# In the matter of State Bank of India Vs. Bhagavatula Hima Bindu aliasVuppalapati Hima Bindu,
CP (IB) No. 395/95/HDB/2020

> NCLT judgment dated 2022-10-10. Citation: TCN-2022-NCLT-00798. The case involves an application filed by the Resolution Professional (RP) to record the report…

- **Court:** NCLT
- **Order date:** 10 Oct 2022
- **Citation:** TCN-2022-NCLT-00798
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-bhagavatula-hima-bindu-aliasvuppalapati-hima-bindu-cp-ib-30813bc1

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) to record the report of the RP, which states that the repayment plan submitted by the Personal Guarantor was rejected by the Creditor. The RP also requested the court to direct the Creditors to pay the RP fees.

## Facts

The Resolution Professional filed an application to record the report stating that the Personal Guarantor's repayment plan was rejected by the Creditor. The Creditor rejected the repayment plan with a voting share of 74.32%. Section 111 of the Code requires a three-fourths majority in value of the Creditor for approval of the repayment plan. The Insolvency Resolution process ordered against the Personal Guarantor is concluded. The creditors are at liberty to move an application under Section 121 of the IB Code. The creditors are directed to pay the fees and expenses incurred by the RP.

## Issues and analysis

### Issue 1: Whether the repayment plan submitted by the Personal …

**Ratio:** Section 111 of the Code stipulates that a repayment plan submitted by the Personal

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**Reasoning:** The court noted that the repayment plan was rejected with a voting share of 74.32%, which

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**Interpretation:** Section 111 of the Code sets a threshold for the approval of a repayment plan,

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**Application:** In this case, the Creditor's voting share of 74.32% fell short of the required

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** State Bank of…
- **Respondents:** VMC Syste…; Bhagavatula Hima…

## Timeline

- **2022-10-10 — Hearing…**: Hearing held on 10.10.2022 at…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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