# In the matter of Bhatia Coke and Energy Ltd. IA(IBC)-830 & 949(CHE)2022 in IBA-307-2019

> NCLT judgment dated 2022-09-07. Citation: TCN-2022-NCLT-01141. The case involves an application to implement a resolution plan for M/s Bhatia Coke & Energy…

- **Court:** NCLT
- **Order date:** 7 Sept 2022
- **Citation:** TCN-2022-NCLT-01141
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhatia-coke-and-energy-ltd-iaibc-830-949che2022-in-iba-307-2019-48609e5f

## Summary

### Background

The case involves an application to implement a resolution plan for M/s Bhatia Coke & Energy Ltd, which was approved by the Committee of Creditors (CoC) and the NCLT. The resolution plan, dated 13.05.2021, faced challenges due to changes in the business situation, leading the original financial partner to withdraw. The Successful Resolution Applicant (SRA) sought an extension of the timeline for payment and proposed amendments to the resolution plan to accommodate a new investor, M/s Aqua Terra Logistics Private Limited.

## Facts

The Corporate Debtor is M/s Bhatia Coke & Energy Ltd. A resolution plan dated 13.05.2021 was approved by the CoC on 02.06.2021 and by the NCLT on 20.06.2022. The resolution plan required the Successful Resolution Applicant (SRA) to pay Rs. 190.25 crores within 30 days of approval and Rs. 22.00 crores on the second anniversary of the effective date. The SRA deposited Rs. 12.00 crores and provided a performance bank guarantee of Rs. 10.00 crores. The original financial partner, M/s Nithia Capital and Narayani Resources Private Limited, withdrew from the plan. The SRA found a new investor, M/s Aqua Terra Logistics Private Limited, willing to invest the balance amount. The SRA sought an extension of the timeline for payment and amendments to the resolution plan. The

…

## Issues and analysis

### Issue 1: Whether the application to implement the Resolution Plan dated 13.05.2021 should be allowed with an …

**Ratio:** The ratio is based on the principles of ensuring the successful implementation of the

…

**Reasoning:** The court considered the difficulties faced by the SRA due to the withdrawal of the

…

**Interpretation:** The interpretation involves understanding the provisions of the IBC related to

…

**Application:** The court applied the ratio and reasoning to the specific facts of the case,

…

## Parties

- **Judges:** BACHU VENKAT…; Shri. Samee…
- **Respondents:** M/s Bhatia Coke &…

## Timeline

- **2021-05-13 — Resolution Pl…**: Resolution Plan dated…
- **2021-06-02 — CoC Appr…**: Resolution Plan approved…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhatia-coke-and-energy-ltd-iaibc-830-949che2022-in-iba-307-2019-48609e5f