# 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-01383. 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-01383
- **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-2021-740296af

## 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 an application under Section 10 of the IBC, which was allowed by the Tribunal on 26.08.2021. The Committee of Creditors (CoC) approved the resolution plan with 100% voting share in its 12th meeting held on 28.06.2022. The RP has conducted the CIRP as per the regulations and has submitted a compliance certificate.

## Facts

Navya Agro Products Pvt. Ltd. (NAPPL) 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 Corporate Debtor (CD) is not a going concern and was involved in manufacturing pet bottles and tin containers, as well as trading paddy and mustard oil. The liquidation value of the CD is 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 with 100% voting share. The resolution amount offered by

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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 provides for the approval of a resolution plan if it meets the

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**Reasoning:** The Adjudicating Authority perused the records and found that the Resolution Plan

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**Interpretation:** Section 31 mandates that a resolution plan must adhere to the criteria outlined

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**Application:** The Adjudicating Authority applied the ratio to the facts of the case and found

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## Parties

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

## Timeline

- **2021-08-26 — CIRP Init…**: Application for CIRP under Section 10 of IBC allowed, admitting Navya Agro Products Pvt.…
- **2021-08-26 — Appointment…**: Vakati Balasubramaniam Reddy 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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