# In the matter of MOR Farms Pvt. Ltd. CA No. 71-2018 in CP (IB) No. 51-Chd-Hry-2017

> NCLT judgment dated 2018-06-15. Citation: TCN-2018-NCLT-01260. The case involves an application filed by the Resolution Professional, Mr. Anil Kohli, for…

- **Court:** NCLT
- **Order date:** 15 Jun 2018
- **Citation:** TCN-2018-NCLT-01260
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mor-farms-pvt-ltd-ca-no-71-2018-in-cp-ib-no-51-chd-hry-2017-95d3abb4

## Summary

### Background

The case involves an application filed by the Resolution Professional, Mr. Anil Kohli, for approval of a Resolution Plan submitted by Harsh Poultry Farms under Sections 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against MOR Farms Pvt. Ltd. based on a petition filed by State Bank of India, the Financial Creditor, under Section 7 of the Code. The petition was admitted on 04.09.2017, and Mr. Anil Kohli was appointed as the Interim Resolution Professional (IRP). The Resolution Professional made a public announcement inviting claims from creditors and constituted a Committee of Creditors (CoC) comprising State Bank of India and Bank of India. The Resolution Professional also appointed two

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## Facts

The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against MOR Farms Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 04.09.2017. Anil Kohli was appointed as the Interim Resolution Professional (IRP). The IRP collated claims and constituted a Committee of Creditors (CoC) comprising State Bank of India (96.22% voting share) and Bank of India (3.78% voting share). The total debt of financial creditors was calculated at ₹32,52,38,249.84. The Resolution Professional appointed two registered valuers to determine the liquidation value, which averaged ₹3.91 crores. An Information Memorandum (IM) was prepared and shared with the CoC members. Harsh Poultry Farms submitted a resolution plan with a

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Harsh Poultry Farms complies with the requirements of the …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, along with Regulation 39(4) of

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**Reasoning:** The NCLT reviewed the Resolution Plan and the compliance certificate filed by the

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**Interpretation:** Section 30(2) and Regulation 39(4) are interpreted to ensure that a resolution

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**Application:** The NCLT applied Section 30(2) and Regulation 39(4) to the specific facts of

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Respondents:** MOR Farms Pvt.…

## Timeline

- **2017-09-04 — Petition Ad…**: Tribunal admitted the petition filed by State Bank of India for initiating CIRP against…
- **2017-09-12 — Appointment…**: Mr. Anil Kohli was appointed as the…

## 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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