# In the matter of Bheema Cements Limited IA No. 1065-2019 in CP (IB) No. 97-7-HDB-2018

> NCLT judgment dated 2020-02-11. Citation: TCN-2020-NCLT-02006. The case involves an Interlocutory Application filed by the Applicant/Resolution Professional…

- **Court:** NCLT
- **Order date:** 11 Feb 2020
- **Citation:** TCN-2020-NCLT-02006
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bheema-cements-limited-ia-no-1065-2019-in-cp-ib-no-97-7-hdb-2018-b72cc3dc

## Summary

### Background

The case involves an Interlocutory Application filed by the Applicant/Resolution Professional under Section 30(6) seeking approval of the Resolution Plan under Section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 39 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016, in respect of M/s Bheema Cements Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against Bheema Cements Limited after the Company Petition was admitted on 09.07.2018. The Resolution Professional made a public announcement on 11th July 2018, inviting claims from creditors. The Committee of Creditors (CoC) was constituted after collating and verifying the claims.

## Facts

M/s Bheema Cements Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) after the admission of a Company Petition on 09.07.2018. JM Financial Asset Reconstruction Company Limited is the Financial Creditor. The Resolution Professional (RP) made a public announcement on 11th July 2018, inviting claims from creditors. The RP constituted a Committee of Creditors (CoC). The CoC approved a Resolution Plan submitted by Consortium of Fortuna Engi Tech and Structurals (India) Private Limited and its two promoters and Murgud Vincom Private Limited with 99.53% voting share. The Resolution Plan includes provisions for payment to secured financial creditors, unsecured financial creditors, operational creditors, and workmen. The Resolution Plan also

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Consortium of Fortuna Engi Tech and Structurals (India) …

**Ratio:** Section 30(4) of the IBC requires the Committee of Creditors (CoC) to approve a

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**Reasoning:** The NCLT considered the approval of the Resolution Plan by the CoC with a 99.53% voting

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**Interpretation:** Section 30(4) and Section 31(1) of the IBC provide the framework for the

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**Application:** In this case, the NCLT found that the Resolution Plan was approved by the CoC

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## Parties

- **Judges:** Ratakonda…; Narender Kumar…; +1 more
- **Appellants:** JM Financial…
- **Respondents:** Bheema Ceme…

## Timeline

- **2018-07-09 — Admission of Company…**: The Company Petition against Bheema Cements Limited was admitted by the Tribunal,…
- **2018-07-11 — Public Annou…**: The Resolution Professional made a public announcement, inviting claims from the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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