# In the matter of Bank of Baroda Vs. Tshering Pinsto Bhutia & Ongmu Bhutia, CP No. 15 & 16/GB/2021

> NCLT judgment dated 2022-09-30. Citation: TCN-2022-NCLT-00876. The case involves an application under Section 30(6) and 114 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 30 Sept 2022
- **Citation:** TCN-2022-NCLT-00876
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-tshering-pinsto-bhutia-ongmu-bhutia-cp-no-15-16gb2021-9e3ca2ae

## Summary

### Background

The case involves an application under Section 30(6) and 114 of the Insolvency and Bankruptcy Code, 2016, for the approval of a resolution plan for Bluefern Ventures Private Limited (Corporate Debtor) and its personal guarantors. The Corporate Debtor was admitted into CIRP following a petition by Bank of Baroda (erstwhile Dena Bank) due to unpaid dues. Liquidation was ordered after the CoC rejected the initial resolution plan. The liquidation process faced hurdles due to the land on which the Corporate Debtor's hotel stood belonging to the personal guarantors, not the Corporate Debtor itself. The sole Financial Creditor (Bank of Baroda) initiated CIRP against the personal guarantors. The Tribunal directed the Liquidator and the Resolution Professional of the personal

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## Facts

Bank of Baroda (formerly Dena Bank) initiated Corporate Insolvency Resolution Process (CIRP) against Bluefern Ventures Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to outstanding dues of Rs. 37,68,62,983.00. Hrishikesh Dasgupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) rejected the resolution plan submitted by the promoter, leading to an order for liquidation on 06.09.2019, with Hrishikesh Dasgupta appointed as the Liquidator. The primary asset of the Corporate Debtor (CD) was a building, but the land on which it stood was owned by the promoters, who were also the personal guarantors. The sole Financial Creditor (FC), Bank of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Tshering Pintso Bhutia complies with the provisions of …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, outlines the criteria that a

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**Reasoning:** The Tribunal reviewed the Resolution Plan and the certifications provided by the

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**Interpretation:** Section 30(2) of the IBC mandates that a resolution plan must adhere to

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**Application:** The Tribunal applied the provisions of Section 30(2) to the specific details of

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Sanjit Kuma…
- **Respondents:** Bluefern Ventures…; Bank of B…

## Timeline

- **2018-12-21 — Order for Initiating…**: Hon'ble Bench ordered for initiating CIRP in the matter of CD and appointed Mr.…
- **2018-12-31 — Appointment…**: Mr. Hrishikesh Dasgupta was appointed as the…

## 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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