IN THE NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD COURT - 2 ITEM No 206- IA 503 of 2022 ITEM No 207- IA 520 of 2022 ITEM No 208- IA 1060 of 2022 ITEM No 209- IA 1074 of 2022 In CP(IB) 98 of 2020 Proceedings under Section 9 IBC IN THE MATTER OF:

Banga Iron & Steel Pvt Ltd ........Applicant V/s Vicor Stainless Pvt Ltd ........Respondent Order delivered on ..06/02/2023 Coram:

Dr.Deepti Mukesh, Hon’ble Member(J) Ajai Das Mehrotra, Hon’ble Member(T)

PRESENT:

For the Applicant / BoB : Mr. Dhruvit Shah, Adv.

For the Respondent :

ORDER

IA 1060 of 2022 Application is filed by lead financial creditor, Bank of Baroda seeking amendment in the IA 520 (AHM) 2022 with respect to substitution of the name of the applicant. Learned Counsel states that the original application was filed under Section 43 & 44 of IBC, 2016. Learned Counsel states that after filing this application, the plan has been approved and implementation is complete. He further states that this application, needs to be considered and disposed of. This application with respect to preferential transactions, will be presented after substitution by the lead CoC member Bank of Baroda and accordingly, amendment in the application IA 520 (AHM) 2022 is sought through this application.

Learned Counsel for Suspended Management as Respondents in main application IA 520 of 2022 objects to allowing this application at this stage stating that the Resolution Plan nowhere mentions, about the financial creditor taking over the pursuance of this application. Hence, after the amendment 14.06.2022, the plan is required to incorporate the clarity about pursuing the application under Section 43 or 66 of the Code. Amendment cannot be allowed at this later stage, and applications now under any sections cannot be prosecuted specially in absence of any such provision in the Plan. Learned Counsel has referred to the judgment of Hon’ble Delhi High Court in writ petition no. 8705 of 2019 at para 88.

Learned Counsel for the applicant states that they have filed an additional affidavit annexing the minutes of the 12th meeting of CoC held on 19.03.2021, wherein agenda item no. B1, the issue of taking ahead the applications filed under PUFE transactions, was discussed and the present applicant Bank of Baroda had suggested to carry forward these applications by itself which was not objected by any of the members including the Suspended Board who was present in that meeting. Heard both sides and perused documents and judgment. We are of the view that the issue of taking ahead the proceeding under PUFE was very much discussed by CoC and decided, though the same was not included as part of Plan, since the plan was approved in April, 2021 by CoC, and at that particular time such mandatory requirement of providing for the pursuance of PUFE transactions application, was not introduced. The amendment has come in June, 2022 and the Plan was approved in July, 2022, inadvertently does not include said provision. Albeit the same was considered by COC that Financial Creditor Bank of Baroda is empowered to take ahead the applications under Sections 43-44 or 66 of the Code.

We allow the application, thereby allow the applicant to substitute Bank of Baroda as Applicant in IA 520 (AHM) 2022. Application is allowed and disposed of.

IA 1074 of 2022 Application is filed by lead financial creditor, Bank of Baroda seeking amendment in the IA 503 (AHM) 2022 with respect to substitution of the name of the applicant. Learned Counsel states that the original application was filed under Section 50 & 51 of IBC, 2016. Learned Counsel states that after filing this application, the plan has been approved and implementation is complete. He further states that this application, needs to be considered and disposed of. This application with respect to extortionate credit transactions, will be presented after substitution by the lead CoC member Bank of Baroda and accordingly, amendment in the application IA 503 (AHM) 2022 is sought through this applicati