# In the matter of Bhatia Coke and Energy Limited IA-515-2021 in IBA-307-2019

> NCLT judgment dated 2021-06-10. Citation: TCN-2021-NCLT-01985. IA/515/2021 was filed by State Bank of India (SBI), a member of the Committee of Creditors…

- **Court:** NCLT
- **Order date:** 10 Jun 2021
- **Citation:** TCN-2021-NCLT-01985
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhatia-coke-and-energy-limited-ia-515-2021-in-iba-307-2019-5fbef279

## Summary

### Background

IA/515/2021 was filed by State Bank of India (SBI), a member of the Committee of Creditors (CoC), against the Resolution Professional (RP) of M/s. Bhatia Coke & Energy Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. SBI sought directives for the RP to convene a CoC meeting to discuss the resolution plan submitted by the Consortium RA, a stay on the voting process for the resolution plan dated 13 May 2021, a declaration that all actions related to the voting process with a deadline of 02 June 2021 are null and void, an interim direction to prevent the RP from continuing with the voting process, and exclusion of time lost from 10 April 2021 until the order date from the CIRP period. The applicant argued that there were procedural lapses by

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## Facts

The case involves M/s. Bhatia Coke & Energy Limited, which is undergoing the Corporate Insolvency Resolution Process (CIRP). State Bank of India (SBI), a member of the Committee of Creditors (CoC), filed IA/515/2021 against the Resolution Professional (RP) of Bhatia Coke & Energy Limited. SBI sought directives from the NCLT regarding the conduct of CoC meetings and the voting process for a resolution plan. The CIRP commenced on 22.05.2019, and more than 730 days had elapsed. Five petitions were filed for extension of the CIRP period. The resolution plan was deliberated in the 19th, 20th, and 21st CoC meetings, and e-voting was opened on 17.05.2021 and closed on 02.06.2021. On 02.06.2021, all members of the CoC voted in favor of the resolution plan, which was

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## Issues and analysis

### Issue 1: Whether the application filed by State Bank of India (IA/515/2021) is maintainable given that SBI …

**Ratio:** The principle of Estoppel prevents a party from asserting a claim that contradicts their

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**Reasoning:** The NCLT reasoned that SBI, having voted in favor of the resolution plan, was estopped

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**Interpretation:** This issue involves the interpretation of the principle of Estoppel in the

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**Application:** The principle of Estoppel applies to the facts of the case because SBI voted in

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** State Bank of…
- **Respondents:** Bhatia Coke &…; Bhatia Coke and…; +1 more

## Timeline

- **2019-05-22 — CIRP Commen…**: The Corporate Insolvency Resolution Process (CIRP) commenced for M/s. Bhatia Coke &…
- **2021-04-10 — Time Los…**: Start date for excluding time lost in 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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