# In the matter of Navya Agro Products Pvt. Ltd. IA (IBC) No. 43-GB-2022 in C.P. (IB)No. 04-GB-2021

> NCLT judgment dated 2022-08-12. Citation: TCN-2022-NCLT-01377. The case involves an application filed by the Resolution Professional (RP) of Navya Agro…

- **Court:** NCLT
- **Order date:** 12 Aug 2022
- **Citation:** TCN-2022-NCLT-01377
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/navya-agro-products-pvt-ltd-ia-ibc-no-43-gb-2022-in-cp-ibno-04-gb-2021-6af3436f

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Navya Agro Products Pvt. Ltd. under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a resolution plan submitted by NK Power and Infrastructure Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of an application under Section 10 of the IBC. The Committee of Creditors (CoC) approved the resolution plan with 100% voting share. The resolution plan was approved by the NCLT.

## Facts

Navya Agro Products Pvt. Ltd. was admitted into CIRP on 26.08.2021, following an application under Section 10 of the IBC. Vakati Balasubramaniam Reddy was initially appointed as the Interim Resolution Professional (IRP), later replaced by Purshotam Gaggar. The Committee of Creditors (CoC) was constituted on 22.09.2021. The liquidation value of the corporate debtor was determined to be Rs. 2,21,55,726.00. The RP received two resolution plans, one from Radha Coke Products Pvt. Ltd. and another from NK Power and Infrastructure Pvt. Ltd. The CoC approved the resolution plan of NK Power and Infrastructure Pvt. Ltd. with 100% voting share. The resolution plan involves an infusion of funds totaling Rs. 3.92 crore. The resolution plan provides for upfront payments to financial

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by NK Power and Infrastructure Private Limited meets the …

**Ratio:** Section 31 of the IBC stipulates that if the Adjudicating Authority (NCLT) is satisfied

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**Reasoning:** The NCLT perused the records and found that the Resolution Plan confirms to the criteria

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**Interpretation:** Section 30(2) outlines the mandatory requirements for a resolution plan,

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**Application:** The NCLT applied the provisions of Section 31 r/w Section 30(2) to the facts of

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Purshotam…
- **Respondents:** Navya Agro…; Punjab National…

## Timeline

- **2021-08-26 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) was initiated for Navya Agro Products Pvt.…
- **2021-08-26 — Appointment…**: Vakati Balasubramaniam Reddy was appointed as…

## 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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