# In the matter of Mapletree Leather Goods Private Limited vs. Savan Godiawala & Ors.

> NCLAT judgment dated 2024-11-20. Citation: TCN-2024-NCLAT-00727. The case involves two Company Appeals preferred by the Appellant. Comp App (AT) (CH) (Ins)…

- **Court:** NCLAT
- **Order date:** 20 Nov 2024
- **Citation:** TCN-2024-NCLAT-00727
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-bengaluru-bench/mapletree-leather-goods-private-limited-vs-savan-godiawala-ors-bbd6308e

## Summary

### Background

The case involves two Company Appeals preferred by the Appellant. Comp App (AT) (CH) (Ins) No.314/2020 challenges the order of 30.12.2019 passed by the National Company Law Tribunal, Bengaluru Bench, directing the Corporate Debtor to be put to liquidation. Comp App (AT) (CH) (Ins) No.329/2022 challenges the Impugned Order dated 24.06.2022 passed by the National Company Law Tribunal, Bengaluru Bench, regarding the auction of the Corporate Debtor's assets.

## Facts

The Financial Creditor, Edelweiss Asset Reconstruction Company, initiated CIRP on 01.05.2018.

Mr. Vijaykumar Iyer was appointed as the Interim Resolution Professional (IRP).

Respondent No.1 was appointed as the Resolution Professional (RP) on 19.07.2018.

The Appellant's Resolution Plan was rejected by the CoC on 25.10.2018.

The Adjudicating Authority passed orders on 30.12.2019 ordering liquidation of the Corporate Debtor.

The assets of the Corporate Debtor have already been auctioned.

The Respondent Liquidator filed a memo on 27.07.2023, giving the current status report of the Liquidation and the particulars of the statement of disbursement of the liquidation proceeds.

## Issues and analysis

### Issue 1: Whether the rejection of the …

**Ratio:** The CoC has the right to reject a Resolution Plan if it finds deficiencies or if the plan

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**Reasoning:** The CoC found several deficiencies in the Appellant's Resolution Plan and engaged in

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**Interpretation:** The decision of the CoC to reject the Resolution Plan was within its powers and

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**Application:** The rejection of the Appellant's Resolution Plan was justified, and the

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** Mapletree Leather…
- **Respondents:** Falcon Tyres…; Savan God…; +9 more
- **Other parties:** EARC…; SBI-…; +5 more
- **Advocates:** Thake…; Mouls…; +3 more

## Timeline

- **2018-05-01 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) Proceeding initiated by Edelweiss Asset…
- **2018-07-19 — RP Appoin…**: Respondent No.1 appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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