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IA No.357/JPR/2020

IN C.P. No.-(I.B)-157/7/JPR/2019 (Admitted)

THE NATIONAL COMPANY LAW TRIBUNAL

“JAIPUR BENCH, JAIPUR”

(Exercising powers of Adjudicating Authority under

the Insolvency and Bankruptcy Code, 2016)

IA No.357/JPR/2020

IN

C.P. No.-(I.B)-157/7/JPR/2019

(Admitted)

Under Section 60(5) of Insolvency

and Bankruptcy Code, 2016 read with

Rule 11 of the NCLT Rules, 2016

In the matter of:

STCI Finance Limited

….Financial Creditor

Versus

Bohra Industries Limited

….Corporate Debtor

And in the matter of:

IA No.357/JPR/2020 :

Indian Potash Limited

…Applicant/Resolution Applicant

Vs.

1. Naresh Kumar Verma

416/7 & 8, 1^st Floor, Karkarduma,

Opposite Karkarduma Metro Station

Near Mata Mahamai Shiv Mandir,

Delhi – 110092

….Resolution Professional/Respondent

2. State Bank of India,

Registered address at:

Corporate Centre, State Bank Bhawan,

Madame Cama Road,

Nariman Point, Mumbai, Maharashtra – 400021

…..Financial Creditor and CoC Member/Respondent

3. Sri Krishna Agarwal, Lead Member of Consortium

Regn. Ref. No.UDYAM-TS-02-0001671,

Address: 1-8-155/5, P.G. Road, Near HDFC Bank Lane,

Secunderabad - 500003

…Successful Resolution Applicant

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IA No.357/JPR/2020

IN C.P. No.-(I.B)-157/7/JPR/2019 (Admitted)

Judgement delivered on: 13.10.2021

Coram: Hon’ble Mr. Ajay Kumar Vatsavayi, Member (Judicial)

Hon’ble Mr. Raghu Nayyar, Member (Technical)

For the Resolution Professional : Mr. Amol Vyas, Advocate

For the Applicant:

1. Mr. Manish Kaushik, Advocate

2. Mishal Johari, Advocate

For the Respondent No.2:

1. Mr. Ankur Mittal, Advocate

2. Ms. Meera Murali, Advocate

For the Respondent No.3: 1. Mr. Atul Sood, Advocate

2. Mr. Maharshi Viswaraj, Advocate

3. Mr. Vipul Joshi, Advocate

Per: Ajay Kumar Vatsavayi, Member (Judicial)

JUDGMENT

This application has been filed by M/s Indian Potash Limited

against the Resolution Professional of the Corporate Debtor- M/s Bohra

Industries Limited, the State Bank of India – Financial Creditor and the only

CoC Member and Sri. Krishna Agarwal, Lead Member of the Consortium –

Successful Resolution Applicant under Section 60(5) of IBC, 2016 read with

Rule 11 of the NCLT Rules, 2016 seeking to set aside the resolution of the

CoC of the Corporate Debtor in approving the resolution plan of the

consortium of six individuals lead by Mr. Krishna Agarwal.

2.

By way of separate order passed today in IA No.310/JPR/2020

in CP (IB) No.157/7/JPR/2019, this Adjudicating Authority has approved the

resolution plan of the consortium of six individuals lead by Mr. Krishna

Agarwal, after having satisfied that the said plan is in accordance with the

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IA No.357/JPR/2020

IN C.P. No.-(I.B)-157/7/JPR/2019 (Admitted)

Code and Regulations made thereunder. In view of the same, the instant IA

No.357/JPR/2020 filed for setting aside the Resolution of the CoC is also

liable to be dismissed.

3.

Accordingly, I.A. No.357/JPR/2020 is disposed of.

Sd/-

Sd/-

(Raghu Nayyar)

(Ajay Kumar Vatsavayi)

Member (Technical)

Member (Judicial)

October 13^th, 2021

AV