# In the matter of Amrit Agrovet Private Limited IA (IB) No. 505-KB-2022 in CP (IB) No. 312-KB-2018

> NCLT judgment dated 2023-01-09. Citation: TCN-2023-NCLT-05153. The case pertains to an application filed under section 30(6) and section 31(1) of the…

- **Court:** NCLT
- **Order date:** 9 Jan 2023
- **Citation:** TCN-2023-NCLT-05153
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/amrit-agrovet-private-limited-ia-ib-no-505-kb-2022-in-cp-ib-no-312-kb-2018-3212840b

## Summary

### Background

The case pertains to an application filed under section 30(6) and section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for approval of a Resolution Plan for Amrit Agrovet Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Jeco Agrovet Private Limited against Amrit Agrovet Private Limited under section 9 of the Insolvency and Bankruptcy Code 2016, which was admitted vide order dated 12 March 2020. The Resolution Professional (RP), Mr. Soumitra Lahiri, filed the application after the Committee of Creditors (CoC) approved the resolution plan.

## Facts

Jeco Agrovet Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Amrit Agrovet Private Limited by filing a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), which was admitted on March 12, 2020. An Interim Resolution Professional (IRP) was initially appointed, followed by the appointment of Mr. Soumitra Lahiri as the Resolution Professional (RP) on November 22, 2021. The IRP made a public announcement on March 21, 2020, calling for claims from creditors. The Committee of Creditors (CoC) was constituted with Axis Bank as the sole secured Financial Creditor. Six CoC meetings were held during the CIRP period. Expressions of Interest (EoI) were invited, resulting in two Resolution Plans from Sunrise Industries and Green

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Sunrise Industries complies with the requirements of …

**Ratio:** Sections 30 and 31 of the IBC outline the requirements for the approval of a resolution

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**Reasoning:** The NCLT perused the documents on record and found that the Resolution Plan was in

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**Interpretation:** Sections 30 and 31 of the IBC are interpreted to ensure that the resolution

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**Application:** The NCLT applied the provisions of sections 30 and 31 to the Resolution Plan

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Jeco Agrovet…
- **Respondents:** Amrit Agrovet…
- **Advocates:** Vikram Wa…

## Timeline

- **2018-01-01 — Company Petiti…**: C.P. (IB) No. 312/KB/2018 was filed by Jeco Agrovet Private Limited against Amrit Agrovet…
- **2020-03-12 — Admission of…**: The petition filed under section 9 of the Insolvency and Bankruptcy Code 2016 was…

## 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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