# In the matter of Imeco Limited IA (IB) No. 332-KB-2022 in CP (IB) No. 892-KB-2019

> NCLT judgment dated 2022-07-15. Citation: TCN-2022-NCLT-04583. Borojalingah Tea Company filed a company petition against IMECO Limited under Section 7 of the…

- **Court:** NCLT
- **Order date:** 15 Jul 2022
- **Citation:** TCN-2022-NCLT-04583
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/imeco-limited-ia-ib-no-332-kb-2022-in-cp-ib-no-892-kb-2019-9406f082

## Summary

### Background

Borojalingah Tea Company filed a company petition against IMECO Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted on August 29, 2019. IA (IB) No. 332/KB/2022 was filed by the Resolution Professional of IMECO Limited for approval of the Resolution Plan.

## Facts

Borojalingah Tea Company initiated CIRP against IMECO Limited under Section 7 of IBC, admitted on August 29, 2019.

Mr. Soumendra Podder was initially appointed as IRP, later replaced by Mr. Pratim Bayal.

The CoC comprised five Financial Creditors: Axis Bank, State Bank of India, Borojalingah Tea Company, Stuti Securities Limited, and Gliadin Intertrade Private Limited.

The CoC approved the Resolution Plan of SRP Infocom Private Limited with 77.74% voting share, but this was set aside by the Adjudicating Authority.

The CoC then approved the Resolution Plan of IMECO Overseas Private Limited with 98.61% voting share.

The Resolution Applicant submitted a Performance Bank Guarantee of ₹50,00,000/-.

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by IMECO Overseas Private Limited meets the requirements of …

**Ratio:** The Resolution Plan must comply with the provisions of Section 30 and 31 of the IBC to be

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**Reasoning:** The Adjudicating Authority perused the documents on record and found that the Resolution

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**Interpretation:** Section 30 and 31 of the IBC outline the process for submission and approval of

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**Application:** The Adjudicating Authority applied the provisions of Section 30 and 31 to

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Borojalingah Tea…; PratimB…
- **Respondents:** IMECO Li…
- **Other parties:** AXIS…; State Bank of…; +3 more
- **Advocates:** Rishav Ba…; Rajarshi Ba…; +5 more

## Timeline

- **2019-08-29 — Admission of Company…**: Company Petition filed by Borojalingah Tea…
- **2019-09-05 — Public Annou…**: IRP made public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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