# Approval of Resolution Plan - Maxgrow India Limited

> NCLT judgment dated 6 Dec 2023. Citation: TCN-2023-NCLT-00398. This application was filed by the Resolution Professional, Mr. Mayank Rameshchandra Jain, under…

- **Court:** NCLT
- **Order date:** 6 Dec 2023
- **Citation:** TCN-2023-NCLT-00398
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-maxgrow-india-limited-974d61fe

## Summary

### Background

This application was filed by the Resolution Professional, Mr. Mayank Rameshchandra Jain, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The purpose of the application was to seek approval for the resolution plan submitted by M/s PP Metallix Limited for Maxgrow India Limited, the Corporate Debtor, under Section 31(1) of the Code. The Corporate Insolvency Resolution Process (CIRP) against Maxgrow India Limited was initiated on June 4, 2021, and Mr. Mayank Rameshchandra Jain was appointed as the Interim Resolution Professional (IRP).

## Facts

The Resolution Professional, Mr. Mayank Rameshchandra Jain, filed an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the resolution plan for Maxgrow India Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against Maxgrow India Limited on June 4, 2021, and Mr. Jain was appointed as the Interim Resolution Professional (IRP). A public announcement in Form A was issued on June 11, 2021, in Free Press Journal and Navshakti Express newspapers, with the last date for claims being June 23, 2021.

## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s PP Metallix Limited for Maxgrow India Limited complies…

**Ratio:** A resolution plan must comply with all provisions of the IBC and CIRP Regulations,…

**Reasoning:** The Resolution Professional (RP) confirmed that the resolution plan complied with all…

**Interpretation:** The court interpreted **Section 30(2)** of the IBC and **Regulations 37, 38,…

**Application:** The RP's examination and certification in Form H confirmed that the resolution…

## Parties

- **Judges:** V.G. B…; Prabhat…
- **Advocates:** For the Resolution…; Udayan Shah,…

## Timeline

- **June 4, 2021 — CIRP Init…**: The Corporate Insolvency Resolution Process (CIRP) was initiated against Maxgrow India…
- **June 11, 2021 — Public Annou…**: A public announcement in Form A was issued in Free Press Journal and Navshakti Express…

## 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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