# In the matter of Kei- Rsos maritime Limited I.A. No. 59-2021 in TCP (IB) No. 79-9-AMR-2019 in {CP (IB)No. 32-9-HDB-2019}

> NCLT judgment dated 2022-01-03. Citation: TCN-2022-NCLT-04558. The Resolution Professional (RP) of Kei-Rsos Maritime Limited sought approval for a resolution…

- **Court:** NCLT
- **Order date:** 3 Jan 2022
- **Citation:** TCN-2022-NCLT-04558
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kei-rsos-maritime-limited-ia-no-59-2021-in-tcp-ib-no-79-9-amr-2019-in-cp-ibno-32-5fcbc845

## Summary

### Background

The Resolution Professional (RP) of Kei-Rsos Maritime Limited sought approval for a resolution plan under Section 30(6) of the Insolvency and Bankruptcy Act, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2019-08-28. The Committee of Creditors (CoC) appointed Mr. Anand Chandra Swain as the Interim Resolution Professional (IRP), later approved as RP on 2019-12-24. The IRP valued the assets through Protocol Valuers & Crest Capital. Expression of Interest (EoI) was invited, and two resolution applicants (RAs) responded: Bluemine Marine Solutions Private Limited and Divetech Marine Engineering Services Private Limited. The RAs submitted resolution plans on 2020-10-10, which were incomplete due to pending vessel inspections. The CoC instructed

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## Facts

Kei-Rsos Maritime Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2019-08-28. Mr. Anand Chandra Swain was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP invited Expression of Interest (EoI) and received responses from Bluemine Marine Solutions Private Limited and Divetech Marine Engineering Services Private Limited. The resolution plans submitted by the applicants were initially incomplete. Cyclone Tauktae caused damage to a vessel (CS IX) belonging to the Corporate Debtor. The CoC approved the resolution plan of Divetech Marine Engineering Services Private Limited with 100% voting on 2021-06-10. Bluemine Marine Solutions Private Limited filed an application

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## Issues and analysis

### Issue 1: Whether the appointment of Mr.Kul Bhushan Parashar has caused any prejudice to the URA and whether …

**Ratio:** The appointment of an advisor to the RP does not automatically constitute a conflict of

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**Reasoning:** The court noted that Mr. Kul Bhushan Parashar ceased working with the successful

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**Interpretation:** The court interpreted that the appointment of a technical advisor is within the

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**Application:** The court found that the appointment of Mr. Kul Bhushan Parashar did not cause

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** M/s. Bluemine…
- **Respondents:** M/s. KEI-RSOS…; Mr.V.Ma…

## Timeline

- **2019-08-28 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2019-12-24 — RP Appoin…**: Mr. Anand Chandra Swain appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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