CP (IB)/ 3923 (MB) 2019

Under Section 60(5) of the Insolvency and

Bankruptcy Code, 2016.

J Kumar Infraprojects Limited

…Applicant1

Odette Engineers Private Limited

…Applicant 2

Pranav Construction System Private

Limited

…Applicant 3

Vs.

Bank of India & Anr

… Respondent 1

Kamal Kishore Gurnani,

… Respondent 2 In the matter of

Company Petition No. 3923 of 2019, Under Section 7 of the Insolvency and

Bankruptcy Code, 2016.

Bank of India

… Financial Creditor

Vs.

Pranav Construction System Private

Limited

… Corporate Debtor

CP (IB)/ 3923 (MB) 2019 Order delivered on: 05.12.2025 Coram :

Shri. Prabhat Kumar Shri Sushil Mahadeorao Kochey Hon’ble Member (Technical) Hon’ble Member (Judicial)

Appearances:

For the Applicants : Adv. Amir Arsiwala For the Respondent 1 : Adv. Prajakta Menezes For the Respondent 2 : Adv. Rakesh K Gupta

ORDER

1. The present interlocutory application has been filed under Section 60(5) of the Insolvency and Bankruptcy Code of India, 2016 ("IBC") read with Rule 11 of the National Company Law Tribunal Rules, 2016 by J Kumar Infraprojects Limited & Ors against Bank of India & Anr (hereinafter referred to as “the Respondents”) in the matter of Company Petition No. 3923 of 2019, filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. J Kumar Infraprojects Limited is Successful Resolution Applicant of the Pranav Construction System Private Limited (“Corporate Debtor”) and has prayed for following : a. Direct the Respondent Bank to forthwith and immediately refund the amount of Rs. 1,51,10,000/- (Rupees One Crore Fifty-One Lakh Ten Thousand Only) lying with it in a No-Lien account to the Applicants along with accumulated interest thereon;

CP (IB)/ 3923 (MB) 2019 b. Direct the Respondent No. 1 Bank to forthwith and immediately give the custody of the Fixed Deposits of Rs.1,08,57,718/- (Rupees One Crore Eight Lakhs Fifty-Seven Thousand Seven Hundred and Eighteen Only) and Rs.55,00,000/- (Rupees Fifty-Five Lakhs Only) created with it by Respondent No. 2 to the Applicants.;

c. Any other reliefs as may be deemed just, proper, and necessary by this Hon'ble Tribunal..

2. The Applicant No. 1 is the Successful Resolution Applicant of Pranav Construction System Private Limited (“Corporate Debtor”). The Applicant has taken over the business of the Corporate Debtor as a going concern pursuant to the approval of the Resolution Plan by this Tribunal vide its order dated 16th of January, 2024.

3. Applicant No. 2 is a SPV of the Applicant No. l responsible for the management of the Corporate Debtor

4. Applicant No. 3 is the Corporate Debtor Company now under the control of the Successful Resolution Applicant

5. Respondent no 1, Bank of India was the financial creditor of the Corporate Debtor.

6. Respondent no 2 is Kamal Kishore Gurnani erstwhile Resolution Professional of Pranav Construction System Private Limited.

7. The present Interlocutory Application has been filed by the Applicants seeking directions for release of certain financial assets belonging to the Corporate Debtor (“Pranav Construction Systems Pvt. Ltd.”) which continue to remain withheld despite CP (IB)/ 3923 (MB) 2019 approval of the Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) and complete implementation thereof.

8. The Corporate Debtor was admitted into CIRP on 11^th March

2022 and a Resolution Plan submitted by Applicant No. 1, J. Kumar Infra Projects Ltd., was approved by the Committee of Creditors at its 13^th meeting with 100% voting share held on 28 November 2022. The Resolution Plan filed by Respondent no 2 in IA 460/2023 was thereafter approved by this Tribunal on 16 January 2024, followed by incorporation of the Special Purpose Vehicle (Applicant No. 2) for taking over the Corporate Debtor in April 2024. The Monitoring Committee constituted under the Resolution Plan eventually filed its closure report certifying that all plan obligations stood fulfilled and implementation was completed in its entirety.

9. The dispute in the present Applicant pertai