# In the matter of Blue Park Seafoods Private Limited

> NCLT judgment dated 2024-11-25. Citation: TCN-2024-NCLT-00180. The document pertains to several Interlocutory Applications (IAs) filed in connection with a…

- **Court:** NCLT
- **Order date:** 25 Nov 2024
- **Citation:** TCN-2024-NCLT-00180
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/blue-park-seafoods-private-limited-494c29c7

## Summary

### Background

The document pertains to several Interlocutory Applications (IAs) filed in connection with a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). The IAs primarily concern the substitution of the Successful Resolution Applicant (SRA), M/s Kineta Global Limited, in place of the existing applicant, Mr. Rajesh Chillale, the Resolution Professional (RP), in various IAs related to the main Company Petition (CP(IB)/77/9/AMR/2021). The resolution plan for the corporate debtor, Blue Park Sea Foods Pvt Ltd, was approved on 07.05.2024.

## Facts

The key facts are as follows: A Corporate Insolvency Resolution Process (CIRP) is ongoing for Blue Park Sea Foods Pvt Ltd. M/s Kineta Global Limited is the Successful Resolution Applicant (SRA). Mr. Rajesh Chillale is the Resolution Professional (RP). Several Interlocutory Applications (IAs) are pending before the NCLT Amaravati Bench. M/s Kineta Global Limited filed applications seeking to substitute its name for that of Mr. Rajesh Chillale in these pending IAs. The resolution plan was approved on 07.05.2024. The court heard the submissions of the counsel for the applicant, Mr. Bendi Raviteja. The relevance of these facts lies in the procedural requirement to formally recognize the SRA in place of the RP in the ongoing legal proceedings.

## Issues and analysis

### Issue 1: Whether the substitution of the Successful Resolution Applicant (SRA), M/s Kineta Global Limited, …

**Ratio:** The legal principle applied is that the Successful Resolution Applicant (SRA) should be

…

**Reasoning:** The court reasoned that allowing the substitution would facilitate the smooth transition

…

**Interpretation:** The interpretation involves understanding the procedural requirements under the

…

**Application:** The ratio and reasoning are applied to the specific facts by allowing the

…

## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Pattabhi Enterpris…
- **Respondents:** Blue Park Sea…
- **Advocates:** Bendi Rav…

## Timeline

- **2024-11-25 — Hearing…**: Hearing held on 25.11.2024 at 01:15 P.M. regarding various IAs related to the CIRP of…
- **2024-05-07 — Resolution Plan…**: Resolution Plan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/blue-park-seafoods-private-limited-494c29c7