# UCO Bank vs. Kaizen Power Ltd.

> NCLT judgment dated 2026-02-12. Citation: TCN-2026-NCLT-00186. The Corporate Debtor, Kaizen Power Limited, was admitted into Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 12 Feb 2026
- **Citation:** TCN-2026-NCLT-00186
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/uco-bank-vs-kaizen-power-ltd-fa4d52c7

## Summary

### Background

The Corporate Debtor, Kaizen Power Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on December 13, 2019. Mr. Santanu T Ray was appointed as the Interim Resolution Professional (IRP). The IRP published Form A on December 27, 2019, inviting claims from creditors. The Committee of Creditors (CoC) was constituted, with UCO Bank holding 83.58% voting share and Punjab National Bank (E-Oriental Bank of Commerce) holding 16.42%.

## Facts

Kaizen Power Limited was admitted into CIRP on December 13, 2019.

UCO Bank and Punjab National Bank constituted the Committee of Creditors (CoC).

Mr. Santanu T Ray was appointed as the Interim Resolution Professional (IRP) and later as Resolution Professional (RP).

J Kumar Developers Limited submitted a Resolution Plan.

Suspended directors of Kaizen Power Limited raised objections regarding non-compliance with Section 24(3) of the IBC and alleged multiple modifications of the Resolution Plan.

APIIC raised objections regarding leasehold rights over the land allotted to Kaizen Power Limited.

The CoC approved the Resolution Plan with 100% voting share.

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## Issues and analysis

### Issue 1: Whether the failure to invite the Suspended Board of Directors (SBoD) to CoC meetings constitutes a …

**Ratio:** Section 24(3)(b) of the IBC expressly recognizes the right of the suspended directors to

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**Reasoning:** The NCLT found that the RP failed to invite the SBoD to CoC meetings, which amounts to a

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**Interpretation:** The failure to provide notice and opportunity to participate in CoC meetings to

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**Application:** The NCLT remands the Resolution Plan back to the CoC for reconsideration and

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** Munnan Ja…; Bishal Ja…
- **Respondents:** KAIZEN POWE…; Santanu T…; +3 more
- **Other parties:** UCO B…; Punjab National…; +1 more
- **Advocates:** Mamta B…; Urmila Chak…; +9 more

## Timeline

- **2019-12-13 — Admission in…**: The Corporate Debtor was admitted into…
- **2019-12-27 — Public Annou…**: The IRP published Form A…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(2) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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