# In the matter of Alok Employees Benefits and Welfare Trust & Ors. Vs. SBI & Ors. IA-135-2018 in CP (IB) No. 48-7-NCLT-AHM-2017

> NCLT judgment dated 2018-06-11. Citation: TCN-2018-NCLT-01302. The case involves two applications, I.A No.135/2018 filed by Alok Employees Benefit and Welfare…

- **Court:** NCLT
- **Order date:** 11 Jun 2018
- **Citation:** TCN-2018-NCLT-01302
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alok-employees-benefits-and-welfare-trust-ors-vs-sbi-ors-ia-135-2018-in-cp-404092f5

## Summary

### Background

The case involves two applications, I.A No.135/2018 filed by Alok Employees Benefit and Welfare Trust & Ors. under Section-60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the Resolution Professional to submit and have approved a resolution plan (RIL-JM Plan) for the revival of Alok Industries Limited. Alternatively, they sought a direction for the CoC to approve the plan. They also requested exclusion of the time taken in hearing the application from the CIRP period and a stay on liquidation. The second application, I.A No.136 of 2018, was filed by the Resolution Professional under Section-33 (2) read with section-60(5) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Alok Industries Limited, as the

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## Facts

Alok Employees Benefit and Welfare Trust & Ors. filed I.A No.135/2018 seeking approval of a resolution plan (RIL-JM Plan) for Alok Industries Limited. The resolution plan was supported by over 70% of the Committee of Creditors (CoC) but less than the then-required 75%. The Resolution Professional filed I.A No.136/2018 seeking liquidation of Alok Industries Limited. During the pendency of these applications, the Insolvency and Bankruptcy Code, 2016, was amended, reducing the voting requirement for resolution plan approval to 66%. The State Bank of India (SBI), a member of the CoC, stated it had no objection to the resolution plan without re-voting. The key fact is the change in the voting threshold during the pendency of the applications, which directly impacts the

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## Issues and analysis

### Issue 1: Whether the Resolution Professional should present the existing resolution plan to the CoC for …

**Ratio:** The amendment to the Insolvency and Bankruptcy Code, 2016, reducing the voting

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**Reasoning:** The court reasoned that the amendment to the IBC Code, which reduced the voting

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**Interpretation:** The amendment to the IBC Code is interpreted to have immediate effect on all

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**Application:** Since the resolution plan received over 70% of the votes, it now meets the

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** Alok Employees…
- **Respondents:** Alok Industries…; Ajay J…

## Timeline

- **2018-04-16 — Original Expiry Date of…**: The original expiry date for the corporate insolvency resolution process time period for…
- **2018-06-06 — Promulgation of…**: The Ministry of Law and Justice promulgated an ordinance amending the Insolvency and…

## 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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