JAYANTA BANERJEE vs INCAB INDUSTRIES LIMITED - 2025 Supreme(Online)(NCLT) 8072

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2025 Supreme(Online)(NCLT) 8072

NATIONAL COMPANY LAW TRIBUNAL
SHRI LABH SINGH, J, MS REKHA KANTILAL SHAH, T
JAYANTA BANERJEE – Appellant
Versus
INCAB INDUSTRIES LIMITED – Respondent

Advocates:
For the Appellants/Petitioners: Mr. D.N. Sharma, Adv., Mr. Orijit Chatterjee, Adv., Ms. Safura Ahmed, Adv., Mr. Aishi Chatterjee, Adv.
For the Respondents: Mr. Shaunak Mitra, Adv., Mr. Siddhanth Makkar, Adv.

Table of Content
1. application for approval of resolution plan (Para 1 , 14 , 15)
2. background of the insolvency case (Para 2 , 3 , 4 , 6)
3. approval of the revised resolution plan (Para 19 , 20 , 36)
4. compliance and eligibility of resolution plans (Para 42 , 43)
5. legal principles regarding extinguishment of claims (Para 60 , 61)
6. final orders and directions (Para 66 , 67)

ORDER

Per: Rekha Kantilal Shah, Member (Technical)

1. This Application has been preferred by Mr. Pankaj Kumar Tibrewal, Resolution Professional (“RP”) of the Corporate Debtor, Incab Industries 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., Vendanta Limited.

2. The Committee of Creditors (“CoC”) at its 22nd meeting convened on 23.06.2022 and voting held on 24.06.2022, with 99.37% majority, approved the revised Resolution Plan dated 22.06.2022, annexed at pages 529-626 to the application, submitted by Vendanta Limi