NATIONAL COMPANY LAW TRIBUNAL

COURT ROOM NO. 1

MUMBAI BENCH

Item No. 21

IA 145/2025 IN C.P. (IB)/1807(MB)2018

CORAM:

SH. PRABHAT KUMAR SH. SUSHIL MAHADEORAO KOCHEY HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

ORDER SHEET OF THE HEARING ON 23.09.2025

NAME OF THE PARTIES: BANK OF BARODA V/s TOPWORTH URJA &

METALS LIMITED

Section 9 of the Insolvency and Bankruptcy Code, 2016

ORDER

IA 145/2025

1. Adv. Rishabh Sethi a/w Adv. Dhrupad Vaghani for the Respondent are present.

2. This is an Application filed on 7.1.2025 by Topwarth Urja & Metals Limited

through Mr. Avil Menezes, Resolution Professional under Section 60(5) of the

Insolvency and Bankruptcy Code, 2016. The Applicant seeks following reliefs:

a. Allow the Application;

b. Direct the Respondent to withdraw the Impugned Notices and not to take

any coercive actions contrary to the Agreements;

c. During the pendency of the Application, direct the Respondents not to

take any steps which will affect the status of the Corporate Debtor as a

going concern; and

d. Any other order which this Hon'ble Tribunal may deem fit.

3. This Tribunal vide Order dated 10.4.2023 passed in Company Petition No. 1807 of

2018 admitted the Corporate Debtor into Insolvency Resolution Process and Mr.

Alok Saksena was appointed the interim resolution professional ("IRP"), who was subsequently replaced by the Applicant as Resolution Professional vide order dated 10^th April. 2023 to carry out the Corporate Insolvency Resolution Process (CIRP)

further.

4. On 29th May, 2023, the Applicant was in receipt of resolution plans from 12 PRAs.

After due deliberation and consideration of the resolution plans, the Committee of Creditors have approved a resolution plan by Evonith Holdings Pvt Ltd in their meeting on 26th October,2023 with 100% voting in favour of the resolution plan. Subsequently, the Applicant filed an Interlocutory Application under S.30(6) of the Insolvency and Bankruptcy Code for approval of the resolution plan from this Tribunal and the Resolution Plan for the Corporate Debtor’s resolution has been approved by this Tribunal vide order dated 8.4.2025 passed in IA(IBC) (RESO.

PLAN)/14/2024.

5. The Corporate Debtor obtained permission from the Ministry of Coal to obtain mining leases for particular pieces of land. The Corporate Debtor entered into agreement(s) in April-June 2022 with the Respondent 1 to 20 pursuant to which 20 parcels of land in Pandhrakwada Village No. 198 Taluka Registration and Sub Division Panchayat Samiti Jhari-Jamani District and District Council Yawatmal were purchased from them and an advance payment was made from the total consideration for the properties as detailed below :

Sl. Seller’s Name Particulars of Land Total Advance No. (Respondent herein) consideration Paid (INR)

(INR)

1 Shri Mangesh Survey No. 67/1-A, 74,50,000/- 15,00,000/-

Tatyaji Sedame Pandhrakwada Village No. 198

6. As per said agreement(s), the possession of the land was to be given to the Purchaser/ Party No. 2 upon payment of advance money.

7. Respondent No. 1 to 9 and 17 to 20 have filed common reply and no other respondent has filed the reply. Respondent No. 1 to 9 and 17 to 20 have stated that the balance consideration amount was never paid to the respondents, and consequently, the sale deeds were not executed. The respondents were ready and willing to perform their part of contract and accordingly they visited to registry for registration of the documents however no person/representative for the corporate debtor turned to execute such sale document. It is further stated in the reply that “the corporate debtor did not tum up to execute such documents because m accordance with Section 63 of the Bombay Tenancy and Agricultural Lands Act, 1948, the transfer of agricultural land .to a non-agriculturist i.e. to company (corporate debtor) is expressly prohibited without prior permission from the competent authority. The Applicant has not produced anything on record to show that the corporate debtor complied the terms of the agreement an