# Approval of Resolution Plan - Bhumya Tea Company Private Limited

> NCLT judgment dated 2023-08-28. Citation: TCN-2023-NCLT-01888. The case pertains to an application under section 30(6) and section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 28 Aug 2023
- **Citation:** TCN-2023-NCLT-01888
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-bhumya-tea-company-private-limited-10b6c3be

## Summary

### Background

The case pertains to an application 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 Bhumya Tea Company Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by UCO Bank, the Financial Creditor, against Bhumya Tea Company Private Limited, the Corporate Debtor, under section 7 of the Insolvency and Bankruptcy Code 2016, which was admitted vide order dated 05 April 2022. Mr. Santanu Brahma was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. The Committee of Creditors (CoC) was

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## Facts

UCO Bank initiated Corporate Insolvency Resolution Process (CIRP) against Bhumya Tea Company Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on April 5, 2022. Santanu Brahma was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcement was made on April 7, 2022, inviting claims from creditors. The Committee of Creditors (CoC) was constituted, comprising one secured and five unsecured financial creditors. Eleven CoC meetings were held during the CIRP period. The total admitted claim was INR 39,037.07 Lakh. Invitations for Expressions of Interest (EoI) were issued on June 19, 2022, and a provisional list of prospective Resolution Applicants

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by North East Plantations & Commercial Private Limited …

**Ratio:** The Resolution Plan must meet the requirements of being viable and feasible for the

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**Reasoning:** The Adjudicating Authority perused the record and found that the Resolution Plan filed by

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**Interpretation:** Sections 30 and 31 of the IBC outline the process for submission and approval

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**Application:** The Adjudicating Authority applied the ratio by verifying that the Resolution

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Respondents:** Bhumya Tea…

## Timeline

- **2020-01-01 — CP (IB)…**: C.P. (IB) No.…
- **2022-04-05 — Admission of Ap…**: Application under…

## 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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