# in the matter of Indian Home Variations & Distributions LLP IA 210 of 2022 in CP (IB) 2620-MB-C-I-2019

> NCLT judgment dated 2022-11-18. Citation: TCN-2022-NCLT-00409. The application was moved by the Resolution Professional, Mr. Kairav Anil Trivedi, under…

- **Court:** NCLT
- **Order date:** 18 Nov 2022
- **Citation:** TCN-2022-NCLT-00409
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indian-home-variations-distributions-llp-ia-210-of-2022-in-cp-ib-2620-mb-c-i-201-133d521b

## Summary

### Background

The application was moved by the Resolution Professional, Mr. Kairav Anil Trivedi, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the resolution plan for the Corporate Debtor, Indian Home Variations & Distributions LLP. The CIRP was initiated against the Corporate Debtor vide order dated 11.12.2019. The Interim Resolution Professional made a public announcement on 14.12.2019 and constituted the Committee of Creditors on 14.03.2020. The first CoC meeting took place on 19.03.2020, where the IRP was appointed as the Resolution Professional with 100% CoC voting. The Resolution Professional filed applications for exclusion

…

## Facts

The Resolution Professional, Mr. Kairav Anil Trivedi, filed an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for the Corporate Debtor, Indian Home Variations & Distributions LLP. The CIRP was initiated on 11.12.2019. The Interim Resolution Professional made a public announcement on 14.12.2019 and constituted the Committee of Creditors (CoC) on 14.03.2020. The first CoC meeting took place on 19.03.2020. The Resolution Professional filed applications for exclusion of time due to the Covid-19 pandemic and extension of the CIRP period. Form G was published on 26.08.2021, and the last date for submitting the EOI was fixed on 08.09.2021. The last date for submission of the Resolution Plan was

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution plan must

…

**Reasoning:** The NCLT examined the Resolution Plan to ensure it complies with the requirements of

…

**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards for a

…

**Application:** The NCLT found that the Resolution Plan provides for payment of the Insolvency

…

## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Kairav Anil…
- **Respondents:** Indian Home…; GHCL Li…

## Timeline

- **2019-12-11 — CIRP Init…**: CIRP was initiated…
- **2019-12-12 — Order Rec…**: Certified copy of 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)

---

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/indian-home-variations-distributions-llp-ia-210-of-2022-in-cp-ib-2620-mb-c-i-201-133d521b