# In the matter of Konkan Minerals Private Limited MA No. 1057-MB-2018 in C.P. (IB) No. 1197-MB-2017

> NCLT judgment dated 2021-05-19. Citation: TCN-2021-NCLT-02120. The case pertains to an application for approval of a resolution plan for Konkan Minerals…

- **Court:** NCLT
- **Order date:** 19 May 2021
- **Citation:** TCN-2021-NCLT-02120
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/konkan-minerals-private-limited-ma-no-1057-mb-2018-in-cp-ib-no-1197-mb-2017-2fd8ee7f

## Summary

### Background

The case pertains to an application for approval of a resolution plan for Konkan Minerals Private Limited, a corporate debtor, under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2017-08-16 following the admission of a petition under Section 10 of the Code. The applicant was appointed as the Interim Resolution Professional (IRP). After a public announcement inviting claims from creditors, the IRP constituted a Committee of Creditors (CoC). The CoC approved a resolution plan submitted by the Corporate Debtor itself, which is a MSME, making it eligible under Section 240A of the Code. The resolution plan proposes various financial terms, sources of funds, and treatment of

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## Facts

Konkan Minerals Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT Mumbai Bench on 2017-08-16. The applicant was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 2017-09-16, inviting claims from creditors. The IRP constituted the Committee of Creditors (CoC) on 2017-10-10 and conducted its first meeting on 2017-10-16. The CoC resolved to appoint the applicant as the Resolution Professional (RP). The RP issued Form-G on 2017-11-22 and again on 2018-06-04, inviting Expressions of Interest (EOI) from Prospective Resolution Applicants (PRAs). The CIRP period was extended by 90 days on 2018-08-02. The RP received a Resolution Plan from Mr. Gururaj S R, the erstwhile Director of the Corporate

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the Code specifies the requirements that a resolution plan must meet for

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**Reasoning:** The NCLT examined the Resolution Plan to ensure that it complies with each of the

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**Interpretation:** Section 30(2) sets out mandatory criteria that a resolution plan must satisfy

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**Application:** The NCLT applied the requirements of Section 30(2) to the specific provisions

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** V. V. Anand,…
- **Respondents:** Konkan Minerals…

## Timeline

- **2017-08-16 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated by the Bench upon admission of a…
- **2017-09-16 — Public Annou…**: The IRP published a public announcement inviting claims from the creditors of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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