# 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-02088. 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-02088
- **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-d2051e39

## 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 plan submitted by Ms. Basu Chicks and Feed Pvt Ltd was approved by the Committee of Creditors (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, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Feedatives Pharma Private Limited. Sanjay Kumar Agarwal was appointed as the Resolution Professional (RP). The RP filed an application for approval of the resolution plan submitted by Ms. Basu Chicks and Feed Pvt Ltd, which was approved by the Committee of Creditors (CoC) with 100% voting share. Shri Krishna Agri Projects Private Limited objected to the resolution plan due to the rejection of their claim. Mr. Anirban Chatterjee, a promoter director, also objected, claiming a lack of opportunity to participate in the resolution process after the rejection of his resolution plan submitted in consortium with Basu Chicks and Feed Pvt. Ltd.

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s. Basu Chicks & Feed Pvt. Ltd. should be approved …

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

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

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**Interpretation:** Section 31(1) mandates that a resolution plan, once approved by the CoC with

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

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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…
- **2019-06-03 — CoC Meet…**: CoC meeting held where the resolution plan submitted by the applicant in consortium with…

## 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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