# In the matter of Bluefern Ventures Private Limited IA (IBC) No.59-GB-2022 in C.P. (IB) No.05-GB-2018

> NCLT judgment dated 2022-09-30. Citation: TCN-2022-NCLT-00879. 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-00879
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bluefern-ventures-private-limited-ia-ibc-no59-gb-2022-in-cp-ib-no05-gb-2018-5e63557c

## 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, Tshering Pintso Bhutia and Ongmu Bhutia. The Corporate Debtor underwent CIRP initiated by Bank of Baroda (erstwhile Dena Bank) due to unpaid dues. The resolution plan submitted by the promoter was rejected, leading to a liquidation order. The liquidation process faced challenges due to the land on which the hotel building stood belonging to the personal guarantors, not the Corporate Debtor. The Tribunal directed the Liquidator and the Resolution Professional of the personal guarantors to work together to find a resolution plan. The resolution

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## Facts

Bank of Baroda (formerly Dena Bank) initiated CIRP against Bluefern Ventures Private Limited (Corporate Debtor) under Section 7 of the IBC, claiming 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 Resolution Plan submitted by the promoter was not acceptable to the CoC, leading to a liquidation order on 06.09.2019. The primary asset of the Corporate Debtor was a hotel building, but the land belonged to the personal guarantors, Tshering Pintso Bhutia and Ongmu Bhutia. The liquidation process was temporarily halted due to the COVID-19 pandemic. The Liquidator attempted to sell the assets, but the land ownership issue hindered the process. The Tribunal

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the provisions of the Insolvency and Bankruptcy Code, …

**Ratio:** The Resolution Plan must comply with all the provisions of the Insolvency and Bankruptcy

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**Reasoning:** The RP examined the Resolution Plan and certified that it complies with all the

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**Interpretation:** This ensures that the resolution plan adheres to the legal framework

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**Application:** The RP's certification and the CoC's approval indicate that the Resolution Plan

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## Parties

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

## Timeline

- **2018-12-21 — Initiation…**: Hon'ble Bench ordered for initiating CIRP in the matter of CD and appointed Mr.…
- **2019-09-06 — Liquidation…**: The Hon'ble Tribunal passed an order of liquidation in the matter of CD and appointed Mr.…

## 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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