# Approval of Resolution Plan - Amritapur Tea Co. Limited

> NCLT judgment dated 2024-12-20. Citation: TCN-2024-NCLT-00011. The case pertains to the corporate insolvency resolution process (CIRP) of Amritpur Tea Company…

- **Court:** NCLT
- **Order date:** 20 Dec 2024
- **Citation:** TCN-2024-NCLT-00011
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-amritapur-tea-co-limited-76676e7a

## Summary

### Background

The case pertains to the corporate insolvency resolution process (CIRP) of Amritpur Tea Company Limited, initiated vide Company Petition No.(IB) 329/KB/2022. The CIRP was triggered by an order dated 27th September 2023, and a moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 was declared. Mr. Soumitra Lahiri was appointed as the Interim Resolution Professional (IRP). The application before the NCLT Kolkata Bench is for the approval of the Resolution Plan submitted by Mr. Sumit Kumar Khanna.

## Facts

The corporate insolvency resolution process (CIRP) of Amritpur Tea Company Limited was initiated on September 27, 2023, by the NCLT Kolkata Bench. City Union Bank Limited is the Financial Creditor. Soumitra Lahiri was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted, and meetings were held to discuss the resolution plan. Publication was made for announcement on 29th September, 2023 in Kolkata edition. The last date for submission of claim was 12th October, 2023. The CoC approved the Resolution Plan submitted by Mr. Sumit Kumar Khanna with 100% voting rights. The fair value of the corporate debtor's assets was estimated at Rs. 3,83,37,475/-, and the liquidation value was estimated at Rs. 2,60,30,595/-. The

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Sumit Kumar Khanna meets the requirements of the …

**Ratio:** Sections 30 and 31 of the IBC and regulations 38 and 39 of the IBBI (Insolvency

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**Reasoning:** The Adjudicating Authority reviewed the documents on record and the affidavit of the

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**Interpretation:** The Resolution Plan must adhere to the provisions of the IBC and related

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**Application:** The Adjudicating Authority found that the Resolution Plan met the requirements

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Respondents:** Amritpur Tea…
- **Advocates:** Vikram Wa…; Aasia H…

## Timeline

- **2022-01-01 — C.P. (IB)No. 32…**: Company Petition Number…
- **2023-09-27 — CIRP Init…**: Corporate insolvency resolution process (CIRP)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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