# In the matter of Beans and More Hospitality Private Limited CA. 361-C-III-2018 in (IB) 512(ND)-2017

> NCLT judgment dated 2019-07-19. Citation: TCN-2019-NCLT-02428. The case involves an application filed by the Resolution Professional under Section 30(6) of…

- **Court:** NCLT
- **Order date:** 19 Jul 2019
- **Citation:** TCN-2019-NCLT-02428
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/beans-and-more-hospitality-private-limited-ca-361-c-iii-2018-in-ib-512nd-2017-a42df00d

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (IBBI) Regulations, 2016, seeking approval of a Resolution Plan. Shree Siyaram Automations Private Limited, a financial creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Beans and More Hospitality Private Limited ('Corporate Debtor') under Section 7 of the IBC. The application was admitted on March 13, 2018, and a moratorium was imposed under Section 14 of the Code. Mr. Prabhjit Singh Soni was appointed as the Interim Resolution Professional (IRP).

## Facts

Shree Siyaram Automations Private Limited initiated CIRP against Beans and More Hospitality Private Limited under Section 7 of IBC. The application was admitted on March 13, 2018, leading to a moratorium under Section 14. Prabhjit Singh Soni was appointed as IRP and later as Resolution Professional. The CoC was formed, with the first meeting on April 25, 2018. The CIRP period of 180 days was extended by 90 days until December 9, 2018. Claims worth Rs. 5,11,05,854/- were received from Financial Creditors. The CoC comprised 16 Financial Creditors. Prospective resolution applicants were invited on August 31, 2018, and the last date for inviting resolution plans was October 23, 2018. The CoC approved a resolution plan submitted by Mr. Abhay Jain on November 12, 2018, with

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements for a resolution plan,

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**Reasoning:** The Adjudicating Authority found that the Resolution Plan complied with all the

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards that a

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**Application:** The Resolution Plan was found to provide for the payment of insolvency

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## Parties

- **Judges:** R. VARADH…; Deepa Kr…; +1 more
- **Appellants:** Shree Siyaram…
- **Respondents:** Beans and More…
- **Advocates:** Vinod Kumar…; Prashant…; +2 more

## Timeline

- **2018-03-13 — Application A…**: Application under Section 7 of IBC…
- **2018-04-25 — First Meeting…**: First meeting of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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