# In the matter of M/s Dunar Foods Ltd.,IA No. 2847 of 2021, IA No. 2666 of 2021, IA No. 2685 of 2021 In CP/IB/MB/No. 1138 of 2017

> NCLT judgment dated 2022-11-11. Citation: TCN-2022-NCLT-00478. The case involves an application filed by the successful Resolution Applicant (Amit Gupta)…

- **Court:** NCLT
- **Order date:** 11 Nov 2022
- **Citation:** TCN-2022-NCLT-00478
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ms-dunar-foods-ltdia-no-2847-of-2021-ia-no-2666-of-2021-ia-no-2685-of-2021-in-cp-e989a929

## Summary

### Background

The case involves an application filed by the successful Resolution Applicant (Amit Gupta) seeking directions from the NCLT to handover complete control of the Corporate Debtor (Dunar Foods Ltd.) including the right to operate bank accounts. The applicant also sought to reduce the professional fee of the Respondent/Monitoring Professional (Anil Kohli) to Rs. 25,000 per month or substitute the Monitoring Professional. The Resolution Plan was approved on 26.11.2019, but the order incorrectly stated the payment timeline as 30 months instead of 3 months. The Resolution Professional sought rectification without involving the Applicant. The Applicant filed applications for extension of time for payment due to attachments on the Corporate Debtor's assets. The Tribunal

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## Facts

The Resolution Plan for Dunar Foods Ltd. was approved on 2019-11-26, but the order incorrectly stated the payment timeline as 30 months instead of 3 months. The Resolution Professional sought rectification without involving the Applicant, Amit Gupta. Amit Gupta filed IA 661 of 2020 for extension of time for payment due to attachments on the Corporate Debtor's assets. The Tribunal directed Amit Gupta to pay interest at 12% on the delayed amount. Amit Gupta filed an appeal against the interest levy, which is pending before NCLAT. Amit Gupta paid Rs. 87.10 Crores in accordance with the terms of the Resolution Plan. Anil Kohli, the Respondent/Monitoring Professional, charged Rs. 5.5 Lakhs per month exclusive of GST. The Respondent did not provide copies of minutes to the

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## Issues and analysis

### Issue 1: Whether the Applicant is entitled to complete control of the Corporate Debtor, given the payment of …

**Ratio:** The ratio is based on the principle that once the entire amount under the Resolution Plan

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**Reasoning:** The court reasoned that since the Applicant has paid the entire amount in accordance with

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**Interpretation:** This interprets the Resolution Plan and the IBC to mean that full payment of

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**Application:** Since the Applicant paid the entire amount, the ratio dictates that the

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## Parties

- **Judges:** P.N. Deshmukh…; Shyam Babu…
- **Appellants:** Amit G…
- **Respondents:** Dunar Food…; Anil K…

## Timeline

- **2017-01-01 — CP/IB/MB/No. 1138 of…**: Filing of the Corporate Insolvency…
- **2019-11-26 — Approval of Resolution…**: The Resolution Plan of the…

## 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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