# 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-01058. The case pertains to IA (IB) No.398/KB/2021 filed in CP (IB) No.213/KB/2019, concerning an…

- **Court:** NCLT
- **Order date:** 21 Sept 2021
- **Citation:** TCN-2021-NCLT-01058
- **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-2019-71945a9f

## Summary

### Background

The case pertains to IA (IB) No.398/KB/2021 filed in CP (IB) No.213/KB/2019, concerning an application under section 30(6) and section 31(1) of the Insolvency & Bankruptcy Code, 2016 for the approval of a Resolution Plan for Mackeil Ispat & Forging Limited. The initial Company Petition was filed by State Bank of India under section 7 of the IBC, which was admitted on 03.02.2020. Mr. 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 on 25.02.2020 and subsequently reconstituted. The RP issued invitations for Expressions of Interest (EoI), and three Resolution Plans were received. The CoC approved the Resolution Plan submitted by Samriddhi

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## Facts

The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Mackeil Ispat & Forging Limited by filing CP (IB) No.213/KB/2019 under Section 7 of the Insolvency and Bankruptcy Code (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 on 25.02.2020 and subsequently reconstituted. The IRP made a public announcement on 07.02.2020 regarding the initiation of CIRP. The last date for submission of claims was 17.02.2020. The RP issued invitations for Expressions of Interest (EoI), and three Resolution Plans were received from Samriddhi Metals Private Limited, Rama Overseas Limited,

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## 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 outline the requirements for a Resolution Plan, including

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and found that it generally

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**Interpretation:** Sections 30 and 31 of the IBC are interpreted to ensure that a Resolution Plan

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**Application:** The Adjudicating Authority applied the provisions of sections 30 and 31 of the

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## Parties

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

## Timeline

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

## 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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