# Approval of Resolution Plan - Shri Ambica International Food Company Private Limited

> NCLT judgment dated 2023-10-30. Citation: TCN-2023-NCLT-01003. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Shree Ambica…

- **Court:** NCLT
- **Order date:** 30 Oct 2023
- **Citation:** TCN-2023-NCLT-01003
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-shri-ambica-international-food-company-private-limit-d2a948a0

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Shree Ambica International Food Company Private Limited ('Corporate Debtor') by the Hon'ble Adjudicating Authority on 16.10.2019, following an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by State Bank of India ('Financial Creditor'). Mr. Mahesh Bansal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP sought approval of the Resolution Plan submitted by Ms. Minakshi and Mr. Kushal Goyal ('Successful Resolution Applicant'). The Committee of Creditors (CoC) approved the Resolution Plan in its 16th CoC Meeting with 100% voting in favor, as per Section 30(4) of the IBC, 2016.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Shree Ambica International Food Company Private Limited ('Corporate Debtor') on 16.10.2019 by the Adjudicating Authority, following an application under Section 7 of the IBC, 2016, filed by State Bank of India ('Financial Creditor'). Mr. Mahesh Bansal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Corporate Debtor is engaged in the business of manufacturing, marketing, and sale of Rice, Basmati Rice, Long Grain, Basmati Rice, and other related products. A public announcement was made on 22.10.2019, inviting creditors to submit their claims. The last date for submission of proof of claim was 04.11.2019. The RP constituted

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Successful Resolution Applicant complies with the …

**Ratio:** Section 30(2) of the IBC, 2016, specifies the requirements that a Resolution Plan must

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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) of the IBC, 2016, is interpreted to mean that a Resolution Plan

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**Application:** In this case, the Adjudicating Authority found that the Resolution Plan

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## Parties

- **Judges:** MANNI SANKARIAH…; BINOD KUMAR…
- **Appellants:** State Bank of…
- **Respondents:** Shree Ambica…; Shree Ambica…

## Timeline

- **2019-10-16 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Shree Ambica…
- **2019-10-22 — Public Annou…**: Public announcement made, inviting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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