# In the matter of Assam Company India Ltd. IA No. 58-2018 in CP (IB) No. 20-GB-2017

> NCLT judgment dated 2018-09-20. Citation: TCN-2018-NCLT-00730. The case pertains to the corporate insolvency resolution process (CIRP) of Assam Company India…

- **Court:** NCLT
- **Order date:** 20 Sept 2018
- **Citation:** TCN-2018-NCLT-00730
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/assam-company-india-ltd-ia-no-58-2018-in-cp-ib-no-20-gb-2017-4d9e9d7b

## Summary

### Background

The case pertains to the corporate insolvency resolution process (CIRP) of Assam Company India Limited, initiated upon an application filed by one of its financial creditors under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Adjudicating Authority admitted the company petition on October 26, 2017, declared a moratorium, and appointed an interim resolution professional (IRP). Subsequently, the applicant was appointed as the Resolution Professional (RP). The RP published an advertisement for Expression of Interest (EOI) and received nine EOIs. James Warren Tea Limited, which had not submitted an EOI earlier, was later allowed to submit its EOI by the NCLAT. Four resolution plans were submitted, and BRS Ventures Investment Limited was declared the

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## Facts

Assam Company India Limited (ACIL) faced corporate insolvency proceedings initiated by a financial creditor under Section 7 of the IBC. The Adjudicating Authority admitted the petition on October 26, 2017, imposing a moratorium and appointing an IRP, later replaced by the applicant as the RP. The RP solicited Expressions of Interest (EOIs) for resolution plans, receiving nine initially, with James Warren Tea Limited added later following an NCLAT order. Four resolution plans were submitted by BRS Ventures Investment Limited, Dhunseri Petrochem Limited, James Warren Tea Limited, and Suraksha Asset Reconstruction Limited. BRS Ventures Investment Limited was declared the highest bidder by the COC on July 30, 2018. The COC approved BRS's revised resolution plan on August

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by BRS Ventures Investment Limited meets the requirements of …

**Ratio:** Section 30(2) of the IBC outlines the requirements that a resolution plan must meet,

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**Reasoning:** The Adjudicating Authority examined the final resolution plan and found that it

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**Interpretation:** Section 30(2) sets out the mandatory requirements for a resolution plan to be

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**Application:** In this case, the Adjudicating Authority found that the resolution plan

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## Parties

- **Judges:** P. K. S…
- **Appellants:** SREI Infrastructur…
- **Respondents:** Assam Company…

## Timeline

- **2017-10-26 — Admission of Company…**: The Adjudicating Authority admitted the company petition against the Corporate Debtor,…
- **2018-04-11 — Advertisement for…**: The Resolution Professional published an advertisement for Expression of Interest (EOI)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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