# In the matter of Tayal Foods Limited IA (IB) No. 338-CB-2021 in TP No. 198-CTB-2019 (Earlier C.P. (IB) No. 4686-MB-2018)

> NCLT judgment dated 2022-03-02. Citation: TCN-2022-NCLT-03921. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 Mar 2022
- **Citation:** TCN-2022-NCLT-03921
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tayal-foods-limited-ia-ib-no-338-cb-2021-in-tp-no-198-ctb-2019-earlier-cp-ib-no-ab37b963

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, for the approval of a Resolution Plan for Tayal Foods Limited, which is undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an order by the Adjudicating Authority on 03.10.2019. The Resolution Professional (RP), Jagdish Kumar Parulkar, filed the application after the Committee of Creditors (CoC) approved the resolution plan with a 100% vote share. The resolution plan was submitted by Mahamaya Food Products.

## Facts

Tayal Foods Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by Union Bank of India. Jagdish Kumar Parulkar was appointed as the Resolution Professional (RP). The CIRP commenced on 03.10.2019. The RP appointed two sets of valuers and conducted eleven meetings of the Committee of Creditors (CoC). Form G was published, and Mahamaya Food Products submitted a resolution plan, which was later modified. The CoC approved the resolution plan with a 100% vote share. The resolution plan proposed an overall amount of Rs 09.14 crores, with 100% payment of CIRP costs and specific amounts allocated to secured financial creditors and operational creditors. The resolution applicant submitted an affidavit under Section 29A confirming eligibility. The RP filed

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the IBC, 2016, specifies the mandatory requirements that a resolution

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it complies with

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

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by Mahamaya

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Respondents:** Tayal Foods…

## Timeline

- **2019-10-03 — CIRP Commen…**: Corporate Insolvency Resolution Process commenced by an order of the Adjudicating…
- **2019-11-02 — 1st CoC M…**: First meeting of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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