# Bank of India vs. Vishal Structurals Private Limited

> NCLT judgment dated 2026-05-15. Citation: TCN-2026-NCLT-00500. Bank of India initiated the Corporate Insolvency Resolution Process (CIRP) against Vishal…

- **Court:** NCLT
- **Order date:** 15 May 2026
- **Citation:** TCN-2026-NCLT-00500
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/bank-of-india-vs-vishal-structurals-private-limited-65imk

## Summary

### Background

Bank of India initiated the Corporate Insolvency Resolution Process (CIRP) against Vishal Structurals Private Limited. Mr. Prashant Jain was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP). A Resolution Plan submitted by Bekem Infra Projects Private Limited was approved by 100% majority of the Committee of Creditors (CoC). The RP then filed an application with the National Company Law Tribunal (NCLT) for the approval of this Resolution Plan. During the process, the Employees' Provident Fund Organisation (EPFO) raised an objection regarding its claim for statutory dues, penal damages, and interest.

## Facts

Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Vishal Structurals Private Limited.

Mr. Prashant Jain was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP) for Vishal Structurals Private Limited.

The CIRP commenced on 12.03.2025.

The Committee of Creditors (CoC) was constituted and comprised solely of Bank of India, a Secured Financial Creditor.

Bekem Infra Projects Private Limited submitted a Resolution Plan dated 01.01.2026.

The Resolution Plan was approved by 100% majority of the CoC in its 7th meeting held on 01.12.2025, adjourned to 04.12.2025.

The RP filed an application (IA(IBC)(Plan)/27/MB/2026) seeking approval of the Resolution Plan.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Bekem Infra Projects Private Limited meets the …

**Ratio:** A Resolution Plan, once approved by the Committee of Creditors (CoC) with the requisite

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**Reasoning:** The Resolution Professional (RP) confirmed compliance by filing a Compliance Certificate

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**Interpretation:** Sections 30(2) and 31 of the IBC, along with associated regulations, establish

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**Application:** The present Resolution Plan, having been thoroughly vetted by the RP for

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## Parties

- **Judges:** SH. PRABHAT…; SH. SUSHIL…
- **Appellants:** Prashant Jain…; Bekem Infra…
- **Respondents:** Vishal Structurals…; Bank of…
- **Other parties:** Prashant…; EPFO…; +3 more
- **Advocates:** Mily Gh…; Sophia Hu…

## Timeline

- **1983-12-21 — Corporate Debtor…**: Vishal Structurals Private Limited…
- **2025-03-12 — CIRP Commencement & IRP…**: Corporate Insolvency Resolution Process (CIRP) of Vishal Structurals Private Limited…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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