# In the matter of Bhushan Shringarpure & Ors. vs. B.K. Mishra I.A. No. 645 of 2023 in Company Appeal (AT) (Ins) No. 1504 of 2022

> NCLAT judgment dated 2023-04-20. Citation: TCN-2023-NCLAT-00594. The Corporate Insolvency Resolution Process (CIRP) of Lakeland Chemicals (India) Ltd. was…

- **Court:** NCLAT
- **Order date:** 20 Apr 2023
- **Citation:** TCN-2023-NCLAT-00594
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/bhushan-shringarpure-ors-vs-bk-mishra-ia-no-645-of-2023-in-company-appeal-6f1cdc01

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) of Lakeland Chemicals (India) Ltd. was initiated by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court – III) based on an application filed by Mahavir Interchem under Section 9 of the Insolvency and Bankruptcy Code, 2016. Nandkishore Bhatia was appointed as the Interim Resolution Professional (IRP), and later B.K. Mishra was appointed as the Resolution Professional (RP) by the Committee of Creditors (CoC). The IRP published a public announcement inviting claims from creditors. The RP received Expression of Interests (EOIs) from three Prospective Resolution Applicants (PRAs) and evaluated them. The resolution plan submitted by KLJ Resources Ltd. was approved by the CoC with a voting share of

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Lakeland Chemicals (India) Ltd. based on an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority approved the initiation. An Interim Resolution Professional (IRP) was appointed, followed by the appointment of B.K. Mishra as the Resolution Professional (RP). The RP invited claims from creditors, and the claims of Financial and Operational Creditors were received and admitted. The RP obtained valuations of the assets and issued Form-G for inviting Expression of Interest (EOI). Three Prospective Resolution Applicants (PRAs) submitted EOIs. The resolution plan submitted by KLJ Resources Ltd. was approved by the Committee of Creditors (CoC) with a 96.38%

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## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) was obligated to provide notice of Committee of Creditors …

**Ratio:** Section 24(3)(c) of the Insolvency and Bankruptcy Code, 2016 mandates that the Resolution

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**Reasoning:** The Tribunal reasoned that a bare reading of Section 24(3)(c) shows that it is mandatory

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**Interpretation:** Section 24(3)(c) is interpreted as a mandatory provision requiring the RP to

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**Application:** In this case, the admitted claim of the Operational Creditors was Rs. 24.98

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## Parties

- **Judges:** Rakesh Kuma…; Alok Sriv…
- **Appellants:** BHUSHAN SHRINGARPU…
- **Respondents:** Lakeland Chemicals…; B.K. MI…

## Timeline

- **2019-09-23 — CIRP Init…**: The Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court – III)…
- **2020-01-13 — Appointment…**: The Committee of Creditors (CoC) appointed B.K. Mishra as the Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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