# In the matter of Mackeil Ispat & Forging Limited IA (IB) No.398-KB-2021 in CP (IB) No.213-KB-2019

> NCLT judgment dated 2021-09-21. Citation: TCN-2021-NCLT-01064. The case pertains to IA (IB) No.398/KB/2021 filed in CP (IB) No.213/KB/2019, an application…

- **Court:** NCLT
- **Order date:** 21 Sept 2021
- **Citation:** TCN-2021-NCLT-01064
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mackeil-ispat-forging-limited-ia-ib-no398-kb-2021-in-cp-ib-no213-kb-2019-567a51f7

## Summary

### Background

The case pertains to IA (IB) No.398/KB/2021 filed in CP (IB) No.213/KB/2019, an application under section 30(6) and section 31(1) of the Insolvency & Bankruptcy Code, 2016, seeking approval of a resolution plan for Mackeil Ispat & Forging Limited. The corporate insolvency resolution process (CIRP) was initiated based on an application filed by State Bank of India under section 7 of the IBC, which was admitted on 03.02.2020. Siba Kumar Mohapatra was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, and several meetings were held to discuss and evaluate resolution plans.

## Facts

State Bank of India initiated CIRP against Mackeil Ispat & Forging Limited under Section 7 of IBC, admitted on 03.02.2020. Siba Kumar Mohapatra was appointed as IRP and later as RP. The CoC was constituted on 25.02.2020, and further reconstituted on 11.08.2020 and 03.10.2020. The IRP made a public announcement on 07.02.2020, inviting claims from creditors. Fourteen CoC meetings were held during the CIRP period. The total claims filed amounted to Rs. 477.75 crore, while the admitted claims were Rs. 475.94 crore. Invitations for Expressions of Interest (EoI) were issued, and three resolution plans were received. The Resolution Plans were opened on 17.10.2020, and the RP informed the CoC of the liquidation and fair value of the Corporate Debtor. The CoC approved the

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Samriddhi Metals Private Limited complies with the …

**Ratio:** Sections 30 and 31 of the IBC mandate that a resolution plan must comply with the

…

**Reasoning:** The NCLT perused the documents on record and was satisfied that the Resolution Plan is in

…

**Interpretation:** The resolution plan must adhere to the statutory requirements outlined in the

…

**Application:** The NCLT reviewed the Resolution Plan and found it to be compliant with the

…

## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** State Bank of…
- **Respondents:** Mackeil Ispat &…

## Timeline

- **2019-01-01 — Company Petiti…**: CP (IB) No.213/KB/2019 filed by State Bank of India against Mackeil Ispat & Forging…
- **2020-02-03 — Admission of Company…**: CP (IB) No.213/KB/2019 admitted…

## 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/mackeil-ispat-forging-limited-ia-ib-no398-kb-2021-in-cp-ib-no213-kb-2019-567a51f7