Oriental Structural Engineers Pvt Ltd's Resolution Plan Receives Unanimous Approval from Creditors, Binding on All Stakeholders
In a significant development, the National Company Law Tribunal (NCLT), Jaipur Bench, has approved the resolution plan submitted by Oriental Structural Engineers Private Limited (OSEPL) for the revival of ACCIL Corporation Private Limited. The plan was unanimously approved by the Committee of Creditors (CoC) with a 100% voting share, marking a critical step in the corporate debtor's insolvency resolution process.
Presided over by Ms. Reeta Kohli, Judicial Member, and Ms. Kavita Bhatnagar, Technical Member, the tribunal's decision on July 21, 2026, confirmed that the resolution plan complies with all statutory requirements under the Insolvency and Bankruptcy Code, 2016 (IBC). The plan, which was revised and resubmitted on May 4, 2026, involves a total resolution amount of INR 2,88,37,00,000, ensuring the settlement of debts and claims.
The tribunal noted that the resolution plan is binding on all stakeholders, including employees, creditors, and government authorities, following the guidelines set by the Supreme Court in previous judgments. The plan also ensures that all past claims against ACCIL are permanently extinguished upon implementation, in line with the Supreme Court's decision in the Ghanshyam Mishra case.
The CoC, consisting of Asset Reconstruction Company (India) Limited, Prudent ARC Limited, and Central Bank of India, expressed satisfaction with the resolution plan's feasibility and viability. The plan's approval marks the end of the moratorium under Section 14 of the IBC, allowing ACCIL to resume normal operations under new management.
OSEPL, the successful resolution applicant, is set to inject the necessary capital to facilitate the corporate debtor's revival, with a focus on operational continuity and strategic growth. The resolution plan outlines a comprehensive strategy for the management and control of ACCIL, ensuring a smooth transition and sustainable business operations.
The NCLT's order mandates the resolution professional to ensure compliance with the resolution plan and submit the necessary records to the Insolvency and Bankruptcy Board of India. This decision is expected to provide a fresh start for ACCIL, aiding its recovery and contributing to the broader economic landscape.
Bottom Line :
Resolution Plan approved under Insolvency and Bankruptcy Code, 2016 is binding on the Corporate Debtor and all stakeholders, subject to statutory compliance.
Statutory provision(s): Insolvency and Bankruptcy Code, 2016 - Sections 30, 31, 29A, 32A; Regulation 38; Section 7 of the Code; Section 14; Section 53; Section 30(2)(b); Section 240A; Regulation 31A; Section 28A; Regulation 16E
Chandra Prakash, (NCLT)(Jaipur Bench) : Law Finder Doc id # 2955593
