# In the matter of RVR Marine Products Limited IA No. 33-2021 in TCP (IB) No. 101-7-AMR-2019 in {CP (IB) No. 320-7-HDB-2019}

> NCLT judgment dated 2021-11-02. Citation: TCN-2021-NCLT-00608. The case involves an application for approval of a resolution plan for M/s. RVR Marine Products…

- **Court:** NCLT
- **Order date:** 2 Nov 2021
- **Citation:** TCN-2021-NCLT-00608
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rvr-marine-products-limited-ia-no-33-2021-in-tcp-ib-no-101-7-amr-2019-in-cp-ib-n-9bbb005c

## Summary

### Background

The case involves an application for approval of a resolution plan for M/s. RVR Marine Products Limited, the Corporate Debtor, under Sections 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 24.12.2019, and Mr. Rajesh Chhaparia was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. TSN Raja replaced him as the Resolution Professional (RP). The RP sought approval for a resolution plan submitted by M/s. Sunbitess, which was approved by the Committee of Creditors (CoC) with a 100% majority.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated for M/s. RVR Marine Products Limited on 24.12.2019. Mr. Rajesh Chhaparia was initially appointed as the Interim Resolution Professional (IRP), but was later replaced by Mr. TSN Raja. The IRP had valued the assets of the Corporate Debtor through M/s. AAA Valuers & M/s. Resolute Valuers. The Committee of Creditors (CoC) stipulated a minimum net worth criteria of Rs.3.5 Crores and a minimum performance guarantee of Rs.10 Lakhs. The RP received resolution plans from M/s. Sunbitess and M/s. Sri Vinayaka Fish Feeds. The CoC found the initial plan of M/s. Sri Vinayaka Fish Feeds conditional and unacceptable. The CoC opened the Resolution Plan of M/s.Sunbitess on 19.01.2020, which offered Rs.9.75 Crores to

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the Code specifies the requirements that a resolution plan must meet,

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and found that it provides for

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The Resolution Plan was found to comply with all the requirements of Section

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** IDBI Bank…
- **Respondents:** RVR Marine…; RVR Marine…
- **Advocates:** Amir Ba…

## Timeline

- **2019-11-05 — Publication in…**: The Interim Resolution Professional (IRP) made a publication in the newspaper inviting…
- **2019-11-30 — CoC Meet…**: The Committee of Creditors (CoC) decided to replace the IRP with Mr. TSN Raja as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31(1) — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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