Allowed

In the matter of Vindhyavasini Ispat Industries Pvt. Ltd. [Ia 855-2024 in C.P. (IB)-445(MB)2020]

NCLT5 Mar 2024IA 855-2024 in C.P. (IB)-445(MB)2020

Case brief

AI extract

What is this about?

The Single Judge allowed the Financial Creditor's application to rectify clerical errors in the Admission Order regarding the Corporate Debtor's name and details, replace the expired Interim Resolution Professional with a new one, and exclude the interim period from the CIRP timeline.

What did the court decide?

The application was allowed to rectify the errors in the admission order, appoint the new IRP Mr. Asish Narayan, and exclude the CIRP period from 22.12.2023 to 05.03.2024.

In the matter of Vindhyavasini Ispat Industries Pvt… — Insolvency and Bankruptcy | NCLT (2024)

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NATIONAL COMPANY LAW TRIBUNAL

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COURT ROOM NO. 1, MUMBAI BENCH

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Item No. 10

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IA 855/2024 in C.P. (IB)/445(MB)2020

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CORAM:

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SH. PRABHAT KUMAR JUSTICE VIRENDRASINGH BISHT (Retd.)

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ORDER SHEET OF THE HEARING ON 05.03.2024

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NAME OF THE PARTIES: STATE BANK OF INDIA VS VINDHYAVASINI ISPAT INDUSTRIES PVT LTD

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Section 7 of the Insolvency & Bankruptcy Code, 2016

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ORDER

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IA No. 855/2024 -

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Mr. Arjun Sathees, Advocate i/b India Law LLP appeared for the Applicant.

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The present application is filed by the Financial Creditor under Section 60(5) of the I & B Code, 2016 r/w Rule 11 and Rule 154 of the NCLT Rules, 2016 and Section 420(2) of the Companies Act, 2013 for (a) rectification in para 4 of the order dated 22.12.2023 (b) to replace the Respondent Mr. Naren Sheth with Mr. Asish Narayan, having IBBI Registration No. IBBI/IPA-002/IP-N00444/2017-2018/11274, as the IRP of the Corporate Debtor (c) for exclusion of CIRP period lost from the date of admission of order i.e. 22.12.2023 till the today.

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It is submitted that there are certain clerical errors in the aforesaid Order. A paragraph-wise list of clerical errors has been mentioned hereinbelow for easy reference:

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a. The Cause Title of the Order records the name of the Corporate Debtor as Vindhyavasini Corporation Private Limited instead of Vindhyavasini Ispat Industries Private Limited and the CIN as U74900MH2010PTC204738 instead of U27310MH2010PTC209729 . b. Paragraph 1 of the Order records the name of the Corporate Debtor as Vindhyavasini Corporation Private Limited instead of Vindhyavasini Ispat Industries Private Limited.

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c. Paragraph 2 of the Order records the date of incorporation of the Corporate Debtor as 23.06.2010 instead of 02.11.2010.

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d. Paragraph 4 of the Order records the amount default as Rs. 338.55 Crores instead of Rs. 323.62 Crores as on 30.11.2019.

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e. Paragraph 5 of the Order mistakenly records the Particulars of the Debt of the Applicant. The correct version of the same are mentioned hereinbelow:

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Account No.	Facility	Limit (in Crs.)	Principal Outstanding
31494893534	Term Loan	27.00	18.04
31522841780	Cash Credit	72.00	101.19
	Total	99.00	119.23

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f. Lastly, Paragraph 23(a) of the Order records the name of the Corporate Debtor as Vindhyavasini Corporation Private instead of Vindhyavasini Ispat Industries Private Limited and the CIN as U74900MH2010PTC204738 instead of U27310MH2010PTC209729.

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We peruse the record and finds the submissions correct. Accordingly, we pass the following order modifying the order dated 22.12.2023.

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a) The words Vindhyavasini Corporation Private Limited wherever they occure shall be replaced by the words Vindhyavasini Ispat Industries Private Limited Further, the CIN No. stated as U74900MH2010PTC204738 shall be replaced by CIN NO . U27310MH2010PTC209729 .

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b) The date of incorporation of the Corporate Debtor as stated in paragraph 2 shall be read as 02.11.2010.

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c) In paragraph 4 of the Or Rs. 338.55 Crores Rs. 323.62 Crores .

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d) In place of existing table in Paragraph 5 relating to the Particulars of the Debt of the Applicant, the following table shall be substituted.

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Account No.	Facility	Limit (in Crs.)	Principal Outstanding
31494893534	Term Loan	27.00	18.04
31522841780	Cash Credit	72.00	101.19
	Total	99.00	119.23

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e) Rest of the order dated 22.12.2023 remained unaltered.

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4. It is submitted that the CIRP of the Corporate Debtor was set to commence on 22.12.2023. However, the Authorization for Assignment (AFA) of the appointed IRP Mr. Naren Sheth expired on 23.12.2023. Accordingly, Applicant is seeking replacement of the IRP viz. Mr. Naren Sheth with Mr. Asish Narayan, having IBBI Registration No. IBBI/IPA-002/IP-N00444/2017-2018/11274.

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In view of the expiry of the AFA of the appointed IRP, we appoint Mr. Asish Narayan , having IBBI Registration No. IBBI/IPA-002/IP-N00444/20172018/11274 as the IRP of the Corporate Debtor. Written consent dated

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01.01.2024 Certificate of Registration, and AFA of Mr. Asish Narayan is also - .

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It is further submitted that due to the clerical errors in recording the name of the Corporate Debtor in the admission order dated 22.12.2023 as well as the expiration of AFA of the appointed IRP, the CIRP of the Corporate Debtor has not effectively commenced till date. In light of above, the Applicant seeks exclusion of time lost from the admission of order dated 22.12.2023 till 05.03.2024.

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Accordingly, in view of the aforesaid, we exclude the period of CIRP from 22.12.2023 to 05.03.2024.

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In view of the aforesaid, IA No. 855/2024 is allowed and disposed of .

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Sd/Sd/PRABHAT KUMAR JUSTICE VIRENDRASINGH BISHT MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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Sapna

In the matter of Vindhyavasini Ispat Industries Pvt. Ltd. [Ia 855-2024 in C.P. (IB)-445(MB)2020]

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In the matter of Vindhyavasini Ispat Industries Pvt. Ltd. [Ia 855-2024 in C.P. (IB)-445(MB)2020]

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