in

C.P. (IB) No. 306/KB/2019

A petition under Section 60 (5) of the Insolvency and Bankruptcy

Code, 2016.

IN THE MATTER OF:

UCO Bank.

… Financial Creditor

Versus

Kumlai Tea and Industries Limited

… Corporate Debtor

And

IN THE MATTER OF:

Santiporva Agro Private Limited

… Applicant

Versus

in C.P. (IB) No. 306/KB/2019

1. Shaymal Kumar Bhattacharjee, RP Kumlai Tea and Industries Limited.

2. Committee of Creditors, Kumlai Tea and Industries Limited …. Respondents Coram:

Shri Labh Singh : Member (Judicial)

Ms. Rekha Kantilal Shah : Member (Technical)

Appearances-:

For the Applicant i. Mr. D.N. Sharma, Sr. Adv.

ii. Mr. Navneet Misra, Adv.

iii. Ms. Nabanita Manna, Adv.

For the RP i. Mr. Shaunak Mitra, Adv.

ii. Mr. Amandeep Singh, Adv.

iii. Mrs. D. Dhar, Adv.

Date of Pronouncement-: 12/12/2025 in C.P. (IB) No. 306/KB/2019

ORDER

Per: Rekha Kantilal Shah, Member (Technical)

1. This application is filed by the applicant claiming following reliefs-:

a. The Hon’ble Tribunal be pleased to pass necessary orders directing the respondent no. 1 to refund the Earnest Money Deposit amount of Rs. 5,00,000/- to the applicant along with interest at the rate of 18% per annum.

b. Such further and/or other order or orders as this Hon’ble Tribunal may deem fit and proper.

2. Background of the case-:

2.1 The applicant is a company incorporated under the Companies Act, 2013, with its registered office situated at Natun Para, Jalpaiguri-735101. Established in 2010, the company is one of the largest manufacturers of tea in the eastern region of India. It operates two factories in the Jalpaiguri region of West Bengal—Santiprova Agro Products Pvt. Ltd. and Katyani Beverages & Agro Products Pvt. Ltd.

2.2 The applicant expressed interest and submitted its EOI and documents, but due to a medical emergency of one of its directors, it missed the deadline fixed by respondent no. 1 and in C.P. (IB) No. 306/KB/2019 sought condonation of delay, which the CoC rejected.

Subsequently, in I.A. No. 445 of 2023, Tribunal directed that the applicant’s plan be considered by the CoC on merits within an extended CIRP period. In compliance, the applicant deposited EMD of Rs. 5,00,000/- on 4th April 2023 and submitted its resolution plan, which specifically provided that if the plan was not approved by the CoC or NCLT, the EMD would be refunded. Despite repeated emails and a formal letter dated 6th February 2024 from its Advocate on Record seeking refund, respondent did not refunded the EMD. 3. Facts of the Case

3.1 By an order dated August 1, 2019, an application under Section

7 of the Insolvency and Bankruptcy Code, 2016 was admitted and Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor and consequently Mr. Samya Sengupta was appointed as the Interim Resolution Professional of the Corporate Debtor¹

3.2 The applicant states that a notice under Form G was issued by the Interim Resolution Professional Samya Sengupta inviting Expression of Interest, under Regulation 36A (1) of the

1 A copy of the said order dated August 1, 2019 is marked as Annexure-"A".

in C.P. (IB) No. 306/KB/2019 Insolvency and Bankruptcy Act, 2016 originally published on October 15, 2019. Thereafter, on several occasions i.e. October 31, 2019, November 15, 2019, November 30, 2019, December 19, 2019 and November 19, 2021 the said notice was again published extending the time limit for submitting Expression of Interest. Copies of the Form G, Marked as Annexure- "B". dated October 31, 2019, November 15, 2019, November 30, 2019, December 19, 2019 and November 19, 2021.

3.3 Thereafter, the applicant filed an application, being IA.

No.208/KB/2022 praying for direction upon the Resolution Professional/Respondent to accept the Expression of interest prepared by the applicant. However, by an order dated 22.03.2022 this Tribunal had dismissed the said application with cost. Consequently, the applicant preferred an appeal before the Hon’ble National Company Law Appellate Tribunal, New Delhi. Pertinently, the Hon’ble Appellat