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NATIONAL COMPANY LAW TRIBUNAL
MR. LABH SINGH, MS. REKHA KANTILAL SHAH, JJ
UCO Bank – Appellant
Versus
MAA Ratanti Kalimata ColdStorage Pvt. Ltd. – Respondent
Headnote: Read headnote
ORDER
LABH SINGH, JUDICIAL MEMBER
1. The present interlocutory application bearing IA (IBC) (Plan) No. 33KB/2025 was filed on 02.11.2025 by CA Shantnu Brahma Resolution Professional ( for short ‘RP’) of Maa Ratanti Kalimata Cold Storage Pvt. Ltd, the Corporate Debtor ( for short ‘CD’) under the provisions of Sections 30 (6) and section 31 of the Insolvency & Bankruptcy Code, 2016 (for short ‘IBC Code) read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (for short ‘IBBI (CIRP) Regulation 2016’) for approval of the Resolution Plan submitted by the consortium of Nabadurga Agro Private Limited and M/s Baba Ganesh Traders, the Successful Resolution Applicant (SRA), as approved by the Committee of Creditors (CoC) with 100% vote.
The court emphasized that under the IBC, the approved Resolution Plan is binding on all stakeholders and requires strict adherence to statutory provisions to ensure effective corporate revival.
Upon approval of a resolution plan, all past corporate liabilities, including criminal ones, are extinguished, allowing new management to assume control without prior burdens.
The approval of a resolution plan under the Insolvency and Bankruptcy Code requires strict adherence to statutory procedures and protections for financial creditors.
The court affirmed that a resolution plan, once approved by the Committee of Creditors under the IBC, is binding and must comply with statutory provisions for effective business revival.
The approval of a Resolution Plan under the Insolvency and Bankruptcy Code is binding on all stakeholders, contingent on compliance with statutory obligations and financial guidelines, ensuring the v....
The court held that upon approval of the resolution plan under the IBC, all pending claims not included in the plan stand extinguished, thus protecting the successful resolution applicant from any un....
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