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 unexpected liabilities.

ORDER

Per: Rekha Kantilal Shah, Member (Technical)

1. This Application has been preferred by the Rachna Jhunjhunwala, Resolution Professional (‘RP’) of the Corporate Debtor, Alishan Veneer and Plywood Private Limited under section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’), seeking direction for final approval of Resolution Plan submitted by Mr. Harsh Agarwal.

Prologue

2. The CoC at its 22nd Meeting convened on 20.05.2025 has approved the Resolution Plan submitted by Mr. Harsh Agarwal, one of the Promoter Director (suspended board of director) of the Corporate Debtor, by 100% voting share and a Letter of Intent (‘LoI’) was issued on 24.06.2025, which was unconditionally accepted by Mr. Harsh Agarwal on 26.06.2025. The same is attached and marked as annexure- “W” at page no- 465 to 466.

Particulars of the Corporate Debtor

3. Alishan Veneer and Plywood Private Limited, Corporate Debtor herein was incorporated on 31.03.1995 under the Companies Act, 1956 bearing CIN: U20211WB1995PTC070715 having registered office at 46, B.B Ganguly Street, Kolkata- 700012. The Corporate Debtor is also registered as a Micro, Small and Medium Enterprise (“MSME”) and registered under the category of small manufacturing enterprise, having Udyog Aadhaar No. WB1080011797.

Initiation of Corporate Insolvency Resolution Process

4. The Company Petition in R.C.P (IBC) No 1/KB/2023 was filed by the Hindustan Adhesive and Chemical, Operational Creditor to initiate Corporate Insolvency Resolution Process (‘CIRP’) under section 9 of the IBC 2016, which was admitted vide order dated 05.06.2024 and appointed Mr. Goutam Mukherjee as Interim Resolution Professional (‘IRP’).

5. An application being I.A(I.B.C)/2176/KB/2024 was filed by Punjab National Bank (Member of the CoC) for replacing the IRP. This Adjudicating Authority vide order 04.11.2024 allowed the application and appointed the present Applicant as the RP.

Publication

6. The Applicant made public announcement in Form- A on 12.06.2024 in Business Standard (English Edition) and Aajkal (Bengali Edition) newspaper in accordance with section 15 of IBC read with Regulation 6 of the CIRP Regulations, regarding initiation of CIRP and for inviting all the creditors of Alishan Veneer and Plywood Private Limited to submit their claim to the Applicant.

The last date for submission of proof of claim was 25.06.2024.

Constitution of CoC

7. The erstwhile IRP duly constituted the Committee of Creditors (“CoC”) of the Corporate Debtor under Section 21 (1) of the IBC, 2016 on 04.07.2024 with sole member, Punjab National Bank, in accordance with Regulation 17 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 .

8. The newly appointed RP, the applicant herein, on 19.01.2025, re- constituted the CoC considering the claim received up to 18.01.2025 and the CoC re-constitution report was filed before this Adjudicating Authority on 21.01.2025.

9. Thereafter, an interlocutory application was filed by Kotak Mahindra Bank Limited praying for condonation of delay in submission of claim and vide order dated 03.04.2025 the same was allowed and the claim by the bank was received by the RP. The CoC was again re-constituted and the re-constituted report was filed before this Adjudicating Authority on 06.05.2025.

10. The composition of re-constituted of the CoC (as on 06.05.2025) is furnished herein below:

Collation of Claims

10. The Total amount claimed and admitted are summarized as under (IBBI Version 5 as on 04.05.2025):

a