Resolution plan approved by CoC with 90% votes; NCLT confirms compliance, grants IBC reliefs, extinguishes pre-CIRP claims, protects new management under S.32A.

ORDER

Per Bidisha Banerjee, Member (Judicial):

1. The Court convened through hybrid mode.

2. Ld. Counsel for the parties were heard at length.

3. This application has been preferred by the Resolution Professional of Arcuttipore Tea Co. Limited (CD) to seek approval of Resolution Plan in its entirety along with all annexures, Schedule, Appendixes including the claims contained therein as submitted by Premier Ferro Alloys & Securities Limited, the Successful Resolution Applicant (SRA in short) along with reliefs and concessions sought for under the Plan.

4. The Resolution Plan of Premier Ferro Alloys & Securities Limited has been approved by CoC by 90.44% vote on 20.06.2025 and Premier Ferro Alloys & Securities Limited was declared as Successful Resolution Applicant (SRA) in respect of the Corporate Debtor.

5. Submissions of the Applicant / Resolution Professional

a. The CIRP of Corporate Debtor commenced on 15.12.2023. In the said order, Mr. Pranab Kumar Chakrabarty having IBBI No. IBBI/IPA-003/IP-N00088/2017-18/10826 was appointed as the Interim Resolution Professional.

b. The IRP has made Public Announcement on April 5 & 6, 2024, in Business Standard(English), Aajkaal (Bengali) in Kolkata region to invite claims from various creditors of the Corporate Debtor to the IRP.

c. Thereafter, on an application filed by the by erstwhile IRP of the Corporate Debtor, Mr. Jai Narayan Gupta was appointed as RP of the Corporate Debtor vide order dated 21.02.2024.

d. The erstwhile RP during his tenure published Form -G on 01.08.2024 in Morning India (English) and Duranta Bharta (Bengali) in Kolkata region, where the registered office of the Corporate Debtor situated and in Eastern Chronicle (English) and Naba Bharta Prasanga (Bengali) in Assam (Silchar) region where the Tea Estate of the Corporate Debtor is situated.

e. It is further submitted by the RP/ Applicant that an application was filed by CoC for replacement of erstwhile RP with Mr. Kanakabha Ray in place of Mr. Jai Narayan Gupta. However, in order to avoid any conflict of interest in the instant matter, this Adjudicating Authority decided not to appoint the proposed RP i.e. Mr. Kanakabha Ray, and thereby appointed Mr. Hansraj Jaria, the present RP/ Applicant f. Thereafter, the CoC has decided to reissue Form-G and the request for resolution plana and evaluation matrix was approved as prepared by the erstwhile RP.

g. Further, the Applicant / RP has made public announcement of Form-G on 24.01.2025 for submission of Expression of Interest (EoI) and last date for submission of Resolution Plan was 18.03.2025. Thereafter, the Applicant states that he has received a total number of 9 Prospective Resolution Applicants (PRAs) for Corporate Debtor. Further, the Applicant has issued a final list of PRAs on 15.02.2025.

h. That as per Form -G, the Applicant / RP has issued Information Memorandum (IM), RFRP and Evaluation Matrix with all the PRAs on 15.02.2025. Thereafter, the Applicant has conducted a voting for modification in respect to RFRP and Evaluation Matrix in terms of Regulation 36B (5) of IBBI (Insolvency Resolution Process for Corporate Persons), Regulations, 2016 and the same was concluded with 75.24% votes in favour of that. Thereafter, the Applicant has appraised by an email to the PRAs that the last date for submission of Resolution Plan will be 04.04.2025 i.e. 30 days from 05.03.2025 considering Regulation 36B (5) of IBBI (Insolvency Resolution Process for Corporate Persons), Regulations, 2016.

i. Fur