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NATIONAL COMPANY LAW TRIBUNAL
Mr. Labh Singh, Member (Judicial), Ms. Rekha Kantilal Shah, Member (Technical)
UCO BANK – Appellant
Versus
M/S BHUMYA TEA COMPANY PRIVATE LIMITED – Respondent
| Table of Content |
|---|
| 1. facts of cirp process and obligations of successful applicant. (Para 1) |
| 2. legal reasoning for initiating liquidation. (Para 3 , 4) |
| 3. consequences of non-compliance with the resolution plan. (Para 6 , 7 , 8) |
ORDER
Per: Labh Singh Member (Judicial) IA(Liquidation) No. 06/KB/2025
1. The present application has been filed by the Financial Creditor i.e., UCO Bank, to initiate liquidation process under IBC Code 2016, with respect to Bhumya Tea Company Private Limited and to appoint a liquidator for the Corporate Debtor with a further prayer that this Tribunal pass an order under Section 74 of the IBC Code to penalize respondent no.1.
1.1 Briefly stated the facts of the case are that the CIRP process was initiated against the Corporate Debtor vide order dated 5th April 2022 passed by this Tribunal in CP No. 1380/KB/2020. Shri Santanu Brahma was appointed as Interim Resolution Professional (IRP) who later on confirmed as Resolution Professional (RP) of the Corporate Debtor.
1.2 It has further been submitted that in pursuance to publication of expression of interest (EOI), respondent no. 1 being the sole Resolution Applicant submitted its resolution plan in accordance with p
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