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2025 Supreme(Online)(NCLT) 1916
NATIONAL COMPANY LAW TRIBUNAL
V.G. Bisht, Member (Judicial)
Kausar Textile Pvt Ltd – Appellant
Versus
Reward Real Estate Company Limited – Respondent
CP(IB) No.469/MB/2023
For the Applicant: Mr. Kunal Kanungo
The court affirmed the binding nature of a resolution plan approved by creditors under insolvency law, requiring compliance with statutory provisions.
Headnote:(A) Insolvency & Bankruptcy Code, 2016 - Section 30(6) - Resolution Plan - Approval of the Resolution Plan submitted by Wellworth Finvest (India) Private Limited and approved by 100% of the voting share of the CoC. The Tribunal verified the compliance of the resolution plan with statutory requirements and confirmed its binding effect on stakeholders. (Paras 12, 22, 23)
| Table of Content |
|---|
| 1. overview of cirp and appointment of rp. (Para 1 , 2 , 3 , 4 , 5 , 6) |
| 2. key features and compliance of the resolution plan. (Para 12 , 14) |
| 3. tribunal's confirmation of plan's compliance and binding nature. (Para 22 , 23) |
ORDER
1. This Application has been filed on 26.07.2024 by the Resolution Professional (“RP/Applicant”) under Section 30 (6) of the Insolvency and Bankruptcy Code, 2016 (“Code”) on behalf of the Committee of Creditors (“CoC”) seeking approval of the Resolution Plan submitted by the Successful Resolution Applicant (“SRA”), Wellworth Finvest (India) Private Limited and approved by 100% of the voting share of the members of the CoC of the Corporate Debtor viz. Reward Real Estate Company Limited (“Corporate Debtor”).
Brief Facts :
2. The Corporate Insolvency Resolution Process (“CIRP”) of the Corporate Debtor was initiated vide an order dated 25.09.2023 of this Tribunal in C.P.(IB) 469 (MB)/2023 on an application filed by Kausar Textile Private Limited (“Financial Creditor”) under Section 7 of the Code.
3. Mr. Modilal Dhanraj Pamecha was appointed as Interim Resolution Professional (“IRP”). The IRP made a public announcement in the newspapers (in Mumbai) in Form-A on 09.12.2023 inviting the creditors to submit their claims on or before 21.12.2023. The IRP constituted the CoC based on the claims received by him on 27.01.2024 and the first meeting of the CoC was held on 06.01.2024, wherein the IRP was confirmed as the Resolution Professional.
4. The Applicant submits that till the date of filing of the present Application, a total of 5 (Five) CoC meetings have been held from time to time.
5. At the 1st CoC meeting held on 06.01.2024 , it was reported that the notice for initiating the CIRP was sent to various government authorities. Additionally, emails were sent to the suspended directors of the Corporate Debtor on 07.12.2023 and 01.01.2024 requesting documents and information regarding the company’s operations.
6. Subsequently, upon verification of the claims, the CoC was reconstituted by the Applicant on 27.01.2024 with the following Unsecured Financial Creditors:
| Sr. No. | Name of the Creditors | Amount claimed & admitted (Rs.) | Percentage Share (%) |
| UNSECURED FINANCIAL CREDITORS | |||
| 1. | Kausar Textile Private Limited | 64,17,76,093/- | 1.98% |
| 2. | Abhinandan Multitrade Private Limited | 2,74,17,16,431/- | 8.45% |
| 3. | Acrow Constructions Pvt. Ltd. | 3,79,772,596/- | 1.17% |
| 4. | Anukaran Consultancy Private Limited | 4,11,64,09,745/- | 12.69% |
| 5. | Amex Infrastructure Private Limited | 3,44,364,913/- | 1.06% |
| 6. | Bridge Infra Private Limited | 1,386,146,644/- | 4.27% |
| 7. | Charms Holding Private Limited | 97,43,06,863/- | 3.00% |
| 8. | Conart Conpro Private Limited | 1,12,27,64,709/- | 3.47% |
| 9. | Cranes Real Estate Private Limited | 34,44,48,938/- | 1.06% |
| 10. | Devika Trading Private Limited | 3,31,52,67,576/- | 10.22% |
| 11. | Eloquent Traders Private Limited | 34,57,57,491/- | 1.07% |
| 12. | Express Suitings Private Limited | 3,49,86,11,215/- | 10.78% |
| 13. | Heavy Steel Private Limited | 2,89,10,58,839/- | 8.91% |
| 14. | Kaushal Logistics Private Limited | 1,67,78,82,500/- | 5.17% |
| 15. | Rajdeep Clothing and Advisory Private Limited | 1,07,81,88,646/- | 3.32% |
| 16. | Royal Compservices Private Limited | 56,05,49,735/- | 1.73% |
| 17. | Taban Real Estate Private Limited | 34,44,48,939/- | 1.06% |
| 18. | Tanvish Trading Private Lmited | 62,46,41,577/- | 1.93% |
| 19. | Bodal Conpro Private Limited | 62,79,06,108/- | 1.94% |
| 20. | Madhu Crimpers Private Limited | 34,43,64,913/- | 1.06% |
| 21. | Ritu Multitrade Services Private Limited | 65,36,41,305/- | 2.01% |
| 22. | Vignaharta Corrugators Private Limited | 2,37,12,97,020/- | 7.31% |
| 23. | Wellworth Apparels Private Limited | 2,05,68,79,888/- | 6.34% |
| Total (A) | 32,44,22,02,683/- | 100% |
7. In the 2nd CoC meeting held on 02.02.2024, the Applicant further discussed the invitation for Expression of Interest (“EOI”) in Form G, the Request of Resolution Plans (“RFRP”) and the Evaluation Matrix. Also 2 valuers (“Registered Valuers”) were appointed as Valuers for "Land & Building. The Fair Market Value of the Corporate Debtor was determined to be Rs. 37,97,00,000/- (Thirty-Seven Crore Ninety-Seven Lakhs Only).The Liquidation Value of the Corporate
