# In the matter of Nithin Proteins Private Limited IA No. 107-2020 in CP (IB) No. 159-10-AMR-2019

> NCLT judgment dated 2022-01-10. Citation: TCN-2022-NCLT-04475. This is an application filed by Bank of India, the sole member of the Committee of Creditors…

- **Court:** NCLT
- **Order date:** 10 Jan 2022
- **Citation:** TCN-2022-NCLT-04475
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nithin-proteins-private-limited-ia-no-107-2020-in-cp-ib-no-159-10-amr-2019-1284007f

## Summary

### Background

This is an application filed by Bank of India, the sole member of the Committee of Creditors (CoC), against Nithin Proteins Private Limited, the Corporate Debtor. The application contests the actions of the erstwhile Interim Resolution Professional (IRP), Mr. Pavan Kankani, in admitting claims of Respondent No.2 and Respondent No.3, which allegedly reduced the Applicant Bank's voting share. The Applicant seeks to declare the voting shares allotted to Respondents 2 and 3 as arbitrary and illegal, and to have all CIRP costs borne by the Corporate Debtor, arguing that the CP filed by the Corporate Debtor is an abuse of process.

## Facts

Bank of India, as the sole member of the Committee of Creditors (CoC), filed an application against M/s. Nithin Proteins Private Limited, the Corporate Debtor. The application contested the actions of the erstwhile Interim Resolution Professional (IRP), Mr. Pavan Kankani, in admitting claims of Respondent No.2 and Respondent No.3, which allegedly reduced the Applicant Bank's voting share. The Applicant sought to declare the voting shares allotted to Respondent No.2 (44.16%) and Respondent No.3 (30.73%) as arbitrary and illegal. The Applicant also sought to have all CIRP costs borne by the Corporate Debtor, arguing that the CP filed by the Corporate Debtor is a gross abuse of process. The Corporate Debtor was classified as NPA with effect from 30.06.2016. The Applicant

…

## Issues and analysis

### Issue 1: Whether the voting share of 44.16% allotted to Respondent No.2 and 30.73% allotted to Respondent …

**Ratio:** The voting share was restored to 100% for the Applicant, rendering the first relief

…

**Reasoning:** The present RP Mr.Naga Bhushan Bhagawati filed his reply stating that he has restored

…

**Interpretation:** The restoration of the voting share to 100% for the Applicant means that the

…

**Application:** Since the voting share was restored, the court did not need to further analyze

…

## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Bank of…
- **Respondents:** NITHIN PROTEINS…; M/s.Nithin…

## Timeline

- **2016-06-30 — NPA Classif…**: Corporate Debtor was classified as…
- **2019-11-15 — CP Admis…**: The CP was admitted on 15.11.2019 as…

## 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)

---

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/nithin-proteins-private-limited-ia-no-107-2020-in-cp-ib-no-159-10-amr-2019-1284007f