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IA No. 310/JPR/2020

IN

CP (IB) No. 157/7/JPR/2019

(Admitted matter)

THE NATIONAL COMPANY LAW TRIBUNAL

JAIPUR BENCH, JAIPUR

(Exercising powers of Adjudicating Authority under

the Insolvency and Bankruptcy Code, 2016)

(through web-based video conferencing platform)

IA No. 310/JPR/2020

IN

CP (IB) No. 157/7/JPR/2019

(Admitted matter)

Under Section 31 of Insolvency and

Bankruptcy Code, 2016

In the matter of:-

STCI FINANCE LIMITED.

….Financial Creditor.

Versus

Bohra Industries Limited.

….Corporate Debtor.

And in the matter of:

IA No.310/JPR/2020 :

Naresh Verma, Resolution Professional of

Bohra Industries Limited.

….Applicant/Resolution Professional.

Order delivered on: 13.10.2021

Coram: HON’BLE MR. AJAY KUMAR VATSAVAYI, MEMBER (JUDICIAL)

HON’BLE MR. RAGHU NAYYAR, MEMBER (TECHNICAL)

Present through Video Conferencing:

For the Resolution Professional:

1. Mr. Amol Vyas, Advocate

2. Mr. M. Maharshi Viswaraj,

Advocate

3. Mr. Naresh Verma, Resolution

Professional in person.

For the Respondent:

1. Mr. Vinugopal Swami B., CA

2. Ms. Meera Murali, Advocate

3. Mr. Ankur Mittal, Advocate

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IA No. 310/JPR/2020

IN

CP (IB) No. 157/7/JPR/2019

(Admitted matter)

4. Ms. Aishwarya Pandey, Advocate

for the CoC.

Per: Ajay Kumar Vatsavayi, Member (Judicial)

ORDER

The STCI Finance Limited, a financial creditor of the respondent

Bohra Industries Private Limited, (the corporate debtor) filed CP (IB) No.

157/7/JPR/2019 under Section 7 of the Code before this Adjudicating

Authority seeking initiation of CIRP against the said corporate debtor.

This

Adjudicating Authority vide its order dated 07.08.2019 admitted the said CP

and declared moratorium. Further, Mr. Naresh Verma was appointed as the

Interim Resolution Professional vide its order dated 07.08.2019 in the said

CP (IB) No. 157/7/JPR/2019.

2.

It is submitted that pursuant to the public announcement, claims

were received from 2 financial creditors, 17 operational creditors, 6 workmen

& employees and 1 authorized representative of workmen & employee.

3.

It is further submitted that after the verification and admission of

the claims, the CoC was constituted on 29.08.2019, consisting of two

financial creditors namely State Bank of India (74.12% share) and STCI

Finance Limited (25.88% share).

4.

It is stated that the CoC in its 2^nd meeting dated 30.09.2019,

informed that the applicant had supplied the information memorandum to the

members of the CoC on 18.09.2019 after obtaining the confidentiality

undertaking from them.

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IA No. 310/JPR/2020

IN

CP (IB) No. 157/7/JPR/2019

(Admitted matter)

5.

It is submitted that Form G for the first time was published on

21.10.2019 and thereafter, CoC in its 5^th meeting was informed that one

resolution plan was received from Indian Potash Limited (IPL) and the

Prospective Resolution Applicant has also submitted the bank guarantee of

Rs. 1 crore with SBI, a CoC member. It was also informed by the applicant

that the RP is yet to verify whether the Resolution Plan meets the

requirements of the IBC Code and its regulations and accordingly, the CoC

members deferred the consideration of the plan till the next meeting of CoC

for modification/updating of plan by IPL and submission of plan by other

Prospective Resolution Applicants.

6.

It is stated in the 8^th meeting of the CoC dated 16.03.2020,

the applicant placed the IPL’s final plan dated 07.03.2020 for consideration of

CoC. It was decided by the CoC to not to publish fresh Form-G again and

further, time period for submission of the Resolution Plan for the pre-existing

Potential Resolution Applicants.

7.

It is submitted that this Tribunal vide its order dated

05.08.2020, extended the CIRP period by 60 days beyond 270 days (after

excluding the lockdown period w.e.f. 25.03.2020 to 30.06.2020)

and

therefore the CIRP was scheduled to end on 08.10.2020.

8.

It is stated that CoC in its 10^th

meeting held on

25.08.2020, the applicant informed the CoC, that two resolution plans have

been received before the due date of 16.08.202