The approval of a resolution plan under the Insolvency and Bankruptcy Code extinguishes all pre-existing claims against the corporate debtor not included in the plan, reinforcing legal protections for the debtor.

ORDER

Per Coram

1. This Court convened through hybrid mode.

Preliminary

2. I.A. (IB) No. 1391/KB/2023 is an application under section 30(6) of the Insolvency and Bankruptcy Code, 2016, after approval of the resolution plan by the Committee of Creditors (“CoC”)

3. This application was filed by Mr. Ravi Sethia, Resolution Professional of McNally Bharat Engineering Company Limited [CIN: L45202WB1961PLC025181] by invoking the provisions of section 30(6) of the Insolvency and Bankruptcy Code, 2016 (“the Code” or “IBC”) read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”) for approval of a Resolution Plan in respect of McNally Bharat Engineering Company Limited (“Corporate Debtor”).

4. The underlying Company Petition in C.P. (IB) No. 891/KB/2020 was filed by Bank of India, the Financial Creditor against McNally Bharat Engineering Company Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (“CIRP”), under section 7 of the Insolvency and Bankruptcy Code 2016, which was admitted vide order dated 29 April 2022.

5. Initially, Mr. Anuj Jain was appointed as the Interim Resolution Professional (IRP). At the 1^st meeting of the CoC held on 03 June 2022, the CoC proposed to appoint Mr. Ravi Sethia, the Applicant herein, as the Resolution Professional. The appointment of the Resolution Professional was confirmed by this Adjudicating Authority on 26 August 2022.

Constitution of CoC

6. The IRP made public announcement on 07 May 2022 in Financial Express, the Telegraph (English) (Kolkata Edition) and EkDin (Bengali) (Kolkata Edition) newspapers regarding initiation of Corporate Insolvency Resolution Process and called proof of claims from the financial and operational creditors, workers and employees of the corporate debtor in the specified forms. The last date of submission of claims was 18 May 2022.

7. The CoC was constituted on 25 May 2022, with the following creditors as members of the CoC:

8. A report on the constitution of the CoC, was filed before the Adjudicating Authority. The list of creditors was updated from time to time and uploaded in the IBBI website.

9. The Applicant states that a total of thirty-two CoC meetings have been held during CIRP period, as follows: