# In the matter of R. P. Basmati Rice Ltd. IA No.159 of 2021 in CP(IB) No.223-Chd-Hry-2018

> NCLT judgment dated 2022-04-22. Citation: TCN-2022-NCLT-03122. The case pertains to IA No.159 of 2021 in CP(IB) No.223/Chd/HRY/2018, filed by the Resolution…

- **Court:** NCLT
- **Order date:** 22 Apr 2022
- **Citation:** TCN-2022-NCLT-03122
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/r-p-basmati-rice-ltd-ia-no159-of-2021-in-cpib-no223-chd-hry-2018-4bed31a4

## Summary

### Background

The case pertains to IA No.159 of 2021 in CP(IB) No.223/Chd/HRY/2018, filed by the Resolution Professional of M/s R P Basmati Rice Limited ('corporate debtor') under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39 (4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan. The CIRP was initiated after Amit Kansal ('operational creditor') filed a petition under Section 9 of the Code. The petition was admitted on 16.11.2018, and a moratorium was imposed on 29.11.2018. The Committee of Creditors (CoC) was constituted on 19.12.2018, comprising State Bank of India and Oriental Bank of Commerce. The IRP was replaced by Mr. Ajit Kumar as

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## Facts

Amit Kansal, an operational creditor, initiated CIRP against R P Basmati Rice Ltd. under Section 9 of the IBC. The petition was admitted on 16.11.2018, leading to a moratorium on 29.11.2018. The Committee of Creditors (CoC) was formed on 19.12.2018, comprising State Bank of India and Oriental Bank of Commerce. Mr. Ajit Kumar replaced the initial IRP on 29.01.2019. The IRP issued a public announcement on 01.12.2018, inviting claims from creditors. The RP received claims from financial creditors, including State Bank of India (Rs. 228.29 Cr) and Oriental Bank of Commerce (Rs. 101.52 Cr). The CoC convened meetings to discuss the progress of the CIRP. The RP prepared an Information Memorandum (IM) based on available data. The RP appointed valuers to assess the corporate

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## Issues and analysis

### Issue 1: Whether the resolution plan, as approved by the Committee of Creditors, meets the requirements of …

**Ratio:** Section 30(2) of the Code specifies the mandatory requirements that a resolution plan

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**Reasoning:** The court examined the resolution plan and found that it complied with the requirements

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan adequately

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**Application:** The court applied the provisions of Section 30(2) to the specific details of

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## Parties

- **Judges:** HON’BLE SHRI…; SUBRATA KUM…
- **Appellants:** Amit Ka…
- **Respondents:** M/s R P Basmati…

## Timeline

- **2018-11-16 — CIRP Init…**: CIRP proceedings initiated…
- **2018-11-29 — Moratorium D…**: Moratorium declared…

## 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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