The Adjudicating Authority's role in approving a Resolution Plan is limited to ensuring compliance with Section 30(2) of the Insolvency and Bankruptcy Code, respecting the commercial wisdom of the Committee of Creditors, and ensuring the Corporate Debtor starts afresh with prior pending claims extinguished.

ORDER

Per: Cmde Siddharth Mishra, Member (Technical)

1. The Court congregated through a hybrid mode.

2. Heard the Ld. Counsels of both the parties.

3. The instant application has been filed by Ms. Rachna Anchalia, Resolution Professional, hereinafter referred to as the ‘Applicant/RP’ of Imperial Tubes Private Limited, the Corporate Debtor under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, for brevity, ‘I&B Code’ for approval of the Resolution Plan to complete the CIRP under the law in a time bound manner and to grant the following reliefs:

a. Order be passed to approve the Resolution Plan submitted by Dorni Vinimoy Private Limited in respect of the Corporate Debtor.

b. Such further or other order or orders be passed and/ or directions be given as this Tribunal may deem fit and proper.

4. Facts in a nutshell

The present interlocutory application under Section 30 and 31 of the Insolvency and Bankruptcy Code 2016 read with Regulation 39 of the Insolvency of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) 2016 as amended and after approval of the resolution plan by the Committee of Creditors ("CoC"). This application was filed by Ms. Rachna Anchalia, Resolution Professional of the Corporate Debtorby invoking the provisions of section 30(6) of the Insolvency and Bankruptcy Code, 2016 ("the Code" or "IBC") read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations") for approval of a Resolution Plan in respect of Imperial Tubes Private Limited.

The underlying Company Petition in C.P. (IB) No. 121/KB/2021 was filed by Tikmani Steel Trading Company, the Operational Creditor to initiate Corporate Insolvency Resolution Process ("CIRP"), under section 9 of the Insolvency and Bankruptcy Code 2016, which was admitted vide order dated 22.08.2022. The Applicant was only appointed as the Interim Resolution Professional who was later confirmed as the Resolution Professional.

Prologue

5. Particulars of the CD

Imperial Tubes Private Limited, [U19202WB1981PTC033712] Left Lane No. 3, Gate -1, Jalan Industrial Complex NH-6, Baniara, Domjur, Begri Howrah – 711 411, West Bengal.

6. Initiation of CIRP

That vide an Order dated 22.08.2022, this Tribunal admitted the application filed under Section 9 of the Code, 2016 by the Operational Creditor, Tikmani Steel Trading Company for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, Imperial Tubes Private Limited and a moratorium under Section 14 of the Code was declared. This Tribunal was appointed Ms. Rachna Anchalia, as the Interim Resolution Professional of the Corporate Debtor.

7. Expression of Interest

Invitation for Expression of Interest was published in Form G On 21.10.2022 in Business Standard, an English daily of Kolkata edition and in Ekdin, a Bengali newspaper of Kolkata edition. That in response to the Invitation for Expression of Interest published on 21.10.2022, the RP received EOI from four Prospective Resolution Applicants (PRA) till the last date of submission of EOI i.e., dated 10.11.2022 and on 27.12.2022, M/s. Dorni Vinimoy Pvt. Ltd. which was not a PRA had sent an e-mail showing their interest i