NCLT Mumbai Approves Mr. Jitendra Bhandari’s Resolution Plan For Trimurti Foodtech Private Limited

NCLT Mumbai has approved a 22 crore resolution plan of Mr. Jitendra Bhandari for Trimurti Foodtech Private Limited (“Corporate Debtor”) under section 31 (1) of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 11.08.2021. The Company initially received and admitted claims of 4.92 crores from Secured Financial Creditor, of 23.11 crores from Unsecured Financial Creditors, of 4.25 crores from Operational Creditors, but the Resolution Professional reclassified 9 Unsecured Financial Creditors as “Related Party” and removed them from the Committee of Creditors (“CoC”). The average Liquidation value and Fair value of the assets of the company amounted to 15.2 crores and 18.7 crores respectively. The Company received resolution applications from 23 applicants. The CoC approved the Resolution Plan of Mr. Jitendra Bhandari with a voting share of 78.58% in its 9th meeting held on 14.06.2022. The resolution plan offered a 100% recovery of 4.92 crores to the Secured Financial Creditor. It further offered a 45% recovery of 23.11 crores amounting to 10.4 crores to Unsecured Financial Creditors. It further offered 16.78% recovery of 4.25 crores amounting to 71.37 lakh to Operational Creditors. The resolution plan further offered a 2% recovery of 10.11 crores amounting to 20.23 lakhs to various government departments. Lastly, it offered a 100% recovery of 38.29 lakhs to the workmen/employees. The NCLT approved the Resolution Plan being satisfied that it was in compliance of IBC, 2016 and its various regulations there under. Trimurti Foodtech Private Limited was engaged in the business of manufacturing of gravy products, canned fruit juice & masala products in Aurangabad with its products being exported to countries like Japan, USA, UAE, and Iran. Case No. I.A. No. 1916 of 2022 in C.P. No. 1139 of 2020Case Name:Sandhya Dinesh Sancheti & Ors vs Trimurti Foodtech Private LimitedClick Here To Read/Download Order

NCLT Mumbai Approves Mr. Jitendra Bhandari’s Resolution Plan For Trimurti Foodtech Private Limited

Udai Yashvir Singh

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