# In the matter of Bohra Industries Limited IA No. 310-JPR-2020 in C.P. No. (I.B)-157-7-JPR-2019

> NCLT judgment dated 2021-10-13. Citation: TCN-2021-NCLT-00742. STCI Finance Limited, a financial creditor, initiated Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 13 Oct 2021
- **Citation:** TCN-2021-NCLT-00742
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bohra-industries-limited-ia-no-310-jpr-2020-in-cp-no-ib-157-7-jpr-2019-9dca6500

## Summary

### Background

STCI Finance Limited, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Bohra Industries Private Limited (corporate debtor) by filing CP (IB) No. 157/7/JPR/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application on 07.08.2019 and declared a moratorium. Naresh Verma was appointed as the Interim Resolution Professional (IRP). Claims were received from multiple creditors, including financial and operational creditors. The Committee of Creditors (CoC) was constituted, initially comprising State Bank of India and STCI Finance Limited. STCI Finance Limited later withdrew its claim. The CoC approved a resolution plan submitted by a consortium led by Mr. Krishna Aggarwal.

## Facts

STCI Finance Limited initiated CIRP against Bohra Industries Private Limited by filing CP (IB) No. 157/7/JPR/2019. The application was admitted on 07.08.2019, and a moratorium was declared. Naresh Verma was appointed as the IRP. Claims were received from 2 financial creditors, 17 operational creditors, 6 workmen & employees and 1 authorized representative of workmen & employee. The CoC was initially composed of State Bank of India (74.12% share) and STCI Finance Limited (25.88% share). Form G was published on 21.10.2019. A resolution plan was received from Indian Potash Limited (IPL). The Tribunal extended the CIRP period by 60 days. Two resolution plans were received, including one from IPL and another from a consortium. STCI Finance Limited withdrew its claim

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Consortium meets the mandatory requirements of Section …

**Ratio:** Section 30(2) of the Code specifies the mandatory requirements that a resolution plan

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure it complied with all

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**Interpretation:** Section 30(2) is interpreted as setting a minimum threshold for the content and

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**Application:** The Adjudicating Authority reviewed the specific clauses of the Consortium's

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## Parties

- **Judges:** Ajay Kumar…; RAGHU N…; +1 more
- **Appellants:** STCI Finance…
- **Respondents:** Bohra Industries…

## Timeline

- **2019-07-01 — Filing of CP (IB) No.…**: STCI Finance Limited filed CP (IB) No. 157/7/JPR/2019 under Section 7 of the Code against…
- **2019-08-07 — Admission of CP and…**: The Adjudicating Authority admitted…

## 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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