# In the matter of Feedatives Pharma Private Limited CA(IB) No.848-KB-2018 & CA (IB) No. 194 & 964-KB-2019 in C.P. (IB) No. 187-KB-2018

> NCLT judgment dated 2019-08-06. Citation: TCN-2019-NCLT-02083. The case involves an application under Section 30(6) read with Section 31 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 6 Aug 2019
- **Citation:** TCN-2019-NCLT-02083
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/feedatives-pharma-private-limited-caib-no848-kb-2018-ca-ib-no-194-964-kb-2019-in-50e41d8d

## Summary

### Background

The case involves an application under Section 30(6) read with Section 31 of the Insolvency & Bankruptcy Code, 2016, along with Regulation 39(4) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Shri Krishna Agri Projects Private Limited, an operational creditor, initiated the CIRP process against Feedatives Pharma Private Limited, the corporate debtor. The resolution professional, Sanjay Kumar Agarwal, filed an application for approval of the resolution plan submitted by Ms. Basu Chicks and Feed Pvt Ltd, which was approved by the CoC with 100% voting share. Objections were raised by Shri Krishna Agri Projects Private Limited and Mr. Anirban Chatterjee, a promoter director.

## Facts

Shri Krishna Agri Projects Private Limited initiated CIRP against Feedatives Pharma Private Limited. Sanjay Kumar Agarwal was appointed as the Resolution Professional. Ms. Basu Chicks and Feed Pvt Ltd submitted a resolution plan, which was approved by the Committee of Creditors (CoC) with 100% voting. Shri Krishna Agri Projects Private Limited, an operational creditor, objected to the resolution plan, citing rejection of their claim. Anirban Chatterjee, a promoter director, also objected, claiming lack of opportunity to participate in the resolution process. The CoC approved the resolution plan in a meeting held on 02.07.2019. The corporate debtor is an MSME registered company doing business in poultry. The liquidation value was Rs. 5.90 Crores, and the fair market

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s. Basu …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code, 2016 allows for the approval of a

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**Reasoning:** The court found that the resolution plan was approved by the CoC with 100% voting share

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**Interpretation:** Section 31(1) provides the mechanism for approving a resolution plan that has

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**Application:** The court applied Section 31(1) to the facts of the case, noting that the

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Krishna Agri…
- **Respondents:** Feedatives Pharma…

## Timeline

- **2018-09-18 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Feedatives Pharma…
- **2018-11-16 — CoC Meet…**: Committee of Creditors (CoC)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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