# In the matter of State Bank of India vs. MBL Infrastructures Limited & Ors.

> NCLAT judgment dated 2023-05-23. Citation: TCN-2023-NCLAT-00813. State Bank of India (SBI), a member of the Committee of Creditors (CoC) of M/s MBL…

- **Court:** NCLAT
- **Order date:** 23 May 2023
- **Citation:** TCN-2023-NCLAT-00813
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/state-bank-of-india-vs-mbl-infrastructures-limited-ors-6f90275c

## Summary

### Background

State Bank of India (SBI), a member of the Committee of Creditors (CoC) of M/s MBL Infrastructures Limited, filed an appeal challenging the order dated 11.03.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata in I.A. No.(IB)626/KB/2021 in C.P.(IB) No.170/KB/2017. The Adjudicating Authority issued certain directions to the Appellant for implementation of the approved Resolution Plan.

## Facts

M/S MBL Infrastructures Ltd. was set-up by Mr. A. K. Lakhotia.

Certain financial facilities were extended to M/S MBL Infrastructures Ltd., leading to default and initiation of proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016.

Mr. A.K. Lakhotia submitted a Resolution Plan.

Section 29A was introduced in the Code with effect from 23.11.2017.

The Adjudicating Authority declared the Resolution Applicant eligible vide order dated 18.12.2017, which was challenged by Punjab National Bank.

The Appellate Tribunal permitted the Appeals to be withdrawn on 23.03.2018.

Resolution Plan was approved by 75.80% voting share.

By an order dated 18.04.2018, the Adjudicating Authority approved the Resolution Plan and also excluded the period of 106 days.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's order excluding a certain period from the implementation …

**Ratio:** The Adjudicating Authority has the power to exclude certain periods from the

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**Reasoning:** The NCLAT reasoned that the exclusion of the period was justified due to the series of

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**Interpretation:** Exclusion of time due to litigation does

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**Application:** The NCLAT held that the Adjudicating Authority did not modify the plan in any

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** State Bank of…
- **Respondents:** MBL Infrastructure…; Anjanee Kumar…
- **Other parties:** IDBI…; Bank of B…; +3 more
- **Advocates:** Krishnendu…; Moulshree…; +11 more

## Timeline

- **2022-03-11 — Order by Adjudicating…**: The Adjudicating Authority disposed of IA No. (IB)626/KB/2021 and issued directions for…
- **2022-05-23 — Judgment…**: The NCLAT dismissed the appeal…

## 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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