# In the matter of Vivita Limited IA No. 2253-MB-2020 in C.P. (IB) No. 2525-MB-2019

> NCLT judgment dated 2021-06-21. Citation: TCN-2021-NCLT-01938. The case pertains to an application filed by the Resolution Professional under Section 30(6) of…

- **Court:** NCLT
- **Order date:** 21 Jun 2021
- **Citation:** TCN-2021-NCLT-01938
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vivita-limited-ia-no-2253-mb-2020-in-cp-ib-no-2525-mb-2019-fdfbde16

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan for Vivita Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition under Section 7 of the Code. The Interim Resolution Professional (IRP) was appointed, followed by the constitution of the Committee of Creditors (CoC). The IRP conducted meetings, invited claims from creditors, and the CoC resolved to appoint the Applicant as the Resolution Professional (RP). The CIRP period was extended by the Tribunal. The Resolution Applicant submitted a Resolution Plan, which was considered and revised by the CoC. The Resolution Plan was put to E-voting and approved with

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Vivita Limited was initiated based on a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. Subrata Maity was appointed as the Resolution Professional. The Interim Resolution Professional (IRP) made a public announcement inviting claims from creditors and constituted the Committee of Creditors (CoC). The IRP conducted the first meeting of the CoC, where the Applicant was resolved to be appointed as the Resolution Professional (RP). The CIRP period was extended by 60 days. The Applicant issued Form-G, inviting expression of interest (EOI) from prospective resolution applicants (PRAs). A consortium of M/s V. Square and M/s Bombay Carrier submitted the Resolution Plan. The CoC suggested modifications

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the consortium of M/s V. Square and M/s Bombay Carrier …

**Ratio:** Section 30(2) of the Code specifies the requirements that a Resolution Plan must meet for

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**Reasoning:** The Adjudicating Authority considered the submissions of the Applicant and found that the

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

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**Application:** The court applied the requirements of Section 30(2) to the specific details of

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Subrata…
- **Respondents:** Vivita Li…; Oriental Bank of…

## Timeline

- **2019-09-19 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2019-09-24 — Public Annou…**: The IRP made a public announcement on 24.09.2019 inviting claims from the creditors of…

## 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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