# Approval of Resolution Plan - Omkar Speciality Chemicals Limited

> NCLT judgment dated 2025-07-31. Citation: TCN-2025-NCLT-01134. The case involves the approval of a resolution plan for Omkar Speciality Chemicals Limited…

- **Court:** NCLT
- **Order date:** 31 Jul 2025
- **Citation:** TCN-2025-NCLT-01134
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-omkar-speciality-chemicals-limited-3d76e227

## Summary

### Background

The case involves the approval of a resolution plan for Omkar Speciality Chemicals Limited under the Insolvency and Bankruptcy Code, 2016. Axis Bank Limited and NKGSB Co-operative Bank Ltd. filed objections to the plan, primarily concerning the distribution of the resolution amount and modifications to the plan.

## Facts

Omkar Speciality Chemicals Limited was admitted into CIRP following an application by M/s. Ela Enterprises.

Mr. Ajit Kumar was appointed as the Resolution Professional.

Kshitij Polyline Limited submitted a resolution plan that was approved by the CoC with 83% voting share.

Axis Bank and NKGSB Co-operative Bank Ltd., both members of the CoC, filed objections to the resolution plan.

Axis Bank claimed to be a secured financial creditor and objected to its reclassification as an unsecured creditor.

NKGSB Co-operative Bank Ltd. objected to the modifications made to the resolution plan.

Bank of Baroda held the majority voting share (82.96%) in the CoC and played a significant role in the decision-making process.

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## Issues and analysis

### Issue 1: Whether Axis Bank Limited should be …

**Ratio:** The Tribunal held that Axis Bank's claim to be treated at par with Bank of Baroda has no

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**Reasoning:** Axis Bank extended credit facilities to the Corporate Debtor knowing that Bank of Baroda

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**Interpretation:** The Tribunal interpreted the provisions of the Code regarding secured creditors

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**Application:** The Tribunal applied the legal principles to the facts of the case, concluding

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## Parties

- **Judges:** ASHISH…; SANJIV…
- **Appellants:** Axis Bank L…; NKGSB Co-operative…
- **Respondents:** Omkar Speciality…; Ajit K…; +3 more
- **Other parties:** Pravin Shivdas…; Anjali Pravin…; +5 more
- **Advocates:** Shyam Ka…; Sagar W…; +2 more

## Timeline

- **2022-12-05 — Admission in…**: The Corporate Debtor was admitted into…
- **2022-12-22 — Public Annou…**: The IRP made a public announcement in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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