# In the matter of M V Omni Projects (India) Limited I.A. No. 846 of 2020 in CP(IB) No. 404 of 2019

> NCLT judgment dated 2021-01-28. Citation: TCN-2021-NCLT-03208. The case involves an application (IA 846 of 2020) filed by the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 28 Jan 2021
- **Citation:** TCN-2021-NCLT-03208
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/m-v-omni-projects-india-limited-ia-no-846-of-2020-in-cpib-no-404-of-2019-1961f84f

## Summary

### Background

The case involves an application (IA 846 of 2020) filed by the Resolution Professional (RP) of M/s. M.V. Omni Projects (India) Limited, the Corporate Debtor, under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) for seeking approval of a Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application filed by an Operational Creditor, Mr. Nandish Patel, under Section 9 of the IBC. The CIRP was admitted on 29.08.2019, and Mr. Manish Kumar Bhagat was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed, and they decided to appoint the Applicant as RP. The initial 180-day CIRP period was extended, and further extensions were granted due to the nationwide

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## Facts

The Corporate Debtor, M/s. M.V. Omni Projects (India) Limited, underwent Corporate Insolvency Resolution Process (CIRP) after an application was filed by Operational Creditor Mr. Nandish Patel under Section 9 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted on 29.08.2019. Mr. Manish Kumar Bhagat was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed and decided to appoint the Applicant, Parthiv Parikh, as the Resolution Professional (RP). The CIRP period was extended due to the nationwide lockdown. Two Resolution Plans were received after several calls for Expression of Interest (Eol). The CoC requested modifications to the plans. Ultimately, the Resolution Plan submitted by Mr. M. C. Pandey jointly

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Professional meets the requirements of …

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

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**Reasoning:** The Adjudicating Authority considered the Compliance Certificate filed by the Applicant

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan adequately

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**Application:** The Adjudicating Authority applied Section 30(2) to the specific facts of the

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Parthiv P…
- **Respondents:** M.V. Omni…; Mathuraprasad C…
- **Advocates:** Hirva…; Navin P…; +3 more

## Timeline

- **2019-08-29 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP)…
- **2019-10-24 — CoC Meet…**: Committee of Creditors (CoC) decided to appoint the Applicant as Resolution Professional…

## 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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