IN THE NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI IN THE MATTER OF: State Bank of India PRINCIPAL BENCH C.A_No.244(PBY/2018, C.A. No. 186(PB)/2018, ‘No. 217(PB)/2018 & C.A. No, 176(PB)/2018 in CP. (1B)-201(PB)/2017 Applicant/petitioner Bhushan Steel Limited Respondent Order under Section 7 of Insolvency & Bankruptcy Code, 2016 Coram: Order delivered on |.08.2018 CHIEF JUSTICE (RTD) M.M. KUMAR Hon'ble President Sh. 8.K. Mohapatra, Hon'ble Member (T) Presents: ASL. For Tata Capital For KM.PS, For the RP an ot the Resolution Applicant: Mr. A.S. Chandhiok, Senior Advocate Mr. Amit Chadha, Senior Advocate Mr. Rajiv Nayar, Senior Advocate Mr. Virendra Ganda, Senior Advocate with Mr. Gopal Jain, Mr. V.P. Singh, Mr. Sahil Monga, Ms. Ruby Singh, Ms. Tabira, Ws, Pallavi Kumar, Ms. Shweta Kakkad, Mr. Angad Baxi, Mr. Sumesh Dhawan, Mr Rishi Mongia and Ms. Tanya Baranwal, Advocates for Resolution Applicant-TSL Mr. Ramji Srinivasan, Senior Advocate with Mr. Siddharth Sharma and Mr. Tushar Bhardwaj, Advocates Ms, Ranjana Rai Gawai, Ms, Vasudha Sen and Mr. Vivek Kumar, Advocates Mr. Ravi Kadam, Senor Advocate with Mr. Manmect Singh, Ms. Anjali & Ms. Geetanjali, Advocates.For Larsen & Touro Mr. Mukul Rohatgi, Senior Advocate Mr. Anand Chibbar, Senior Advocate with Mr. Gaurav Malhotra, Mr. Rajeev Kumar & Ms, Aastha Mehta, Advocates For Cot Mr. Tushar Mehta, Senior Advocate For Bhushan Rnergy Lid. Mr. Rajeeve Mehra, Senior Advocate with Mr. Mayanle Mishra, Mr. Ritunjay Gupta & Ms. Nit Arora, Advocates M.M.KUMAR, PRESIDENT JUDGMENT 1, This order shall dispose of the following CA's: (i. CA. No.244(PB)/2018 filed by Resolution Professional (for brevity ‘RP) under Section 30 & 31 0° the Insolvency and Bankruptey Code, 2016 (for brevity ‘the Code) with a principal prayer of accepting the resolution plan approved by the Committee of Creditors (for brevity ‘Co}) submitted by HI Resolution Applicant. The resolution plan has been filed by TATA Steel Limited (for brevity ‘TSL) in the Corporate Insolvency Resolution Process (for brevity ‘CIR Process) of the Corporate Debtor. A further relief has also been sought to grant various concessions as envisaged in the resolution plan and approved by the CoC. These concessions have been duly extracted in Annexure-8 (i). C.A. No, 186(PB)/2018 filed by Larsen & Toubro Limited with a prayer that the applicant therein shall be treated as secured acreditor a3 against their assigned status of unsecured operational creditor (ii). C.A. No, 217(PB)/2018 filed by the Bhushan Employees seeking direction to the RP to decide the objection raised by them and; (i). C.A. No, 176(PB)/2018 filed by RP under Section 19(2) of the Code. 2. Biriet facts of the case necessary for disposal of the controversy raised in the present proceeding may first be noticed. The State Bank of India fled C.P, No, (B}-201(PB)/2017 against Bhushan Steel Limited under Section 7 of the Insolvency and Bankruptey Code, 2016 (for brevity ‘the Code). After issuance of notice and considering the reply of the Corporate Debtor we admitted the petition on 26.07.2017(Annexure-2). As a consequence, the CIR process commenced and moratorium in terms of Section 14 was imposed. In pursuance of Section 15 of the Code the Interim RP invited claim on 28.07.2017 (Annexure-3), It is pertinent to mention that Interim RP received claims of Rs, 56,080 crores from fifty three (53) financial creditors and further claims of Rs. 2846.52 crores from seven hundred and fifty one (751) operational creditors (including workmen, employees and statutory creditors) and Rs. 0.22 crores from two (2) other a