# In the matter of Sri Lakshmi Srinivasa Jute Mills Private Limited I.A. (IBC) No. 183-2022 in CP (IB) No. 73-9-AMR-2020

> NCLT judgment dated 2022-09-01. Citation: TCN-2022-NCLT-01196. The Resolution Professional (RP) of M/s. Sri Lakshmi Srinivasa Jute Mills Private Limited…

- **Court:** NCLT
- **Order date:** 1 Sept 2022
- **Citation:** TCN-2022-NCLT-01196
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sri-lakshmi-srinivasa-jute-mills-private-limited-ia-ibc-no-183-2022-in-cp-ib-no-5d97fd0b

## Summary

### Background

The Resolution Professional (RP) of M/s. Sri Lakshmi Srinivasa Jute Mills Private Limited (Corporate Debtor) filed an application (I.A (IBC) No. 183/2022) seeking approval of the Resolution Plan under Section 30(6) & 31(1) of the Insolvency and Bankruptcy Act, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 16.03.2022. The RP invited claims from creditors, verified them, and constituted a Committee of Creditors (CoC) on 11.04.2022. The CoC approved the appointment of the RP and two registered valuers. The RP made a public announcement inviting Expression of Interest (Eol) and received requests from Prospective Resolution Applicants (PRAs). After verification, one PRA, M/s. Agrigo Trading Private Limited, submitted a Resolution Plan, which

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## Facts

M/s. Sri Lakshmi Srinivasa Jute Mills Private Limited (the Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) following an order dated 16.03.2022. Mr. Maligi Madhusudhana Reddy was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP invited claims from creditors, receiving claims from 3 creditors, and constituted a Committee of Creditors (CoC) on 11.04.2022. The CoC approved the appointment of the RP and two registered valuers. The RP invited Expression of Interest (Eol) in Form-G on 24.05.2022, receiving requests from 9 Prospective Resolution Applicants (PRAs). After verification, one PRA, M/s. Agrigo Trading Private Limited, submitted a Resolution Plan on 22.07.2022, which was approved

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Agrigo Trading Private Limited meets the requirements …

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

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**Reasoning:** The Adjudicating Authority perused the Resolution Plan and related documents and found

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**Interpretation:** Section 30(2) of the IBC outlines the mandatory requirements for a resolution

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) to the

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Mr.Maligi…
- **Respondents:** M/s Sri Lakshmi…

## Timeline

- **2022-03-16 — Initiation…**: The Bench directed initiation of Corporate Insolvency Resolution Process (CIRP) of the…
- **2022-01-07 — Paper Publi…**: The RIP made paper publication by…

## 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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