O R D E R

17-01-2022 Learned counsels for the petitioner, namely, Mr. C. P. Sharma, Sr. Advocate, assisted by Mr.

A. Lal, as well as learned counsel for the sole respondent Mr. N. Deka, were heard on 11.01.2022 and fixed the matter today for order.

2) Petitioner is a company registered under the Companies Act, 1956 and is engaged in the business of Design, fabrication, construction of pressure vessels including mounted storage vessels, heat exchangers, piping and skids of various industries; Execution of large engineering projects in the field of pressurised tanks and vessels and providing EPC services to reputed Oil Companies and Multi National Companies and Manufacturing 100% Cotton Yarn.

3) Since 24.09.2019, the petitioner company was under Corporate Insolvency Resolution Process (CIRP, in short) that was initiated by the National Company Law Tribunal, Mumbai under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016, in short). The said Tribunal on 24.09.2019 itself appointed an Interim Resolution Professional (IRP, in short) to conduct the CIRP of the petitioner company, who on 16.01.2020 issued the requisite Form G and thereafter on 04.03.2020 and 27.08.2020 issued revised Form G in two newspapers, one in English and other in Marathi language, inviting Expression of Interest (EOI, in short) from Prospective Resolution Applicants (PRAs).

4) It is stated that the consortium of Manjeet Cotton Private Limited and Parason Machinery (India) Private Limited being interested to revive the petitioner company under IBC, 2016 submitted its EOI on 08.01.2021. Considering the same the Resolution Professional issued Request for Resolution Plan (RFRP, in short) to the PRAs. Accordingly, the PRAs submitted the Resolution Plan for consideration of the Committee of Creditors (COC, in short) as per Section 30 of the IBC, 2016, stating that the PRAs shall bring in an amount of Rs. 197 Crores, out of which Rs. 50 Crores shall be infused as and by way of working capital into the petitioner company and the remaining amount shall be paid to various financial creditors in the manner as provided in the plan including certain operational creditors and also for the treatment of the liabilities, loans and outgoing and dues of all the creditors of the petitioner company as well as further treatment for its effective revival.

5) As the said Resolution Plan submitted by the PRAs was approved by the COCs by the majority voting (e-voting) of 85.15% that was held between 02.02.2021 to 18.02.2021 as per the provisions of Section 30 (4) of the IBC, 2016, the Resolution Professional immediately on 27.02.2021 filed an application under Section 30(6) of the IBC, 2016 being I.A. No. 607/2021 before the NCLT, Mumbai for approval of the said Resolution Plan by the Adjudicating Authority under Section 31 of the IBC, 2016. Since the I.A. for approval of the Resolution Plan was pending before NCLT, Mumbai, since later part of February, 2021 the Resolution Applicant, who have taken over the petitioner company, filed an application before the said Tribunal for urgent listing and hearing of the said I.A. showing the urgency and requirement for approval of the concerned Resolution Plan under Section 31 of the IBC, 2016.

6) Pursuant to the said application of the Resolution Applicant, the NCLT, Mumbai heard the I.A. No. 607/2021 from time to time and closed the said Interlocutory Application on 29.10.2021 for orders. The NCLT, Mumbai by its Order dated 16.11.2021 allowed the said I.A. No. 607/2021 approving the Resolution Plan and disposed of the said application and it was signed and uploaded on 24.11.2021.

7) After approval of the said Resolution Plan by the NCLT, Mumbai by its order dated 16.11.2021 and on uploading of the same in its website on 24.11.2021, copy of the said order was obtained and the Balance Sheet and Financial Statement of the petitioner company was prepared showing its Net Worth of Rs. 122 Crores and Working Capital availability of Rs. 23 C