# Approval of Resolution Plan - West Bengal Essential Commodities Supply Corporation Ltd.

> NCLT judgment dated 2017-11-20. Citation: TCN-2017-NCLT-00174. The document pertains to a case before the National Company Law Tribunal (NCLT), Kolkata Bench,…

- **Court:** NCLT
- **Order date:** 20 Nov 2017
- **Citation:** TCN-2017-NCLT-00174
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-west-bengal-essential-commodities-supply-corporation-fb320b03

## Summary

### Background

The document pertains to a case before the National Company Law Tribunal (NCLT), Kolkata Bench, concerning West Bengal Essential Commodities Supply Corporation Ltd. The Resolution Professional (RP) filed a Resolution Plan along with the minutes of the Committee of Creditors (CoC) meeting dated 2017-11-13. The CoC approved the resolution plan, noting that all financial creditors had received their settled amount from the corporate debtor through OTS (One Time Settlement) and submitted a letter of satisfaction and a no-dues certificate.

## Facts

The case involves West Bengal Essential Commodities Supply Corporation Ltd. The Resolution Professional (RP) filed a Resolution Plan, which was considered by the Committee of Creditors (CoC). The CoC, in a meeting held on 2017-11-13, noted that all financial creditors had received their settled amounts from the corporate debtor through an OTS (One Time Settlement). Subsequently, the financial creditors submitted letters of satisfaction and no-dues certificates. The RP presented the resolution plan to the CoC, which had been prepared by the Board of Directors of the corporate debtor. The CoC resolved that the resolution plan was compliant with Section 30 of the Insolvency and Bankruptcy Code, 2016, and Regulations 37, 38, and 39 of the IBBI (Insolvency Resolution

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Resolution Professional complies with the requirements …

**Ratio:** A resolution plan must comply with Section 30 of the Insolvency and Bankruptcy Code,

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**Reasoning:** The CoC resolved that the resolution plan prepared and submitted by the corporate debtor

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**Interpretation:** Section 30 of the Insolvency and Bankruptcy Code, 2016, outlines the

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**Application:** The Resolution Professional certified that the resolution plan met all

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## Parties

- **Judges:** Vijai Prata…; Jinan…
- **Respondents:** West Bengal…

## Timeline

- **2017-11-20 — Hearing…**: Attendance-cum-order…
- **2017-11-13 — CoC Meetin…**: Meeting of the Committee of Creditors (CoC) where it was stated that all financial…

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