# In the matter of Star Agro marine Exports Private Limited MA-520-2018 in CP-668-IB-2017

> NCLT judgment dated 2019-03-11. Citation: TCN-2019-NCLT-04511. The case involves an application (MA/520/2018) filed in CP/668/IB/2017 by the Resolution…

- **Court:** NCLT
- **Order date:** 11 Mar 2019
- **Citation:** TCN-2019-NCLT-04511
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/star-agro-marine-exports-private-limited-ma-520-2018-in-cp-668-ib-2017-95aa4969

## Summary

### Background

The case involves an application (MA/520/2018) filed in CP/668/IB/2017 by the Resolution Professional, Mr. S. Rajendran, under Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan for M/s. Star Agro Marine Exports Private Limited. Initially, an application (CP/668/(IB)/CB/2017) under Section 7 of the I&B Code was filed by Union Bank of India Limited against Star Agro Marine Exports Private Limited, which was admitted on 08.01.2018, initiating the CIR Process. The IRP took over management and caused public announcement. The CoC was formed, and Mr. S. Rajendran was recommended as the Resolution Professional. The CIRP period was extended. Two resolution plans were received, one from Sandya Aqua Exports Private Limited (SAEPL)

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## Facts

M/s. Star Agro Marine Exports Private Limited faced insolvency proceedings initiated by Union Bank of India Limited under Section 7 of the I&B Code, 2016. The application was admitted on 08.01.2018, leading to the commencement of the Corporate Insolvency Resolution Process (CIRP). Mr. S. Rajendran was appointed as the Resolution Professional. The Resolution Professional received two resolution plans, one from Sandya Aqua Exports Private Limited (SAEPL) and another from Seelam Infra Developers Pvt. Ltd. (SIDPL). SIDPL submitted an improved Resolution Plan, which was unanimously approved by the Committee of Creditors (CoC) in its 7th Meeting held on 01.10.2018. The Resolution Plan proposed an investment of Rs. 50.46 crores by the Resolution Applicant. A key issue

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## Issues and analysis

### Issue 1: Whether the claims of Operational Creditors, such as income tax and sales tax departments, can be …

**Ratio:** The ratio is based on the interpretation of Section 30(2) of the I&B Code and

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**Reasoning:** The court reasoned that the I&B Code and Regulations require a provision in the

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**Interpretation:** The interpretation is that the I&B Code allows for the waiver or reduction

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**Application:** In this case, the court applied the ratio and reasoning to determine whether

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Respondents:** M/s. Star Agro…

## Timeline

- **2017-01-01 — CP/668/IB/201…**: CP/668/IB/2017 filed by the Resolution Professional viz., Mr. S. Rajendran under Section…
- **2017-01-01 — CP/668/(IB)/CB/2017…**: CP/668/(IB)/CB/2017 filed by Union Bank of India Limited against M/s. Star Agro Marine…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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