NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH

(Exercising powers of Adjudicating Authority under

the Insolvency and Bankruptcy Code, 2016)

In

CP (IB) No. 315/Chd/Hry/2019

(Admitted)

IN THE MATTER OF:

Bank of India

.…Petitioner/Financial Creditor

Versus

Vikas WSP Limited

.…Respondent/Corporate Debtor

And in the matter of:

IA(I.B.C)/2545(CH)2023 Under Section 60(5) of IBC, 2016

Workmen of Vikas WSP Limited

Through their authorized representative

Mr. Ranveer Singh s/o Surender Pal Singh,

Ladhuwala, Gnganagar,

Rajasthan-335025

.…Applicant

Versus

1. Vikas WSP Limited.

Through Resolution Professional

Mr. Darshan Singh Anand,

Add: Stellar Insolvency Professionals LLP, Suit 10, 3rd Floor, 310, New Delhi House, 27, Barakhamba Road, Connaught Place,

New Delhi-110001

2. Committee of Creditors

Comprising of a) Bank of India b) Punjab National Bank c) Union Bank of India To be served through Resolution Professional Mr. Darshan Singh Anand Add: Stellar Insolvency Professionals LLP, Suit 10, 3rd Floor, 310, New Delhi House, 27, Barakhamba Road, Connaught Place, New Delhi-110001 .…Respondents Order delivered on: 04.04.2024 Coram: Dr. P.S.N. PRASAD, HON’BLE MEMBER (JUDICIAL)

Mr. UMESH KUMAR SHUKLA, HON’BLE MEMBER (TECHNICAL)

Present:

For the Applicant: Mr. Gaurav Bhardwaj, Advocate For the RP: Mrs. Munisha Gandhi, Senior Advocate with Ms. Salina Chalana, Advocate, Mr. G.S. Sarin PCS For the SRA: Mr. Aalok Jagga, Mr. APS Madaan and Mr. Kanish Jindal, Advocates RP in Person: Mr. Darshan Singh Anand (Through VC)

Per: Dr. P.S.N. PRASAD, HON’BLE MEMBER (JUDICIAL)

UMESH KUMAR SHUKLA, HON’BLE MEMBER (TECHNICAL)

ORDER IA(I.B.C)/2545(CH)2023 This application has been filed by workmen through their authorized representative Shri Ranveer Singh under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 seeking the following reliefs, “a) Allow the present application and direct the Resolution Professional to accept and admit the claims of the applicant i.e. for Rs.57,43,51,846/- (Rupees Fifty-Seven Crore Forty- Three Lakh Fifty-One Thousand Eight Hundred Forty-Six Only/-) excluding the PF claim which is to be seen as a separate claim, without putting any claim in the category of contingent claim.

b) To consider the averments made in the present application whilst hearing on the approval of the resolution plan and to reject the resolution plan submitted by the resolution applicant, which resolution applicant is nothing but an earlier management under new name.

c) To consider the averments and the documents on record, and to reject the resolution plan as put for approval by the resolution professional and to further direct the resolution professional to seek legal remedy, to either call for new resolution plans from companies which are not connected and are not 'related parties' in any manner as prescribed under section 29 (A) and/or to put the corporate debtor under liquidation owing to the assets being worth way more than the liabilities as per the financial statement.

d) Allow any further relief in favour of the applicant workmen and against the corporate debtor which this Hon’ble Tribunal deems fit.”

FACTS OF THE CASE

2. The brief facts, as stated in the IA by the applicant are summarised below: (i) The applicant is the authorised representative of 520 workmen, which were working with the Corporate Debtor i.e. M/s Vikas WSP Limited, till the time the Insolvency Resolution Proceedings got initiated against Corporate Debtor vide the order dated 02.02.2022 passed by this Hon’ble Adjudicating Authority.

(ii) The applicant had filed the I.A. No. 759/2022, as the claim submitted by the applicant were rejected by the resolution professional (hereinafter referred to as “RP”) in utmost illegal and arbitrary manner vide email dated 11.04.2022, The above IA was disposed of by this Tribunal vide order dated 19.04.2023. The copy of the IA No.759/2022, copy of the order dated 19.04.2023 and copy of the email dated 11.04.2022 have been annexed with the present IA as Annexure 1, Annexure 2