NCLT Kolkata bench approves Hark Industries' resolution plan for Shree Padmawati Metaliks under IBC, with total plan value of ₹58.52 crore.
State Bank of India, as sole CoC member with 100% voting share, approved the plan which offers minimal recovery to creditors against admitted claims.
The order extinguishes all pre-CIRP claims not part of the plan but clarifies guarantor liabilities remain enforceable under Supreme Court precedents.
Resolution plan provides ₹55 crore for working capital/capex and specifies one-year timeline for statutory approvals under Section 31(4) of IBC.