# In the matter of Bhatia Coke and Energy Limited IA(IBC)-582(CHE)-2021 in IBA-307-2019

> NCLT judgment dated 2022-06-20. Citation: TCN-2022-NCLT-02170. The case involves an application (IA(IBC)/582(CHE)/2021) moved by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 20 Jun 2022
- **Citation:** TCN-2022-NCLT-02170
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhatia-coke-and-energy-limited-iaibc-582che-2021-in-iba-307-2019-25b09318

## Summary

### Background

The case involves an application (IA(IBC)/582(CHE)/2021) moved by the Resolution Professional (RP) of the Corporate Debtor, M/s. Bhatia Coke and Energy Limited, under Section 30(6) & 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by the successful Resolution Applicant, a consortium of M/s. Earth Elements Development Company Limited and M/s. Mahavir Coal Washeries Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2019-05-22. Several CoC meetings were held to discuss the resolution plans. The CoC approved the resolution plan with 100% voting share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for M/s. Bhatia Coke and Energy Limited was initiated on 2019-05-22. An initial attempt to solicit Expressions of Interest (EOI) yielded no response. A fresh EOI was issued on 2020-01-15, with a deadline of 2020-01-31, later extended to 2020-02-10. During the 5th CoC meeting, it was revealed that there were five prospective Resolution Applicants. The CoC directed the RP to share the Information Memorandum and the Request for Resolution Plan with these applicants. Only one Resolution Plan was received by the due date, accompanied by the Earnest Money Deposit. Two applicants requested additional time due to the COVID-19 pandemic. The CoC granted an extension until 2020-03-27. Nationwide lockdown was imposed from

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the mandatory requirements of Section 30(2) of the …

**Ratio:** The Adjudicating Authority's role is to ensure that the Resolution Plan adheres to the

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**Reasoning:** The tribunal compared the mandatory compliance under the IBC with the compliance made

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**Interpretation:** Section 30(2) of the IBC, 2016, outlines the essential criteria that a

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**Application:** The tribunal found that the Resolution Plan complied with the requirements of

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## Parties

- **Judges:** S. Ramath…; Anil Ku…
- **Appellants:** Subrata Monindrana…
- **Respondents:** Bhatia Coke &…

## Timeline

- **2019-05-22 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for M/s. Bhatia Coke and Energy…
- **2019-10-25 — Form G I…**: Erstwhile IRP issued Form G,…

## 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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