# Approval of Resolution Plan - Bhumya Tea Company Private Limited

> NCLT judgment dated 2023-08-28. Citation: TCN-2023-NCLT-01883. The case pertains to an application filed under section 30(6) and section 31(1) of the…

- **Court:** NCLT
- **Order date:** 28 Aug 2023
- **Citation:** TCN-2023-NCLT-01883
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-bhumya-tea-company-private-limited-af61570b

## 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 the approval of a Resolution Plan for Bhumya Tea Company Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Bhumya Tea Company Private Limited based on a petition filed by UCO Bank, the Financial Creditor, under section 7 of the Insolvency and Bankruptcy Code 2016, which was admitted on 05 April 2022. Mr. Santanu Brahma was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of

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## Facts

UCO Bank initiated Corporate Insolvency Resolution Process (CIRP) against Bhumya Tea Company Private Limited due to financial distress. The CIRP was triggered under Section 7 of the Insolvency and Bankruptcy Code (IBC), and the application was admitted on 05 April 2022. Santanu Brahma was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was formed, comprising secured and unsecured financial creditors, including UCO Bank, Punjab National Bank, and State Bank of India. Eleven CoC meetings were conducted. A single Resolution Plan was received from North East Plantations & Commercial Private Limited on 18 August

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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 comply with the provisions of the Insolvency and Bankruptcy

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**Reasoning:** The Adjudicating Authority perused the documents on record and was satisfied that the

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

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by North

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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 — CIRP Admi…**: The Company Petition in C.P. (IB) No. 1380/KB/2020 was admitted vide order dated 05 April…

## 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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