# In the matter of Langlai Tea and Industries Ltd. IA No. 03-2020 in CP No. 10-GB-2019

> NCLT judgment dated 2020-02-05. Citation: TCN-2020-NCLT-02072. The case involves the insolvency resolution of Langlai Tea and Industries Ltd. An application…

- **Court:** NCLT
- **Order date:** 5 Feb 2020
- **Citation:** TCN-2020-NCLT-02072
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/langlai-tea-and-industries-ltd-ia-no-03-2020-in-cp-no-10-gb-2019-169804a6

## Summary

### Background

The case involves the insolvency resolution of Langlai Tea and Industries Ltd. An application was filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Langlai Tea and Industries Ltd. itself, seeking to initiate a Corporate Insolvency Resolution Process (CIRP). The application was admitted, and Mr. Yogendra Pal Singhal was initially appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Sanjay Kumar Agarwal replaced Mr. Singhal as the Resolution Professional (RP). The RP then filed an application seeking exclusion of 34 days from the CIRP period due to the change in RP, which was allowed. Public announcements were made, and expressions of interest (EOIs) were invited. Initially, three prospective resolution applicants showed

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## Facts

Langlai Tea and Industries Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) by filing an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted by the NCLT Guwahati Bench. Mr. Yogendra Pal Singhal was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Sanjay Kumar Agarwal. An application was filed to exclude 34 days from the CIRP period due to the change in RP, which was approved. Public announcements were made to invite Expressions of Interest (EOIs) from prospective resolution applicants. Three prospective resolution applicants initially showed interest. The last date for submission of EOIs was extended multiple times. Eventually, only one resolution plan was

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/S …

**Ratio:** Section 31(1) of the IBC states that if the Adjudicating Authority is satisfied that the

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**Reasoning:** The Adjudicating Authority considered the resolution plan submitted by M/S Sabrang Steel

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**Interpretation:** Section 31(1) mandates the Adjudicating Authority to approve a resolution plan

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**Application:** The Adjudicating Authority applied Section 31(1) to the facts of the case,

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## Parties

- **Judges:** Mr Hari Venkata…
- **Appellants:** Sanjay Kumar…
- **Respondents:** Langlai Tea and…; State Bank…
- **Advocates:** Subodh Kr.…

## Timeline

- **2019-03-29 — CIRP Admi…**: Application seeking Corporate Insolvency…
- **2019-06-21 — RP Replac…**: Mr. Yogendra Pal Singhal was replaced by…

## 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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