of the resolution plan and inconsistencies in the Committee of Creditors meeting records. The tribunal notes that meeting dates and voting result dates do not align and direct the resolution professional to submit a supplementary affidavit.

What did the court decide?

Directed the applicant to provide clarification regarding discrepancies and inconsistencies by way of a supplementary affidavit within one week.

In the matter of Swastik Oil Refinery Pvt. Ltd. [I.a… — Insolvency and Bankruptcy | NCLT (2024)

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IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH, COURT-I KOLKATA

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I.A. (IB) No. 554/KB/2023 in CP (IB) No. 119/KB/2021

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Application under section 30(6) and section 31(1) of the Insolvency & 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 Resolution Plan .

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In the matter of:

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Meher Oil Industries Pvt. Ltd.

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… Operational Creditor

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Versus

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Swastik Oil Refinery Pvt. Ltd.

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… Corporate Debtor

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And

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In the matter of:

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Tapan Chakraborty, Resolution Professional of

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Swastik Oil Refinery Pvt. Ltd

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…Resolution Professional/ Applicant

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Versus

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Uma Exports Ltd.

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…Resolution Applicant Date of pronouncement: 03.01.2023

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Coram:

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Shri Rohit Kapoor, Member (Judicial) Shri Balraj Joshi, Member (Technical)

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In the National Company Law Tribunal, Kolkata Bench (Court- I)

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I.A (I.B.C) 554/KB/2023 in C.P (IB) 217/KB/2021

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Appearances (via hybrid mode):

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For the Applicant/RP:

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Mr. Shaunak Mitra, Adv.

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Mr. Patita Paban Bishwal, Adv. Mr. Tapan Chakraborty, RP in person For the Successful Resolution Applicant in I.A. No. 554 of 2023:

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Ms. Urmila Chakraborty, Adv.

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Ms. Shreya Choudhary, Adv.

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CLARIFICATION ORDER

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After hearing, the instant matter was reserved for order on 11.08.2023.

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However, upon perusal of records for preparation of the order, the following points have come to our notice:

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i. According to the submissions made by the Applicant, the Committee of Creditors (CoC) approved the resolution plan in response to the voting agenda of 13^th meeting of CoC dated 04.01.2023,however, according to the records placed before us, no meeting took place on that date.

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ii. The 13^th CoC meeting took place on 05.01.2023 as is reflected from Annexure Q of the Application (Pages 177 to 187). However, the voting result attached therein are from a meeting dated 04.11.2022 (Page No. 187).

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iii. The 12^th CoC meeting was held on 14.12.2022 as is reflected from Annexure P (Pages 169 to 176), however, the voting result attached therein are from a meeting dated 04.11.2022. (Page No. 176).

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iv. The 11^th CoC meeting was held on 28.11.2022 as is reflected from Annexure O (Pages 161 to 168), however, the voting result attached therein are from a meeting dated 04.11.2022. (Page No. 168).

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v. The Form H annexed as Annexure Z (page 264) mentions the date of approval of resolution plan on 23.02.2023. However, there is no such document which indicates that the voting took place on said date.

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In the National Company Law Tribunal, Kolkata Bench (Court- I)

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I.A (I.B.C) 554/KB/2023 in C.P (IB) 217/KB/2021

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vi. According to the mandatory contents of the resolution plan (Page 251-253), payment to operational creditor is dealt with in Para V(5) of the resolution plan . But Para V(5) doesn’t speak of such payment. Rather, it is given under Para IVPayments under the resolution Plan in clause 5. As such, the contents of the Table containing the ‘mandatory contents to the Resolution Plan’ do not corroborate with the preceding paragraphs.

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The Applicant is directed to provide clarification regarding the same by way of a supplementary affidavit within the period of 1 week.

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