# In the matter of Linus Agroventures Private Limited IA (IB) No. 228-KB-2021 in CP (IB) No. 126-KB-2019

> NCLT judgment dated 2021-11-25. Citation: TCN-2021-NCLT-00402. The case involves an application under Section 30(6) and Section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 25 Nov 2021
- **Citation:** TCN-2021-NCLT-00402
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/linus-agroventures-private-limited-ia-ib-no-228-kb-2021-in-cp-ib-no-126-kb-2019-460332c9

## Summary

### Background

The case involves an application under Section 30(6) and Section 31(1) of the Insolvency & Bankruptcy Code, 2016 for the approval of a Resolution Plan for Linus Agroventures Private Limited. Indian Overseas Bank, the Financial Creditor, filed a Company Petition against Linus Agroventures, the Corporate Debtor, under Section 7 of the IBC, which was admitted on 2020-02-19. The Resolution Professional (RP) was appointed, and a Committee of Creditors (CoC) was constituted with Indian Overseas Bank as the sole secured Financial Creditor. The RP invited Expressions of Interest (EoI) multiple times, and ultimately, a Resolution Plan submitted by Biswas Infracon LLP was approved by the CoC with 100% voting share.

## Facts

Indian Overseas Bank initiated CIRP against Linus Agroventures Private Limited under Section 7 of IBC. The application was admitted on 2020-02-19. Anup Kumar Singh was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) consisted solely of Indian Overseas Bank. The RP issued multiple invitations for Expressions of Interest (EoI), receiving limited responses. Biswas Infracon LLP submitted a Resolution Plan, which was approved by the CoC with 100% voting share on 2021-01-15. The Resolution Plan included provisions for payment of CIRP costs, repayment of debts to Operational Creditors, and management of the Corporate Debtor. The Resolution Applicant sought various reliefs and concessions for successful implementation of the plan, including

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Biswas Infracon LLP meets the requirements of Sections 30 …

**Ratio:** Sections 30 and 31 of the IBC outline the requirements for approval of a resolution plan,

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**Reasoning:** The court examined the Resolution Plan to ensure it complied with the provisions of the

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**Interpretation:** Sections 30 and 31 are interpreted to ensure that the resolution plan is fair,

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**Application:** The court applied the ratio to the specific facts of the case, examining the

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Indian Overseas…
- **Respondents:** Linus Agroventures…

## Timeline

- **2019-01-01 — Initiation…**: Underlying Company Petition in C.P. (IB) No. 126/KB/2019 was filed by Indian Overseas…
- **2020-02-19 — Admission of…**: The Company Petition was admitted vide order dated 19.02.2020 in C.P. (IB) No.…

## 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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