# 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-02117. The case involves an application for approval of a resolution plan for Konkan Minerals Private…

- **Court:** NCLT
- **Order date:** 19 May 2021
- **Citation:** TCN-2021-NCLT-02117
- **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-a9df08f0

## Summary

### Background

The case involves an application for approval of a resolution plan for Konkan Minerals Private Limited, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated by the NCLT Mumbai Bench on 16.08.2017, following the admission of a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). The applicant, V. V. Anand, is the Resolution Professional (RP). The resolution plan was submitted by the Corporate Debtor itself, making it a Successful Resolution Applicant (SRA). The CoC approved the resolution plan with a voting share of 97.98% in favor and 2.02% against.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Konkan Minerals Private Limited was initiated on 16.08.2017 by the NCLT Mumbai Bench. V. V. Anand was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP published a public announcement on 16.09.2017, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 10.10.2017. The Corporate Debtor itself submitted a resolution plan, making it the Successful Resolution Applicant (SRA). The CoC approved the resolution plan on 10.09.2018 with 97.98% voting share in favor. The resolution plan includes provisions for payment of CIRP costs, workmen's dues, employee dues, and operational creditors. The plan also proposes a reduction of share

…

## 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 IBC specifies the requirements that a resolution plan must meet for

…

**Reasoning:** The NCLT reviewed the Resolution Plan and found that it adequately addresses the

…

**Interpretation:** Section 30(2) is interpreted as setting minimum standards for a resolution plan

…

**Application:** In this case, the NCLT found that the Resolution Plan submitted by the

…

## Parties

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

## Timeline

- **2017-08-16 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2017-09-16 — Public Annou…**: IRP published a public announcement…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/konkan-minerals-private-limited-ma-no-1057-mb-2018-in-cp-ib-no-1197-mb-2017-a9df08f0