The approval of a resolution plan under the insolvency code binds all stakeholders, ensuring a clean slate for the corporate debtor. Prior claims not included in the plan are extinguished, and criminal liability of the corporate debtor is wiped off upon change of management, excluding individual liability.

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 Nandini Impex Private 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 OSWAL Energies Limited, the Successful Resolution Applicant (SRA in short)

along with reliefs and concessions sought for under the Plan.

4. The Resolution Plan of OSWAL Energies Limited has been approved by CoC by 100% vote on and OSWAL Energies 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 20.09.2022. In the said order, Mr. Santanu Bhattacharjee having was appointed as the Interim Resolution Professional.

b. The Applicant / Pratim Bayal, Insolvency Professional having IBBI Registration No. IBBI/IPA-003/IP-N00213/2018- 2019/12385 has been appointed as Resolution Professional replacing the erstwhile RP Mr. Santanu Bhattacharjee by an order dated 20.02.2025.

c. The erstwhile RP has made Public Announcement on in ‘Form A’

in two newspapers namely Financial Express (English), and Ek- din on 25.01.2023 inviting the claims from the Creditors of the Corporate Debtor and thereafter the CoC was constituted and the same was informed to this Tribunal vide an IA 404 of 2023 on

16.02.2023.

In CP(IB) No. 1377/( KB) /2020 d. Further, the erstwhile RP appointed two valuers namely Shymal Mukherjee & Pranab Kumar Chakraborty for the Securities or Financial Assets and they have submitted their report on

02.05.2023 and 04.05.2023 respectively.

e. It is further submitted that during the course of the CIRP, valuation was challenged by one of RA before this Tribunal and the erstwhile RP with the permission of the CoC again conducted the valuation of the plant & machinery of the Corporate Debtor and a revised report received from the valuers on 03.09.2024. Copy of the same are annexed with the Resolution Plan application as Annexure-J.

f. Thereafter, the erstwhile RP had published the ‘Form G’ to invite the interested bidder for the resolution of the Corporate Debtor on 09.04.2023 and the same was widely circulated in newspapers namely Ekdin (Bengali) and Financial Express (English). In this respect, five different Expression of Interest were received from the Resolution Applicants namely Trenchless Engineering Services Private Limited, Lumino Industries Ltd, Mount Infra Finance Private Limited, Navneet Garg, Mideast Pipeline Products but only one Resolution Plan was received from Mideast Pipeline Products. However, after much deliberation the CoC has observed that the amount proposed by Mideast is not at all acceptable therefore, erstwhile RP further requested to Mideast for revised resolution plan with an incremental value.

g. Thereafter, the CoC had decided to issue fresh ‘from G’ on

09.04.2023 and 29.06.2023, during the CIRP period and the CoC has rejected the sole resolution plan of Mideast Pipeline Products in the 11^th CoC Meeting held on 11.10.2023.

h. Thereafter on 12^th COC meeting held on 04.12.2023, the above facts were discussed at length and considering the above facts, In CP(IB) No. 1377/( KB) /2020 the COC members has decided to sent the Corporate Debtor into liquidation and in this connection all necessary resolutions were passed by the member of the COC. Thereafter an application under section 33(1) of the IBC, 2016 was filed being numbered as 2100 of 2023 before the NCLT Kolkata bench on 20.12.2023 for the initiation of liquidation proceeding.

i. Thereafter, being aggrieved by the decision of COC, the sole Reso