Mr. Anil Goel Liquidator of M/s. Birla Cotysn (India) Limited vs Regional Director (WR)

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2024 Supreme(Online)(NCLT) 1349

NATIONAL COMPANY LAW TRIBUNAL
Mr. Sanjiv Dutt, Member (Technical), Mr. Kishore Vemulapalli, Member (Judicial)
Mr. Anil Goel Liquidator of M/s. Birla Cotysn (India) Limited – Appellant
Versus
Regional Director (WR) – Respondent

Advocates:
For the Appellants/Petitioners: Mr. Rohit Gupta, Ms. Prashansa Agarwal, Mr. Gaurav Joshi, Mr. Viraj Parikh, Mr. Umang Mehta, Mr. Aamir Attari, Ms. Aalisha Sharma
For the Respondents: Mr. Kunal Kanungo

Table of Content
1. factual background of the corporate debtor's financial history. (Para 1 , 2)
2. introduction of proposed scheme of arrangement. (Para 3)
3. discussion on lacks of objections from regulatory authorities. (Para 4 , 5 , 8 , 9)
4. court's analysis of objections and rulings on eligibility. (Para 10 , 12)
5. final decision to sanction the scheme. (Para 14 , 15 , 16 , 20)

ORDER

1. The captioned Company Scheme Petition bearing C.P. (CAA) No. 189 of 2023 has been filed u/s. 230 r/w. s.66 of the Companies Act, 2013 and Regulation 2-B of the IBBI (Liquidation Process) Regulations, 2016 on 05.07.2023 seeking sanction of this Tribunal to a Composite Scheme of Compromise and Arrangement (“the Scheme”) between Mr. Nikhil Jain (“Acquirer No.1”), Rohstoffe International Private Limited (“Acquirer No.2”) and Wendt Finance Private Limited (“Acquirer No.3”; collectively referred to as “Acquirers”) for revival of M/s. Birla Cotysn (India) Limited (“Corporate Debtor”), along with its creditors and shareholders. The Scheme has been propounded by Mr. Anil Goel (“Liquidator”/ “Petitioner”), the Liquidator of the Corporate Debtor herein. The Corporate Debtor is a listed public company in Liquid