# 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-01049. The case involves an application (IA (IB) No.398/KB/2021) filed in CP (IB) No.213/KB/2019 under…

- **Court:** NCLT
- **Order date:** 21 Sept 2021
- **Citation:** TCN-2021-NCLT-01049
- **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-2019-5f3d8c91

## Summary

### Background

The case involves an application (IA (IB) No.398/KB/2021) filed in CP (IB) No.213/KB/2019 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 (Corporate Debtor). The initial Company Petition was 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. Samriddhi Metals Private Limited's resolution plan was approved by the CoC with 100% voting.

## Facts

State Bank of India filed a Company Petition (CP (IB) No.213/KB/2019) against Mackeil Ispat & Forging Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, 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). Public announcement of the CIRP was made on 07.02.2020. The Committee of Creditors (CoC) was constituted on 25.02.2020. Fourteen CoC meetings were held during the CIRP period. Invitations for Expressions of Interest (EoI) were issued, and three Resolution Plans were received. The Resolution Plan submitted by Samriddhi Metals Private Limited was approved by the CoC with 100% voting on 12.03.2021. The Resolution Applicant

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## Issues and analysis

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

**Ratio:** Section 30(2) of the IBC outlines the requirements for a Resolution Plan, including

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it met the requirements

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**Interpretation:** Section 30(2) and Regulation 38 are interpreted to ensure that the Resolution

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**Application:** The Adjudicating Authority applied the provisions of Section 30(2) and

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## Parties

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

## Timeline

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

## 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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