# 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-02150. 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-02150
- **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-307-2019-741806ab

## 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. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2019-05-22. The RP issued Form G, but no Expression of Interest (EOI) was received initially. A fresh EOI was issued, and the deadline was extended. The CoC was informed of five prospective Resolution Applicants. Ultimately, only one Resolution Plan was received with the Earnest Money Deposit. Two applicants requested more time due to the COVID-19 pandemic, which was granted. The Resolution Plan submitted by M/s. RARE Asset

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## Facts

The Corporate Debtor, M/s. Bhatia Coke and Energy Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2019-05-22. The Resolution Professional (RP) sought approval for a Resolution Plan under Section 30(6) & 31 of the Insolvency and Bankruptcy Code, 2016. Initial attempts to solicit Expression of Interest (EOI) were unsuccessful, leading to a fresh EOI issuance. Five prospective Resolution Applicants were identified, but only one submitted a plan with the Earnest Money Deposit (EMD). Two applicants requested additional time due to the COVID-19 pandemic, which was granted. One Resolution Plan from M/s. RARE Asset Reconstruction Limited was deemed non-compliant and dismissed. The Committee of Creditors (CoC) suggested improvements to the

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## Issues and analysis

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

**Ratio:** The Adjudicating Authority must ensure that the Resolution Plan complies with the

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**Reasoning:** The court examined the Resolution Plan to ensure that it met the requirements of Section

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**Interpretation:** Section 30(2) of the IBC, 2016, sets out the mandatory requirements that a

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**Application:** The court 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 &…; Bhatia Coke and…

## 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 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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