# In the matter of Shree Bhomika International Limited CA-417-2020 in CP IB No. 324-ND-2019

> NCLT judgment dated 2020-10-05. Citation: TCN-2020-NCLT-00470. The case involves an application (CA-417/2020) filed in CP IB No. 324/ND/2019 under sections…

- **Court:** NCLT
- **Order date:** 5 Oct 2020
- **Citation:** TCN-2020-NCLT-00470
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-bhomika-international-limited-ca-417-2020-in-cp-ib-no-324-nd-2019-5e9100e7

## Summary

### Background

The case involves an application (CA-417/2020) filed in CP IB No. 324/ND/2019 under sections 30(6) and 31 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, concerning Shree Bhomika International Limited. The Resolution Professional, Mr. Manish Agrawal, submitted a resolution plan approved by the Committee of Creditors (CoC) for approval by the Adjudicating Authority. The Financial Creditor, Stressed Assets Stabilization Fund, initiated the Corporate Insolvency Resolution Process (CIRP) against Shree Bhomika International Limited. The application was admitted on 11.07.2019, a moratorium was declared, and Mr. Manish Agrawal was appointed as the Interim Resolution

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## Facts

The Financial Creditor, Stressed Assets Stabilization Fund, initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Shree Bhomika International Limited, by filing CP No. IB-324/ND/2019. The application was admitted on 2019-07-11, and Mr. Manish Agrawal was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 2019-07-17, inviting claims. The IRP constituted a Committee of Creditors (CoC) comprising of the sole Financial Creditor. The first CoC meeting was held on 2019-08-08, where the IRP was appointed as the Resolution Professional. Two registered valuers were appointed to determine the fair and liquidation values of the Corporate Debtor's assets. The Resolution Professional invited Expressions of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Commodities Trading complies with the provisions of …

**Ratio:** Section 30(2) of the IBC, 2016, outlines the requisites for approval of a resolution

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**Reasoning:** The Adjudicating Authority considered the Resolution Professional's endorsement under

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**Interpretation:** Section 30(2) of the IBC is interpreted to ensure that a resolution plan

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**Application:** The Resolution Plan was found to comply with Section 30(2) of the IBC, 2016, as

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## Parties

- **Judges:** Ch. Mohd Sharief…; Narendra Kumar…
- **Appellants:** Manish Ag…
- **Respondents:** Shree Bhomika…

## Timeline

- **2019-07-11 — Admission of Ap…**: Application CP No. IB-324/ND/2019 admitted; moratorium declared; Mr. Manish Agrawal…
- **2019-07-17 — Public Annou…**: IRP made a public announcement…

## 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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