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

> NCLT judgment dated 2020-10-05. Citation: TCN-2020-NCLT-00469. 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-00469
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-bhoomika-international-limited-ca-417-2020-in-cp-ib-no-324-nd-2019-b995128a

## 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. The application pertains to the corporate insolvency resolution process (CIRP) of Shree Bhomika International Limited. The Financial Creditor, Stressed Assets Stabilization Fund, initiated the CIRP. The Resolution Professional (RP), Mr. Manish Agrawal, submitted a resolution plan approved by the Committee of Creditors (CoC) for approval by the Adjudicating Authority (NCLT). The IRP made a public announcement and constituted the CoC, comprising Stressed Assets Stabilization Fund- IDBI Bank Ltd. The RP

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## Facts

The Financial Creditor, Stressed Assets Stabilization Fund, initiated Corporate Insolvency Resolution Process (CIRP) against Shree Bhomika International Limited by filing CP No. IB-324/ND/2019. The Adjudicating Authority admitted the application on 2019-07-11, declared a moratorium, and appointed Mr. Manish Agrawal as the Interim Resolution Professional (IRP). The IRP made a public announcement on 2019-07-17 and constituted a Committee of Creditors (CoC) comprising Stressed Assets Stabilization Fund- IDBI Bank Ltd. The first CoC meeting was held on 2019-08-08, where the IRP was appointed as the Resolution Professional (RP). The RP appointed two registered valuers, Mr. Sunil Kumar Singhal and Mr. Deepak Bansal. The RP invited Expression of Interest on 2019-09-25, and

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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(4) of the IBC requires the Committee of Creditors (CoC) to approve the

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**Reasoning:** The CoC approved the Resolution Plan with a 100% voting share, indicating that they found

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**Interpretation:** Section 30(4) ensures that the CoC, representing the financial interests of the

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**Application:** In this case, the CoC's unanimous approval demonstrates that they were

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## Parties

- **Judges:** Ch. Mohd Sharief…; Narendra Kumar…
- **Appellants:** Manish Ag…
- **Respondents:** Shree Bhomika…
- **Advocates:** Abhishek…; Mohak S…; +2 more

## Timeline

- **2019-07-11 — Admission of Application…**: The Adjudicating Authority admitted the application filed by the Financial Creditor and…
- **2019-07-17 — Public Annou…**: The Interim Resolution Professional (IRP)…

## 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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