# In the matter of Tuljabhavani Cold Storage Private Limited I.A. No. 1719 of 2021 in C.P. No. 775 of 2019

> NCLT judgment dated 2022-09-12. Citation: TCN-2022-NCLT-01091. The case pertains to an application filed under Section 30(6) and Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 12 Sept 2022
- **Citation:** TCN-2022-NCLT-01091
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tuljabhavani-cold-storage-private-limited-ia-no-1719-of-2021-in-cp-no-775-of-201-9ed603a9

## Summary

### Background

The case pertains to an application filed under Section 30(6) and Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional seeking approval of the Resolution Plan submitted by Kamini Metalliks Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT Mumbai Bench on 24.02.2020, and Mr. Gaurav Adukia was appointed as the Interim Resolution Professional. The constitution of the Committee of Creditors (COC) was initially stayed by the NCLAT, but after the stay was vacated on 24.07.2020, the COC was constituted on 29.07.2020. Public announcement was made on 04.03.2020, inviting claims from creditors. The RP received 5 expressions of interest from prospective resolution applicants.

## Facts

The Corporate Debtor, Tuljabhavani Cold Storage Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by ICICI Bank Limited. The CIRP was triggered by an order dated 24.02.2020. Mr. Gaurav Adukia was appointed as the Interim Resolution Professional. The Committee of Creditors (COC) was constituted on 29.07.2020, following the vacation of a stay imposed by the NCLAT. Public announcements were made to invite claims from creditors. The Resolution Professional received 5 expressions of interest from prospective resolution applicants. The fair value of the Corporate Debtor was assessed at Rs. 13.48 Crores, and the liquidation value at Rs. 9.70 Crores. The COC approved the Resolution Plan submitted by Kamini Metalliks Pvt. Ltd. with 100% voting

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Kamini Metalliks Pvt. Ltd. meets the requirements of …

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

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**Reasoning:** The NCLT found that the Resolution Plan submitted by Kamini Metalliks Pvt. Ltd. met all

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards that a

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**Application:** In this case, the NCLT applied the requirements of Section 30(2) to the

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## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Respondents:** TULJABHAVANI COLD…

## Timeline

- **2020-02-24 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2020-03-04 — NCLAT Stay…**: Hon'ble NCLAT stay order dated 04.03.2020 on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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