# In the matter of Bacon Vanijya Pvt. Ltd. IA No. 267 of 2022 CP (IB) No. 133 of 2021

> NCLT judgment dated 2022-11-02. Citation: TCN-2022-NCLT-00555. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 Nov 2022
- **Citation:** TCN-2022-NCLT-00555
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bacon-vanijya-pvt-ltd-ia-no-267-of-2022-cp-ib-no-133-of-2021-6c88e50d

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) by Mr. Amrish Gandhi, the Resolution Professional (RP) of the Corporate Debtor, Bacon Vanijya Pvt. Ltd., for the approval of the resolution plan submitted by Karni Tradepack Private Limited. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 20.09.2021. Mr. Amrish Gandhi was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement of the CIRP and collated the claims, forming a Committee of Creditors (CoC). The CoC finalized the process for initiation of Expression of Interest (EoI) and evaluation matrix. The RP published Form-G to invite Expression of Interests/resolution plans.

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## Facts

The Corporate Debtor, Bacon Vanijya Pvt. Ltd., was admitted into CIRP on 20.09.2021. Amrish Gandhi was appointed as the IRP and later as the RP. The IRP formed a CoC consisting of financial creditors. The CoC initiated the process for inviting resolution plans. Karni Tradepack Private Limited submitted a resolution plan, proposing to pay Rs. 13,00,000/- against the total admitted claim of Rs. 5,45,00,000/-, resulting in a haircut of 97.62%. The CoC approved the resolution plan with 100% votes. The RP filed IA No. 267 of 2022 for approval of the resolution plan. The liquidation value and fair value of the Corporate Debtor were reported at Rs. 5,25,084.5/- and Rs. 5,50,534.5/- respectively. The resolution plan provides for CIRP costs of Rs. 5,72,073/- to be paid within

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Karni Tradepack Private Limited complies with the …

**Ratio:** The proviso to Section 31 of the Insolvency and Bankruptcy Code, 2016, states that before

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**Reasoning:** The Adjudicating Authority examined the resolution plan and found that it provides for

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**Interpretation:** The resolution plan must adhere to the requirements specified in Section 30(2)

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**Application:** The Adjudicating Authority found that the resolution plan submitted by Karni

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## Parties

- **Judges:** Dr.Madan B.…; KAUSHALENDRA…
- **Appellants:** Amrish G…
- **Respondents:** Bacon Vanijya…; COC of Bacon…

## Timeline

- **2021-09-20 — Admission in…**: The Corporate Debtor was admitted into the…
- **2021-09-24 — Public Annou…**: The Interim Resolution Professional (IRP)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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