# In the matter of LML Limited CP No. (IB) 55-ALD-2017

> NCLT judgment dated 2018-03-23. Citation: TCN-2018-NCLT-01643. The case pertains to CP No.(IB)55/ALD/2017 with CA No.73/2018 before the National Company Law…

- **Court:** NCLT
- **Order date:** 23 Mar 2018
- **Citation:** TCN-2018-NCLT-01643
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lml-limited-cp-no-ib-55-ald-2017-97a4a2bf

## Summary

### Background

The case pertains to CP No.(IB)55/ALD/2017 with CA No.73/2018 before the National Company Law Tribunal at Allahabad Bench, concerning LML Limited, a company incorporated under the Companies Act, 1956. The Resolution Professional (RP) filed CA No.73/2018 under Section 33(1)(a) of the I&B Code, 2016, in connection with CP No.55/ALD/2017. The company petition filed under Section 7 of the Insolvency and Bankruptcy Code was admitted on 2017-05-30, and Sh. Anil Goel was appointed as RP. The Committee of Creditors (COC) convened its fourth meeting on 2017-11-14, where a resolution plan was presented on behalf of Lohia Corp Limited. The COC sought an extension of 90 days for the Resolution Plan, approved by the Adjudicating Authority on 2017-11-24. The extended CIRP period

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## Facts

LML Limited, a company incorporated under the Companies Act, 1956, underwent Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated following the admission of a petition under Section 7 of the IBC. Anil Goel was appointed as the Resolution Professional (RP). During the CIRP, several meetings of the Committee of Creditors (COC) were held. A resolution plan submitted by Rimjhim Ispat Limited was rejected by the COC with a vote share of 78.40% against it. The RP failed to submit the progress report or resolution plan within the extended CIRP period, which expired on 2018-02-25. The RP filed an application on 2018-03-19, after the Tribunal issued a notice on 2018-03-13 for submission of the report. The Tribunal

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by …

**Ratio:** A resolution plan must be approved by the committee of creditors (COC) with the requisite

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**Reasoning:** The COC rejected the resolution plan submitted by Rimjhim Ispat Ltd. with a vote share of

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**Interpretation:** The IBC mandates that a resolution plan must be approved by the COC before it

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**Application:** In this case, the resolution plan failed to secure the requisite approval from

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## Parties

- **Judges:** V. P. S…; Saroj Ra…
- **Respondents:** LML LIM…
- **Advocates:** Shubham A…

## Timeline

- **2017-05-30 — Admission of Company…**: The company petition filed under Section 7 of the Insolvency and Bankruptcy code was…
- **2017-11-14 — Fourth Meeting of…**: The fourth meeting of the Committee…

## 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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