# Approval of Resolution Plan - MBE Coal & Mineral Technology India Pvt. Ltd.

> NCLT judgment dated 6 Nov 2024. Citation: TCN-2024-NCLT-00297. This application was filed by Mr. Soumendra Podder, the Resolution Professional of MBE Coal &…

- **Court:** NCLT
- **Order date:** 6 Nov 2024
- **Citation:** TCN-2024-NCLT-00297
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-mbe-coal-mineral-technology-india-pvt-ltd-71b1af0a

## Summary

### Background

This application was filed by Mr. Soumendra Podder, the Resolution Professional of MBE Coal & Mineral Technology India Pvt. Ltd. (Corporate Debtor), seeking approval of a Resolution Plan under Sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of IBBI (Insolvency Resolution Process of Corporate Persons) Regulations, 2016. The Resolution Plan, dated June 14, 2024, was submitted by BTL EPC Limited, the Successful Resolution Applicant, and was approved by the Committee of Creditors (CoC) with 100% voting shares in its eleventh meeting. The CoC meeting was convened on July 25, 2024, and voting concluded on August 1, 2024. The Letter of Intent (LoI) was issued to the Successful Resolution Applicant on August 2, 2024, which

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## Facts

The present application was filed by Mr. Soumendra Podder, the Resolution Professional of MBE Coal & Mineral Technology India Pvt. Ltd. (Corporate Debtor), under Section 30(6) and Section 31(1) of the Insolvency and Bankruptcy Code, 2016. The application sought approval of the Resolution Plan dated June 14, 2024, which was submitted by BTL EPC Limited, the Successful Resolution Applicant.

The Resolution Plan was approved by the Committee of Creditors (CoC) of the Corporate Debtor with 100% voting shares. This approval took place in the eleventh meeting of the CoC, which was convened on July 25, 2024, and the voting concluded on August 1, 2024. The copy of the Resolution Plan was annexed to the application at pages 460-1170 as Annexure “T”.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the provisions of the Insolvency and Bankruptcy Code,…

**Ratio:** A Resolution Plan, once approved by the Committee of Creditors with the requisite…

**Reasoning:** The NCLT found that the Resolution Plan, as approved by the Committee of Creditors with…

**Interpretation:** The court interpreted Sections 30 and 31 of the IBC and Regulations 38 and 39…

**Application:** The NCLT applied these provisions by meticulously reviewing the Resolution…

## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Advocates:** Parikshit…; Madhuja B…

## Timeline

- **September 12, 2023 — CIRP Admi…**: The Adjudicating Authority admitted the application for Corporate Insolvency Resolution…
- **September 14, 2023 — Public Annou…**: The IRP made a public announcement in Form A in two widely circulated newspapers,…

## 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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