# AVM Resolution Professionals LLP vs. Basantar Breweries Private Limited & Jammu & Kashmir Bank

> NCLT judgment dated 22 Apr 2026. Citation: TCN-2026-NCLT-00412. The Corporate Insolvency Resolution Process (CIRP) for Basantar Breweries Private Limited was…

- **Court:** NCLT
- **Order date:** 22 Apr 2026
- **Citation:** TCN-2026-NCLT-00412
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/avm-resolution-professionals-llp-vs-basantar-breweries-private-limited-jammu-kas-621f93c4

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Basantar Breweries Private Limited was initiated on September 9, 2024, following a petition by Jammu & Kashmir Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. AVM Resolution Professionals LLP was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC). Jammu & Kashmir Bank was the sole Financial Creditor and held 100% voting share in the CoC. Throughout the CIRP, the suspended directors of the Corporate Debtor exhibited non-cooperation by denying possession of factory premises, refusing to hand over records, and restarting production in violation of the moratorium imposed under Section 14 of

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Basantar Breweries Private Limited was admitted on 09.09.2024 based on a petition filed by Jammu & Kashmir Bank under Section 7 of the IBC, 2016.

AVM Resolution Professionals LLP was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP).

Jammu & Kashmir Bank is the sole Financial Creditor and sole member of the Committee of Creditors (CoC), holding 100% voting share.

The suspended directors of the Corporate Debtor were persistently non-cooperative, denying possession of premises, refusing records, and restarting production in violation of the moratorium under Section 14 of the Code.

…

## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) of Basantar Breweries Private Limited …

**Ratio:** The Corporate Insolvency Resolution Process (CIRP) may be withdrawn if the Committee of

…

**Reasoning:** The CoC, consisting solely of Jammu & Kashmir Bank, unanimously approved the

…

**Interpretation:** Section 12A of the Code and Regulation 30A of the CIRP Regulations establish

…

**Application:** Given that all statutory requirements have been duly complied with, including

…

## Parties

- **Judges:** KHETRABASI…; SH. SHISHIR…
- **Appellants:** AVM Resolution…
- **Respondents:** BASANTAR BREWERIES…; Jammu and Kashmir…
- **Other parties:** Insolvency and…; Corporate…; +7 more
- **Advocates:** Vishal Hi…; Raghav K…; +1 more

## Timeline

- **2024-09-09 — CIRP Admi…**: The CIRP of Basantar Breweries Private Limited was admitted by the Tribunal based on a…
- **2024-10-29 — RP Confir…**: AVM Resolution Professionals LLP was confirmed as the Resolution Professional by the…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-kolkata/avm-resolution-professionals-llp-vs-basantar-breweries-private-limited-jammu-kas-621f93c4