# In the matter of Dolphin Marine Foods and Processors (India) Private Limited I.A. 2766 OF 2022 in CP No. 1352 OF 2020

> NCLT judgment dated 2023-01-19. Citation: TCN-2023-NCLT-04998. The case involves I.A. 2766 of 2022 filed in CP No. 1352 of 2020 under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 19 Jan 2023
- **Citation:** TCN-2023-NCLT-04998
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dolphin-marine-foods-and-processors-india-private-limited-ia-2766-of-2022-in-cp-baaf0255

## Summary

### Background

The case involves I.A. 2766 of 2022 filed in CP No. 1352 of 2020 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. Lalita Powle, in consortium with Suyog Agro and Poultry Products Pvt. Ltd. (Successful Resolution Applicant), sought directions from the NCLT to the Resolution Professional to share a copy of the Application filed by the Resolution Professional for approval of the Resolution Plan, and any other applications filed by or against the Corporate Debtor, including any Appeal preferred before the NCLAT or any other forum. The CIRP was initiated against Dolphin Marine Foods and Processors (India) Private Limited vide an order dated 03.08.2021, with Union Bank of India as the sole member of the CoC. The applicant had submitted a resolution plan and

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## Facts

Lalita Powle, in consortium with Suyog Agro and Poultry Products Pvt. Ltd., was the Successful Resolution Applicant in the CIRP of Dolphin Marine Foods and Processors (India) Private Limited. The CIRP was initiated on 03.08.2021. Union Bank of India was the sole member of the CoC. The Applicant submitted a Resolution Plan and was declared the Successful Resolution Applicant. The Applicant transferred Rs. 1 crore on 21.05.2022 as a guarantee as per the approved Resolution Plan. The Applicant requested the Resolution Professional to share necessary documents and allow a factory visit, which were rejected. The Applicant filed I.A. 2766 of 2022 seeking directions to the Resolution Professional to share the copy of the Application filed for approval of the Resolution Plan

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## Issues and analysis

### Issue 1: Whether the Resolution Professional has a right to restrict the successful resolution applicant …

**Ratio:** The rights of the Resolution Professional are superseded by the rights of the Successful

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**Reasoning:** The court reasoned that the Resolution Professional is merely a Statutory Authority

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**Interpretation:** The interpretation is that once a Resolution Plan is approved and a Successful

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**Application:** The ratio and reasoning were applied to the facts by directing the Resolution

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Lalita…
- **Respondents:** Dolphin marine…; Mahesh Chan…
- **Advocates:** Raina B…; Chaitanaya…; +3 more

## Timeline

- **2021-08-03 — CIRP Init…**: CIRP initiated against Dolphin Marine Foods…
- **2022-05-21 — Guarantee T…**: Successful Resolution Applicant…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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