# In the matter of IDBI Bank Ltd. Vs. MBL Infrastructures Ltd. & Ors.

> NCLAT judgment dated 16 Aug 2019. Citation: TCN-2019-NCLAT-00354. The Corporate Insolvency Resolution Process (CIRP) was initiated against MBL Infrastructures…

- **Court:** NCLAT
- **Order date:** 16 Aug 2019
- **Citation:** TCN-2019-NCLAT-00354
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/idbi-bank-ltd-vs-mbl-infrastructures-ltd-ors-d11143bc

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against MBL Infrastructures Limited (Corporate Debtor) following an application filed by RBL Bank Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority, National Company Law Tribunal (NCLT), Kolkata Bench, approved a resolution plan submitted by Mr. Anjanee Kumar Lakhotia, the 3rd Respondent, on April 18, 2018. This approval came after the NCLT allowed an exclusion of 106 days from the 270-day resolution period, acknowledging that the Committee of Creditors (CoC) had approved the plan with a 78.50% voting share and that it met the requirements of Section 30(2) of the I&B Code. The present appeals were filed by dissenting financial

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against MBL Infrastructures Limited (Corporate Debtor) based on an application filed by RBL Bank Limited, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority, NCLT, Kolkata Bench, approved a resolution plan on April 18, 2018. This approval followed the disposal of three applications filed under sub-section (5) of Section 60 of the I&B Code.

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## Issues and analysis

### Issue 1: Whether Mr. Anjanee Kumar Lakhotia, the Resolution Applicant, is ineligible under Section 29A(h) of…

**Ratio:** A resolution applicant's eligibility, once determined by the Adjudicating Authority and…

**Reasoning:** The court noted that the Adjudicating Authority had previously ruled on December 18,…

**Interpretation:** The court interpreted the withdrawal of previous appeals without liberty as a…

**Application:** Given that the Adjudicating Authority had already declared Mr. Anjanee Kumar…

## Parties

- **Judges:** S.J. Mukhop…
- **Advocates:** For the appellant:…; Varsha Ba…; +10 more

## Timeline

- **December 21, 2017 — Original Plan…**: The original resolution plan was put to vote in the meeting of the Committee of Creditors…
- **December 25, 2017 — CIRP Time Limit…**: The time limit for the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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