# In the matter of Namudirisons Agro Foods India Private Ltd. IA (IBC)-124(KOB)-2021 in IBA-24-KOB-2020

> NCLT judgment dated 2021-12-31. Citation: TCN-2021-NCLT-00001. The application IA(IBC)/124/KOB/2021 was filed by the Resolution Professional for approval of…

- **Court:** NCLT
- **Order date:** 31 Dec 2021
- **Citation:** TCN-2021-NCLT-00001
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/namudirisons-agro-foods-india-private-ltd-ia-ibc-124kob-2021-in-iba-24-kob-2020-1372dc8c

## Summary

### Background

The application IA(IBC)/124/KOB/2021 was filed by the Resolution Professional for approval of the Resolution Plan under Section 31 of the IBC, 2016, concerning M/s Nambudirisons Agro Foods India Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by M/s Abheeshnair Engineering Private Limited, an Operational Creditor, under Section 9 of the IBC. The application IBA/24/KOB/2020 was admitted by the Tribunal on November 26, 2020, leading to a moratorium under Section 14 of the IBC. Mr. Mohanan T.S. was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed with Bank of Baroda as the sole Financial Creditor. The RP convened

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## Facts

M/s Nambudirisons Agro Foods India Private Limited faced Corporate Insolvency Resolution Process (CIRP) initiated by M/s Abheeshnair Engineering Private Limited, an Operational Creditor, due to unpaid dues. The CIRP commenced on November 26, 2020, with the appointment of Mr. Mohanan T.S. as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, comprising Bank of Baroda as the sole Financial Creditor. The RP convened several CoC meetings to discuss the resolution process, including the appointment of valuers and auditors. M/s Dasmesh Warehousing Private Limited submitted a Resolution Plan, offering Rs. 65 lakhs as the resolution amount. This amount was to be distributed among the resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Dasmesh Warehousing Private Limited complies with the …

**Ratio:** Section 30 of the IBC outlines the requirements for a Resolution Plan, including

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**Reasoning:** The Tribunal observed that the Resolution Plan was prepared on the basis of the

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**Interpretation:** Sections 30 and 31 of the IBC establish the framework for the approval of a

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**Application:** The Tribunal applied the provisions of Sections 30 and 31 to the Resolution

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## Parties

- **Judges:** Ashok Kumar…; Anil Ku…
- **Respondents:** M/s Nambudirisons…

## Timeline

- **2020-11-26 — Admission of Ap…**: The application IBA/24/KOB/2020 was admitted by the Tribunal, leading to the commencement…
- **2020-11-26 — Appointment of Interim…**: Sri Mohanan T. S was appointed as the…

## Legal provisions

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

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