A resolution plan approved under the Insolvency and Bankruptcy Code binds creditors and extinguishes unclaimed liabilities, ensuring compliance with statutory obligations while allowing corporate revival.

Headnote:(A) Insolvency & Bankruptcy Code, 2016 - Sections 30(6), 31 and regulations 39(4) of the CIRP Regulations - Approval of Resolution Plan - The Resolution Plan submitted by Sakuma Exports Limited was approved by the Committee of Creditors with a voting share of 74.04% - The plan specified the terms for payment to creditors and statutory obligations - The NCLT noted that the Approval Plan binds all stakeholders and extinguishes unclaimed liabilities of the Corporate Debtor upon approval. (Paras 56, 57, 58)

(B) Deadlines and Compliance - The NCLT directed the Resolution Applicant to comply with specified timelines for statutory approvals within one year from the date of the order. (Paras 42, 43)

ORDER

Per: Rekha Kantilal Shah, Member (Technical)

1. This Application has been preferred by Mr. Rajnandan Kumar, Resolution Professional (“RP”) of the Corporate Debtor, Kejriwal Sugar Agencies Private Limited under section 30(6) and 31 of the IBC, 2016 (for brevity “IBC”) and read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulation, 2016 (for brevity “CIRP Regulation”) for submission and final approval of the Resolution Plan submitted by the Resolution Applicant i.e., Sakuma Exports Limited.

2. The Committee of Creditors (“CoC”) at its 13^th meeting convened on 25.03.2025 and voting concluded on 26.04.2025, with 74.04% voting share, approved the revised Resolution Plan dated 19.03.2025, annexed at pages as Annexure Z, Pgs. 328-411 to the application, submitted by Sakuma Exports Limited, hereinafter referred to as “Successful Resolution Applicant” (“SRA”). Thereafter, the RP/Applicant issued Letter of Intent (“LoI”) dated 26.04.2025 , annexed at page nos. 412-414, requiring the SRA to submit the Performance Security which provided on 10.06.2025 for Rs. 16,45,100/-.

The Particulars of the Corporate Debtor

3. The Corporate Debtor- Kejriwal Sugar Agencies Private Limited (U51909WB2010PTC142319) was established on 16^th February 2010 in compliance with the Companies Act, 1956, and is registered with the Registrar of Companies, Kolkata. The company's registered office is located at 55/1A, Strand Road Vinayak Complex, 3^rd Floor, Kolkata-700006.

Initiation of Corporate Insolvency Resolution Process

4. In 2023, S.K. Agarwala & Co, being the Operational Creditor had filed a company petition bearing CP IB. No. 14/KB/2023 under section 9 of the Insolvency and Bankruptcy Code, 2016 ("IBC") for initiating Corporate Insolvency Resolution Process ("CIRP") with respect to Kejriwal Sugar Agencies Private Limited ("Corporate Debtor"), for an alleged default amount of Rs. 2,05,57,612/- (Rupees Two Crores Five Lakhs Fifty Seven Thousand Six Hundred and Twelve Only).

5. This Tribunal, Kolkata Bench, by an order dated 22nd April, 2024, admitted the Corporate Debtor into CIRP. Further, vide the same order, the Tribunal also appointed Rajnandan Kumar as the Interim Resolution Professional ("IRP") in the said matter.

Publication

6. On 26^th April, 2024, the IRP made Public Announcement in Form- A, in Business Standard (English) and Aajkaal (Bangla) in West Bengal in accordance with Section 13 of IBC inter alia, calling upon the creditors of the Corporate Debtor to submit their claims with proof to the IRP/Resolution Professional ("RP").

Constitution of Committee of Creditors

7. On 13th May, 2024, the IRP filed an application, to bring on record before this Tribunal, the List of Creditors and the IRP's report certifying the Constitution of the Committee of Creditors ("СОС"). As per the IRP’s report certifying Constitution of CoC dated 13.05.2024 was constituted as follows-:

Collation of Claims

8. As per the latest claim as on 11.01.2025 (Version 2) available in the IBBI official website, the total amount claimed and admitted are summarized as under:

Appointment of Registered Valuers and Transactional Auditors-:

9. On 7th June, 2024, the 2nd CoC meeting was held. After due deliberations it was decided to appoint the following valuers:

10. Valuation as per report provided by valuers mentioned above are as follows-:

11. It is submitted that the average fair value and the liquidation value of the corporate debtor as mentioned in Form H is as under:

a) Fair Value= Rs. 1,83,91,233.00

b) Liquidation Value= Rs. 90,24,071/-

12. In 3^rd CoC meeting held on 4^th July, after due deliberations, it was decided to appoint M/s PS Roy & Associates, Chartered Accountants, as per the following terms-

The scope of work includes audit and reporting of –

a. Preferential Transaction as per Section 43 of IBC 2016. (Relevant Period 1 year For Non- Related Party and 2 years For Related Party).

b. Undervalued Transaction as pe