# In the matter of Agarwal Mittal Concast Pvt. Ltd. IA No. 368 (AHM)2021 in CP(IB) No. 533-9-NCLT-AHM-2018

> NCLT judgment dated 2021-12-13. Citation: TCN-2021-NCLT-00196. The case pertains to an application filed by the Resolution Professional, Rishabh Chand Lodha,…

- **Court:** NCLT
- **Order date:** 13 Dec 2021
- **Citation:** TCN-2021-NCLT-00196
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/agarwal-mittal-concast-pvt-ltd-ia-no-368-ahm2021-in-cpib-no-533-9-nclt-ahm-2018-7f43c9a7

## Summary

### Background

The case pertains to an application filed by the Resolution Professional, Rishabh Chand Lodha, for the approval of a resolution plan for Agarwal Mittal Concast Pvt Ltd, the Corporate Debtor, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into CIRP on 16.03.2020 following an application by the Operational Creditor under Section 9 of the IB Code. The CIRP commencement date was 09.06.2020 after excluding the lockdown period. The Committee of Creditors (COC) approved the resolution plan with 95.23% voting share. The resolution plan addresses the issues that led to the insolvency and includes a future business plan to prevent recurrence.

## Facts

The Corporate Debtor, Agarwal Mittal Concast Pvt. Ltd., was admitted into CIRP on 16.03.2020 based on an application by the Operational Creditor under Section 9 of the IB Code. Mr. Pawan Kumar Ramdhan Agarwal was initially appointed as the Interim Resolution Professional (IRP), later replaced by Rishabh Chand Lodha. The IRP made a public announcement on 10.06.2020 for submission of claims by creditors. The COC was constituted, comprising five financial creditors: City Union Bank, Small Industries Development Bank of India, Mahindra Financial Services Limited, IDFC First Bank Limited, and Magma Fincorp Limited. The COC resolved to extend the CIRP period and exclude 150 days. The COC approved the resolution plan received from Mangalam Worldwide Private Limited with

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Professional complies with the requirements …

**Ratio:** Section 30(2) of the IB Code, 2016, specifies the requirements that a resolution plan

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**Reasoning:** The Adjudicating Authority considered the facts and submissions made on behalf of the

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**Interpretation:** Section 30(2) of the IB Code, 2016, is interpreted to ensure that the

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**Application:** In this case, the Adjudicating Authority found that the Resolution Plan met the

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Rishabh Chand…
- **Respondents:** Agarwal Mittal…; Magamet Steel…

## Timeline

- **2020-03-16 — Admission in…**: The Corporate Debtor was admitted into CIRP vide order dated 16.03.2020 following an…
- **2020-06-09 — CIRP Commen…**: The commencement of CIRP was started on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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