# In the matter of Vaishno Devi Food Products Private Limited I.A. No. 2946 of 2021 in C.P. No. 956 of 2020

> NCLT judgment dated 2023-03-31. Citation: TCN-2023-NCLT-03938. The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency…

- **Court:** NCLT
- **Order date:** 31 Mar 2023
- **Citation:** TCN-2023-NCLT-03938
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vaishno-devi-food-products-private-limited-ia-no-2946-of-2021-in-cp-no-956-of-20-62540513

## Summary

### Background

The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for Vaishno Devi Food Products Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT Mumbai Bench on 27.10.2020. Mr. Fanendra H. Munot was appointed as the Interim Resolution Professional (IRP) and later the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The resolution plan was submitted by Sharda Construction and Vikram Infratech Developers Pvt. Ltd. (Joint Resolution Applicants) and approved by 100% voting share of the Committee of Creditors (CoC).

## Facts

1. The Corporate Insolvency Resolution Process (CIRP) of Vaishno Devi Food Products Private Limited was initiated on 27.10.2020 by the NCLT Mumbai Bench.
2. Mr. Fanendra H. Munot was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).
3. Public announcements were made to invite claims from creditors.
4. The Committee of Creditors (CoC) was formed, with Canara Bank holding the largest voting share at 49.80%.
5. The CoC approved a Request for Resolution Plan (RFRP) and invited Expressions of Interest (EOI) from prospective resolution applicants.
6. Sharda Construction and Vikram Infratech Developers Pvt. Ltd. (Joint Resolution Applicants) submitted a resolution plan.
7. The resolution plan was approved by the CoC with 100%

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Sharda Construction and Vikram Infratech Developers Pvt. …

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

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**Reasoning:** The NCLT reviewed the Resolution Plan to ensure that it complied with all the

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

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**Application:** The NCLT determined that the Resolution Plan met the requirements of Section

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Respondents:** Vaishno Devi Food…

## Timeline

- **2020-10-27 — Initiation…**: Corporate Insolvency Resolution Process…
- **2020-10-27 — Appointment…**: Mr. Fanendra H. Munot appointed as…

## 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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