# Approval of Resolution Plan - MBL Infrastructures Ltd.

> NCLT judgment dated 2018-04-18. Citation: TCN-2018-NCLT-01531. RBL Bank Limited filed a Company Petition (CP) under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 18 Apr 2018
- **Citation:** TCN-2018-NCLT-01531
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-mbl-infrastructures-ltd-d4d0fb90

## Summary

### Background

RBL Bank Limited filed a Company Petition (CP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against MBL Infrastructures Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was allowed on March 30, 2017, and Mr. Atanu Mukherjee was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) later changed the IRP to Mr. Sanjay Ahuja. The initial CIRP period expired on September 25, 2017, and was extended by 90 days based on a unanimous decision of the CoC. The extended period expired on December 25, 2017. The Resolution Professional received two resolution plans, one from Mr. A.K. Lakhotia and another from Mr. Venkatesh Lakhotia. The Ministry of Law and Justice

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## Facts

RBL Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against MBL Infrastructures Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on March 30, 2017. Mr. Atanu Mukherjee was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Sanjay Ahuja. The initial CIRP period expired on September 25, 2017, and was extended by 90 days, expiring on December 25, 2017. Two resolution plans were received, one from Mr. A.K. Lakhotia and another from Mr. Venkatesh Lakhotia. The IBC (Amendment) Ordinance 2017 introduced disqualifications for resolution applicants. Mr. A.K. Lakhotia, a promoter director and personal guarantor of the corporate debtor, faced eligibility concerns. He sought

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## Issues and analysis

### Issue 1: Whether this Adjudicating Authority has empowered to extend the time limit prescribed under section …

**Ratio:** Section 12 of the Code prescribes a time limit for the completion of the CIRP. However,

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**Reasoning:** The Adjudicating Authority reasoned that the object of the Code is to promote resolution

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**Interpretation:** Section 12 of the Code should be interpreted in a manner that promotes the

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**Application:** In this case, the Adjudicating Authority excluded the period of stay granted by

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## Parties

- **Judges:** Jinan…; Madan B.…
- **Appellants:** RBL Bank…
- **Respondents:** MBL Infrastructure…; MBL Infrastructure…

## Timeline

- **2017-03-30 — Application…**: Application under Section 7 of the…
- **2017-03-30 — Appointment…**: Mr. Atanu Mukherjee was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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