# Approval of Resolution Plan - Bharatiya Vaidya Vidhan Limited

> NCLT judgment dated 2025-01-30. Citation: TCN-2025-NCLT-00553. The application was filed under Section 30(6) and 31 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 30 Jan 2025
- **Citation:** TCN-2025-NCLT-00553
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-bharatiya-vaidya-vidhan-limited-4407d007

## Summary

### Background

The application was filed under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulations 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Resolution Professional of M/s. Bharatiya Vaidya Vidhan Limited sought approval of the Resolution Plan submitted by M/s. Devi Sea Foods Limited, which was approved by the Committee of Creditors (CoC) with 100% voting. The Adjudicating Authority admitted the Corporate Debtor into the Corporate Insolvency Resolution Process (CIRP) and appointed the applicant as the Interim Resolution Professional (IRP).

## Facts

Mr. Rajesh Chillale, the Resolution Professional (RP) of M/s. Bharatiya Vaidya Vidhan Limited ('Corporate Debtor' or 'CD'), filed an application seeking approval of the Resolution Plan submitted by M/s. Devi Sea Foods Limited ('Resolution Applicant' or 'RA'). The Adjudicating Authority admitted the CD into the Corporate Insolvency Resolution Process (CIRP) and appointed the applicant as the Interim Resolution Professional (IRP). The IRP published a public announcement in Form-A in Financial Express and Telugu newspapers. The applicant received only one claim from the Financial Creditor (FC), M/s. SREI Equipment Financial Limited, and constituted the Committee of Creditors (CoC) with one member. The CoC resolved to publish Form-G inviting Expression of Interest (EoI).

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Devi Sea Foods Limited meets the requirements of …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the conditions that

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it complied with

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**Interpretation:** Section 30(2) sets the minimum standards for a resolution plan to be considered

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**Application:** The Adjudicating Authority found that the Resolution Plan provided for the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Rajesh Ch…
- **Respondents:** Bharatiya Vaidya…
- **Advocates:** Mr.V.V.S.…; AVP R…; +5 more

## Timeline

- **2016-01-01 — Insolvency and…**: Enactment of the Insolvency…
- **2022-11-29 — Adjudicating Authority…**: The Adjudicating Authority admitted the CD into the Corporate Insolvency Resolution…

## 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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