# In the matter of B. B. Food Private Limited IA No.03-2022 IN C.P. (IB)-349(ALD) 2018

> NCLT judgment dated 2023-03-29. Citation: TCN-2023-NCLT-04002. The case pertains to an application (IA No. 03/2022) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 29 Mar 2023
- **Citation:** TCN-2023-NCLT-04002
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/b-b-food-private-limited-ia-no03-2022-in-cp-ib-349ald-2018-485293dd

## Summary

### Background

The case pertains to an application (IA No. 03/2022) filed by the Resolution Professional (RP) of B.B Foods Private Limited, seeking approval of the Resolution Plan under Section 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated against B.B Foods Private Limited based on a petition filed by Bank of India under Section 7 of the IBC. The petition was admitted on 22.10.2019, and Mr. Pramod Kumar Sharma was appointed as the Interim Resolution Professional (IRP), later confirmed as the RP. The Committee of Creditors (CoC) was constituted with Bank of India as the sole financial creditor. Several CoC meetings were held to evaluate resolution plans, and ultimately, the plan submitted by Sirius

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## Facts

The Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against B.B Foods Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 22.10.2019. Mr. Pramod Kumar Sharma was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed with Bank of India as the sole financial creditor, holding 100% voting share. The RP made a public announcement on 26.10.2019, inviting claims from creditors. The CoC approved the publication of Form G on 22.06.2020, inviting Resolution Plans. Six Expression of Interests (EoIs) were received, and two Resolution Applicants, Sirius Foods Private Limited and

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Sirius Foods Private Limited complies with the …

**Ratio:** Sections 30 and 31 of the IBC outline the requirements for approval of a resolution plan,

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**Reasoning:** The NCLT perused the documents on record and was satisfied that the Resolution Plan is in

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**Interpretation:** Sections 30 and 31 of the IBC are interpreted to ensure that the resolution

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**Application:** The NCLT applied the provisions of Sections 30 and 31 to the specific details

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Pramod Kumar…
- **Respondents:** BB Foods Private…; Bank of…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition CP (IB) No.349/ALD/2018 filed by the Bank of India under Section 7 of…
- **2019-10-22 — Admission…**: The Adjudicating Authority admitted the Company…

## 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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