Suresh Kumar Rakesh Kumar Vs Nav Jyoti Agro Foods Private Limited (NCLT Chandigarh)
NCLT Chandigarh held that since resolution plan in respect of Nav Jyoti Agro Foods Private Limited meets requirement of section 30(2) of the Insolvency and Bankruptcy Code, 2016 the same stands approved as filed by the resolution professional.
Facts- The present application has been filed by Mr. Mahesh Chandra Purohit, Resolution Professional under Sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan in respect of Nav Jyoti Agro Foods Private Limited (Corporate Debtor).
Conclusion- Held that the instant Resolution Plan meets the requirements of Section 30(2) of the Code and Regulations 37, 38, 38(1A), and 39 (4) of the Regulations. The Resolution Plan is not in contravention of any of the provisions of Section 29A of the Code and is in accordance with The same needs to be approved. Hence, ordered.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1. The present application has been filed by Mr. Mahesh Chandra Purohit, Resolution Professional (hereinafter referred to as the “RP”) under Sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “Code” or the “IBC”), read with Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as the “CIRP Regulations”), seeking approval of the Resolution Plan in respect of Nav Jyoti Agro Foods Private Limited (hereinafter referred to as the “Corporate Debtor”).
