Bansal Traders Vs BBN Foods Hi-Tech Processing Pvt. Ltd. (NCLT Chandigarh)
NLCT Chandigarh held that Resolution Plan in respect of corporate debtor BBN Foods Hi-Tech Processing Private Limited being in accordance with Sections 30 and 31 of the Code and complies with Regulations 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 is approved.
Facts- The present application has been filed by Mr. Gurdev Bassi, Resolution Professional of BBN Foods Hi-Tech Processing Private Limited u/s. 30(6) of Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for approval of the resolution plan in respect of the BBN Foods Hi-Tech Processing Private Limited (the corporate debtor). The applicant-Resolution Professional filed the present application on 02.08.2021 for approval of the resolution plan, which was approved with a 96.68% voting share of the Committee of Creditors (COC), in its 12th meeting which was held on 27.04.2021.
Conclusion- Held that that the Resolution Plan along with the addendum dated 27.07.2023, has been approved by the Committee of Creditors on the terms both financial and others as detailed therein. As per the CoC, the Resolution Plan meets the requirement of being viable and feasible for the revival of the Corporate Debtor. By and large, all the compliances have been done by the RP and the Resolution Applicant for making the plan effective after approval by this Bench.
Held that the Resolution Plan, read with the addendum thereto, are in accordance with Sections 30 and 31 of the Code and complies with Regulations 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
The present application has been filed by Mr. Gurdev Bassi, Resolution Professional of BBN Foods Hi-Tech Processing Private Limited Under Section 30 (6) of Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for approval of the resolution plan in respect of the BBN Foods Hi-Tech Processing Private Limited (“ the corporate debtor ”). The applicant-Resolution Professional filed the present application on 02.08.2021 for approval of the resolution plan, which was approved with a 96.68% voting share of the Committee of Creditors (COC), in its 12th meeting which was held on 27.04.2021.
2.The Company Petition CP (IB) No.279/Chd/HP/2019 was filed by the Operational Creditor M/s Bansal Traders against the corporate debtor, which was admitted into the Corporate Insolvency Resolution Process (‘CIRP’) vide order dated 17.12.2019.
3. Gurdev Bassi was appointed as Interim Resolution Professional (‘IRP’) vide Order dated 17.12.2019, and the public announcement as per Regulation 6 of the CIRP Regulations in Form A, as prescribed under the schedule, was made on 19.12.2019 in two newspapers, Financial Express(English) and Amar Ujala (Hindi) newspapers, inviting claims from the creditors of the corporate debtor as envisaged under the Code.
4. Pursuant to the public announcement, the Applicant constituted the Committee of Creditors in terms of Section 21 of the Code comprising of with the following voting share:-
