# In the matter of B. B. Food Pvt. Ltd. IA No. 30-2022 in CP (IB) No.349-ALD-2018

> NCLT judgment dated 2023-03-29. Citation: TCN-2023-NCLT-04019. The case involves an application (IA No.30/2022) filed in connection with a Corporate…

- **Court:** NCLT
- **Order date:** 29 Mar 2023
- **Citation:** TCN-2023-NCLT-04019
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/b-b-food-pvt-ltd-ia-no-30-2022-in-cp-ib-no349-ald-2018-8673f27c

## Summary

### Background

The case involves an application (IA No.30/2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against BB Foods Pvt. Ltd. The applicant, Manesh Agarwal, a shareholder and suspended director of BB Foods, challenges the resolution plan submitted by Respondent No.3 (Sirius Foods Pvt. Ltd), arguing it violates the Insolvency and Bankruptcy Code (IBC). The CIRP was triggered by an application under Section 7 of the IBC, admitted on October 22, 2019, leading to a moratorium and the constitution of a Committee of Creditors (CoC), with Bank of India as the sole financial creditor. The resolution plan was approved by the CoC in its 9th meeting on December 22, 2021, with 100% voting in favor. Subsequently, IA No.03/2022 was filed by the

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## Facts

Manesh Agarwal, a shareholder and suspended director of BB Foods Pvt. Ltd., filed an application (IA No.30/2022) challenging the resolution plan submitted by Sirius Foods Pvt. Ltd. in the ongoing CIRP of BB Foods. The CIRP was initiated following the admission of an application under Section 7 of the IBC on October 22, 2019, with Bank of India as the sole financial creditor. The resolution plan was approved by the CoC on December 22, 2021. Agarwal's challenge is based on several grounds: (1) Rahoul Subberwal, a director of Sirius Foods, is allegedly an undischarged insolvent in a foreign jurisdiction, disqualifying Sirius Foods under Section 29A(a) and 29A(i) of the IBC. (2) Subberwal is a connected person to Respondent No.3, further disqualifying them under Section

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## Issues and analysis

### Issue 1: Whether Rahoul Subberwal, a director of the resolution applicant, is disqualified under Section 29A …

**Ratio:** The term "undischarged insolvent" is not defined under the IBC. The term

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**Reasoning:** The court reasoned that the applicant failed to provide sufficient evidence that Mr.

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**Interpretation:** The court interpreted Section 29A of the IBC to require a clear declaration of

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**Application:** The court applied the ratio to the facts by finding that the applicant did not

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Manesh Ag…
- **Respondents:** BB Foods Private…; Pramod Kumar…

## Timeline

- **2019-10-22 — Admission of Section 7…**: Application under Section 7 of the IBC admitted, initiating CIRP against BB Foods Pvt.…
- **2020-03-06 — Extension of CI…**: Tribunal granted a 90-day…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 79 — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-79)

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