# In the mater of SICOM Ltd Vs Alok Employees Benefit Welfare Trust & Ors CA (AT) No. 344-2018

> NCLAT judgment dated 2018-11-29. Citation: TCN-2018-NCLAT-00042. The appeal arises from an order dated June 11, 2018, passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 29 Nov 2018
- **Citation:** TCN-2018-NCLAT-00042
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/in-the-mater-of-sicom-ltd-vs-alok-employees-benefit-welfare-trust-ors-ca-13f89760

## Summary

### Background

The appeal arises from an order dated June 11, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad, regarding I.A (I.B) No. 135 of 2018 and I.A. No. 136 of 2018 in C.P (I.B) No. 48/7/NCLT/AHM/2017. The Interlocutory Application preferred by ‘Alok Employees Benefit and Welfare Trust and Anr.' under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 has been allowed. The application preferred by the 'Resolution Professional' under Section 33(2) read with Section 60(5) of the 'I&B Code' has been disallowed with direction to the 'Resolution Professional' to present the ‘Resolution Plan’of the ‘Sole Resolution Applicant' before the ‘Committee of Creditors' for a re-look and for proper consideration.

## Facts

The Appellant, ‘SICOM Limited', a ‘Financial Creditor', appealed against an order dated June 11, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad. The ‘Corporate Insolvency Resolution Process' was initiated against ‘Alok Employees Benefit and Welfare Trust' ('Corporate Debtor'). Before completion of the resolution period, the ‘Resolution Plan' submitted by ‘JM Financial Asset Reconstruction Company Limited' along with 'Reliance Industries Limited' was placed before the ‘Committee of Creditors' in its meeting held on April 14, 2018, and it received 70.28% assenting voting shares of the ‘Committee of Creditors'. 'Alok Employees Benefit and Welfare Trust & Anr.' filed Interlocutory Application (I.B) No. 135 of 2018 seeking approval

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## Issues and analysis

### Issue 1: Whether the amended sub-section (4) of Section 30 of the 'I&B Code', which came into force on …

**Ratio:** The amended sub-section (4) of Section 30, particularly the proviso therein, is

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**Reasoning:** The court reasoned that the amendment's applicability hinges on whether the ‘Resolution

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**Interpretation:** The court interpreted the amended provision to have a broad application,

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**Application:** In this specific case, the ‘Resolution Plan’ had not been approved by the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** SICOM Li…
- **Respondents:** Alok Employees…; Alok Employees…

## Timeline

- **2018-04-14 — Committee of Creditors…**: The ‘Resolution Plan' submitted by ‘JM Financial Asset Reconstruction Company Limited'…
- **2018-04-26 — Adjudicating Authority…**: The Adjudicating Authority heard the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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