# In the matter of Tierra Food India Private Limited IA(IBC)-4-KOB-2022 in IBA-39-KOB-2020

> NCLT judgment dated 2022-04-04. Citation: TCN-2022-NCLT-03413. The Interlocutory Application was filed by Mr. Dileep K. P, the Resolution Professional of M/s…

- **Court:** NCLT
- **Order date:** 4 Apr 2022
- **Citation:** TCN-2022-NCLT-03413
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tierra-food-india-private-limited-iaibc-4-kob-2022-in-iba-39-kob-2020-9e522644

## Summary

### Background

The Interlocutory Application was filed by Mr. Dileep K. P, the Resolution Professional of M/s Tierra Food India Private Limited (Corporate Debtor), seeking approval of the Resolution Plan submitted by Sri. Alex Thomas, the Ex-Promoter of the Corporate Debtor. The CIRP was initiated under Section 10 of the Insolvency and Bankruptcy Code, 2016, and was admitted by the Tribunal on 08.02.2021. Dileep K.P was appointed as the Interim Resolution Professional. Public announcement was made, and the Committee of Creditors (CoC) was constituted. The CoC decided to appoint Dileep K.P as the Resolution Professional with 100% voting rights. Subsequent CoC meetings were convened to discuss various issues, including the Information Memorandum, appointment of valuer and auditor,

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Tierra Food India Private Limited based on an application under Section 10 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 08.02.2021, and Shri. Dileep.K.P was appointed as the Interim Resolution Professional. A public announcement was made to notify the commencement of CIRP, and a Committee of Creditors (CoC) was constituted. The CoC appointed Shri. Dileep.K.P as the Resolution Professional with 100% voting rights. The Resolution Professional convened several CoC meetings to discuss various issues, including the Information Memorandum, appointment of valuer and auditor, resolution costs, and approval of the Resolution Plan. A transaction audit was conducted, and

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Shri. Alex Thomas meets the requirements of Section 30(2) …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

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**Reasoning:** The court considered the submissions of the Applicant and found that the Resolution Plan

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The court applied Section 30(2) to the facts of the case and found that the

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## Parties

- **Judges:** Ashok Kumar…; Anil Ku…
- **Appellants:** Dileep…
- **Respondents:** Tierra Food India…

## Timeline

- **2021-02-08 — CIRP Admi…**: The application for Corporate Insolvency Resolution Process (CIRP) was admitted by the…
- **2021-03-09 — CoC Meet…**: The Committee of Creditors in its first meeting decided to appoint the Interim Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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