# Approval of Resolution Plan - Capricorn Food Products India Limited

> NCLT judgment dated 2023-07-12. Citation: TCN-2023-NCLT-02551. The document pertains to the Corporate Insolvency Resolution Process (CIRP) of Capricorn Food…

- **Court:** NCLT
- **Order date:** 12 Jul 2023
- **Citation:** TCN-2023-NCLT-02551
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-capricorn-food-products-india-limited-0db1a094

## Summary

### Background

The document pertains to the Corporate Insolvency Resolution Process (CIRP) of Capricorn Food Products India Limited. The CIRP was initiated by the National Company Law Tribunal (NCLT) based on an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by Raasa Foods Private Limited. The Resolution Professional (RP) was appointed and a public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was constituted, comprising eleven members. Several meetings of the CoC were conducted to discuss the resolution plan. The ex-promoter of the Corporate Debtor challenged the approval of the Resolution Plan. The Tribunal directed the RP to convene a CoC meeting and allowed prospective resolution applicants to revise

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Capricorn Food Products India Limited following an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by Raasa Foods Private Limited. J. Karthiga was appointed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors, leading to the formation of a Committee of Creditors (CoC) with eleven members. The RP conducted forty-one meetings of the CoC. Multiple invitations for Expression of Interest (EoI) were issued, and several resolution applicants showed interest. The promoters, Rahoul Jain and Suchi Jain, submitted an EoI, which was initially rejected but later accepted based on a Tribunal order. Mantra Industries submitted a

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Consortium of Maa Kudargarhi Steel Pvt Ltd & BM …

**Ratio:** The approval of a resolution plan is subject to compliance with Section 30(2) of the IBC,

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**Reasoning:** The Tribunal relied on the judgments of the Supreme Court in K. Sashidhar v. Indian

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**Interpretation:** The Supreme Court has consistently held that the Adjudicating Authority's power

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**Application:** In this case, the Tribunal found that the resolution plan complied with Section

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** DBS Bank India…
- **Respondents:** Capricorn Food…; J. Kart…

## Timeline

- **2020-11-13 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2020-11-17 — Public Annou…**: Public announcement made to…

## 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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