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2026 Supreme(Online)(NCLT) 1422
NATIONAL COMPANY LAW TRIBUNAL
Bidisha Banerjee, Member, Siddharth Mishra, Member
Rachna Anchalia VS
I.A (IBC) NO. 1003/KB/2023 | C.P (IB) NO. 121/KB/2021
Important Points
Subject
Insolvency & Bankruptcy - Corporate Insolvency Resolution Process
Act Referred
Headnote
Facts of the case:
The Resolution Professional filed an application for approval of the Resolution Plan submitted by Dorni Vinimoy Private Limited for the Corporate Debtor, Imperial Tubes Private Limited, following the approval by the Committee of Creditors with a 99.87% voting share. The plan involves a total outlay of Rs. 15.50 Crores to settle existing liabilities and support working capital.
Findings of Court:
The court found that the resolution plan complies with all legal requirements under the Code and the CIRP Regulations. It confirmed that the decision of the CoC is guided by commercial wisdom and is binding. The court explicitly noted that upon approval, all past claims against the corporate debtor are extinguished, and the new management takes over on a clean slate.
Issues: Whether the resolution plan submitted by Dorni Vinimoy Private Limited meets the statutory requirements of the I&B Code and whether it should be approved by the Adjudicating Authority.
Ratio Decidendi: The Adjudicating Authority has limited jurisdiction in approving a plan and cannot substitute its commercial view for the decision of the CoC, provided the plan satisfies the mandatory criteria of Section 30(2) of the Code; once approved, the plan provides a fresh start for the debtor, extinguishing all prior non-covered claims.
Result: Resolution Plan approved.
For the Appellants/Petitioners: Shaunak Mitra, Rahul Parasrampuria, Somya Ojha
For the Respondents: Rachna Anchalia
| Table of Content |
|---|
| 1. procedural compliance and factual background of the corporate insolvency resolution process. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14) |
| 2. adjudicating authority's limited role and adherence to the committee of creditors' commercial wisdom. (Para 15 , 16 , 17 , 18 , 19 , 20) |
| 3. jurisdictional limits regarding waivers and statutory approvals outside the scope of the ibc. (Para 21 , 22 , 23 , 24) |
| 4. extinguishment of past claims and criminal liabilities upon the approval of the resolution plan. (Para 25 , 26 , 27 , 28 , 29 , 30) |
| 5. final orders, directions, and the effect of passing the resolution plan. (Para 31 , 32 , 33 , 34 , 35 , 36 , 37 , 38 , 39 , 40 , 41) |
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
