# In the matter of Tierra Farm Assets Company Pvt. Ltd. I.A. Nos. 310,390,401,402,403,405,424,,488 & 489-2022 in CP(IB) No. 17-BB-2022

> NCLT judgment dated 2022-12-14. Citation: TCN-2022-NCLT-00163. The case involves multiple Interlocutory Applications (I.A.Nos.310, 390, 401, 402, 403, 405,…

- **Court:** NCLT
- **Order date:** 14 Dec 2022
- **Citation:** TCN-2022-NCLT-00163
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tierra-farm-assets-company-pvt-ltd-ia-nos-310390401402403405424488-489-2022-in-c-935bd242

## Summary

### Background

The case involves multiple Interlocutory Applications (I.A.Nos.310, 390, 401, 402, 403, 405, 424, 488, 489/2022) filed in C.P.(IB)No.17/BB/2022 before the National Company Law Tribunal (NCLT), Bengaluru Bench. These applications were filed by the Resolution Professional (RP) of the Corporate Debtor, M/s. Tierra Farm Assets Company Pvt. Ltd. The applications primarily seek directions related to CIRP costs, handover of tally data, and taking on record progress reports.

## Facts

Sai Constructions filed a case against M/s. Tierra Farm Assets Company Pvt. Ltd. under Section 9 of the IBC, 2016. The Resolution Professional (RP) filed multiple IAs (I.A.Nos.310, 390, 401, 402, 403, 405, 424, 488, 489/2022) in the matter. I.A.No.310/2022 seeks to direct the Respondent No.1 to pay the entire CIRP costs. I.A.No.390/2022 seeks to direct the Respondents to handover tally data of the Corporate Debtor. I.A.Nos.401/2022, 402/2022, 403/2022, 405/2022, 424/2022, 488/2022 and 489/2022 seek to take on record the progress reports of the CIRP. The court heard the learned Counsel for the RP and the Resolution Professional. The court granted time for filing objections in some IAs and disposed of others by taking the progress reports on record. The order was

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## Issues and analysis

### Issue 1: Whether the Respondent No.1 should be directed to pay the entire CIRP costs as agreed in the 1st …

**Ratio:** The principle of adhering to agreements made in the Committee of Creditors (CoC) meetings

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**Reasoning:** The court granted time to the Respondent No.1 to file objections, indicating that the

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**Interpretation:** The interpretation of the agreement made in the 1st CoC meeting is crucial. The

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**Application:** The ratio and reasoning apply to the specific facts of the case, where the RP

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Sai Constru…
- **Respondents:** M/s. Tierra Farm…

## Timeline

- **2022-12-14 — Order Del…**: Order delivered on…
- **2023-02-01 — Case Listing (I.A.No.310…**: Case listed on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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