# Approval of Resolution Plan - Balaji Stake Rice Industries Ltd.

> NCLT judgment dated 2023-12-13. Citation: TCN-2023-NCLT-00254. The case pertains to IA (IBC) 1830/2023 filed in CP(IB) No. 67/7/HDB/2023 under Section 30(6)…

- **Court:** NCLT
- **Order date:** 13 Dec 2023
- **Citation:** TCN-2023-NCLT-00254
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-balaji-stake-rice-industries-ltd-9f0157f0

## Summary

### Background

The case pertains to IA (IBC) 1830/2023 filed in CP(IB) No. 67/7/HDB/2023 under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The application was filed by the Resolution Professional of Balaji Stake Rice Industries Limited, seeking approval of the resolution plan submitted by Mr. Kuchadi Sajeeth Kumar. The Corporate Insolvency Resolution Process (CIRP) was initiated against Balaji Stake Rice Industries Limited following the admission of a petition filed by the financial creditor, ASREC (India) Limited, under Section 7 of the IBC, 2016. The Resolution Professional (RP) was appointed, and a Committee of

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## Facts

On 22.05.2022, the Tribunal admitted a petition under Section 7 of the IBC, 2016, filed by the Financial Creditor, ASREC (India) Limited, against the Corporate Debtor, Balaji Stake Rice Industries Ltd. Ganesh Venkata Siva Rama Krishna Remani was appointed as the Interim Resolution Professional (IRP). The IRP was later confirmed as the Resolution Professional (RP) on 21.06.2022. A public announcement was made on 26.05.2023, inviting claims from creditors. The Committee of Creditors (CoC) was constituted, comprising solely of ASREC (India) Ltd, with a 100% voting share. The IRP conducted seven meetings with the CoC. The RP invited Expression of Interest (EOI) from prospective Resolution Applicants (PRAs) and received Resolution Plans from three eligible PRAs. The CoC

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Kuchadi Sajeeth Kumar meets the requirements of …

**Ratio:** The Hon'ble Apex Court in K. Sashidhar v. Indian Overseas Bank & Others held that if

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**Reasoning:** The NCLT reviewed the resolution plan to ensure it complied with Section 30(2) of the

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**Interpretation:** Section 30(2) of the IBC outlines the criteria that a resolution plan must meet

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**Application:** The NCLT determined that the resolution plan submitted by Mr. Kuchadi Sajeeth

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** Balaji Stake Rice…

## Timeline

- **2022-05-22 — Admission of…**: Tribunal admitted Petition under section 7 of the IBC, 2016 filed by ASREC (India)…
- **2022-06-21 — Confirmatio…**: Resolution Professional…

## 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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