IN THE NATIONAL COMPANY LAW TRIBUNAL

CHANDIGARH (COURT – II)

(Through Hybrid Mode)

Item No. 130

IA(I.B.C)/1582 (CH)2024 , IA(I.B.C)/1584 (CH)2024, IA(I.B.C)/1585 (CH)2024, IA(I.B.C)/1765 (CH)2024, IA(I.B.C)/1832 (CH)2024, IA(I.B.C)/1848 (CH)2024

In

CP (IB) No.131/Chd/Pb/2022

(Admitted on 03.06.2024)

IN THE MATTER OF

State Bank of India … Petitioner/Financial Creditor

Versus

Mukesh Udyog Limited … Respondent/Corporate Debtor

Under Section: 7, IBC 2016, U/r 17(1)

Rule 11 of NCLT, 2016

Order delivered on 29.08.2024

CORAM:

SHRI. V. G. VENKATA CHALAPATHY, SHRI. HARNAM SINGH THAKUR, HON’BLE MEMBER (T) HON’BLE MEMBER (J)

PRESENT:

For the Applicant in : Mr. Shubham Gupta, Advocate

IA(I.B.C)/1582 (CH)2024 and

IA(I.B.C)/1765 (CH)2024

ORDER

IA(I.B.C)/1582 (CH)2024

The present application has been filed to place on record the report

certifying the constitution of CoC by the interim resolution professional (IRP) in Corporate Insolvency Resolution Process of Mukesh Udyog Ltd. The same is taken on record subject to just exceptions. Thus, IA(I.B.C)/1582 (CH)2024

is disposed of accordingly.

The present application has been filed under Rule 11 of NCLT, Rules

2016 with affidavit for placing on record the 2nd Fortnightly Progress Report

by IRP for CIRP. The same is taken on record subject to just exceptions. Thus, IA(I.B.C)/1584 (CH)2024 is disposed of accordingly.

IA(I.B.C)/1585 (CH)2024 The present application has been filed under Rule 11 of NCLT, Rules, 2016 with affidavit for placing on record the 1st Fortnightly Progress Report by IRP for CIRP. The same is taken on record subject to just exceptions. Thus, IA(I.B.C)/1585 (CH)2024 is disposed of accordingly.

IA(I.B.C)/1765 (CH)2024 The present application has been filed under Rule 11 of NCLT Rules, 2016 seeking clarification of order dated 03.06.2024 passed by the erstwhile Coram comprising of Dr. PSN Prasad, Member (Judicial) & Mr. Satya Ranjan Prasad, Member (Technical). Both the Members are now demitted the office respectively. Vide order dated 03.06.2024, certain directions were issued by erstwhile Coram in Para 12 of the said order directed the Financial Creditor to deposit an amount with the IRP to meet out the initial expenses for performing his functions as the IRP of the Corporate Debtor. The relevant para is reproduced herein below:-

“12. We direct the Financial Creditor to deposit a sum of ₹2,00,000/- (Rupees four Lakhs Only) with the Interim Resolution Professional, to meet out the initial expense to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The amount, however, is subject to adjustment by the Committee of Creditors as accounted for by the Interim Resolution Professional on the conclusion of CIRP.”

In the above-mentioned para the fee and expenses of the IRP has been mentioned as ₹2,00,000/- in figures but in words it is advertently typed as (Rupees four Lakhs Only) in words. So keeping in view, the facts and circumstances of the application, the amount claimed is more than Rs.60 Crores, therefore, the correction in the final order is now done as ₹4,00,000/- (Rupees four Lakhs Only) instead of ₹2,00,000/-. This correction be made accordingly. The amount to be initially paid by the financial creditor/State Bank of India and thereafter, it will be adjusted by the CoC. Thus, IA(I.B.C)/1765 (CH)2024 is allowed and disposed of accordingly.

IA(I.B.C)/1832 (CH)2024 The present application has been filed under Rule 11 of NCLT, 2016 with affidavit for placing on record the 3rd Fortnightly Progress Report by IRP for CIRP. The same is taken on record subject to just exceptions. Thus, IA(I.B.C)/1832 (CH)2024 is disposed of accordingly.

IA(I.B.C)/1848 (CH)2024 The present application has been filed under Rule 11 of NCLT, 2016 with affidavit for placing on record the 4th Fortnightly Progress Report by IRP for CIRP. The same is taken on record subject to just exceptions. Thus, Sd/- Sd/-

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