# In the matter of Macro Commerce Pvt. Ltd. CA-816(PB)-2018 in C.P. No.IB-398(PB)-2017

> NCLT judgment dated 2019-10-25. Citation: TCN-2019-NCLT-00805. Dish TV India Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Macro…

- **Court:** NCLT
- **Order date:** 25 Oct 2019
- **Citation:** TCN-2019-NCLT-00805
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/macro-commerce-pvt-ltd-ca-816pb-2018-in-cp-noib-398pb-2017-5cc2805a

## Summary

### Background

Dish TV India Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Macro Commerce Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 29.11.2017, leading to the commencement of CIRP and imposition of a moratorium. The Interim Resolution Professional (IRP) made a public announcement inviting claims, receiving claims only from operational creditors. The Committee of Creditors (CoC) was constituted comprising operational creditors. The Resolution Professional (RP) issued an advertisement inviting resolution plans, receiving only one plan from Pantel Technologies Private Limited. The CoC approved the resolution plan in its meeting held on 22.08.2018.

## Facts

Dish TV India Ltd. initiated CIRP against Macro Commerce Pvt. Ltd. under Section 9 of IBC. The petition was admitted on 29.11.2017, and a moratorium was imposed. The IRP invited claims and received them only from operational creditors. The RP issued an advertisement for resolution plans and received only one plan from Pantel Technologies Private Limited. The CoC approved the resolution plan on 22.08.2018. Two registered valuers, Crest Capital Advisors and K. Lal & Associates, assessed the fair value and liquidation value of the corporate debtor. Crest Capital Advisors valued the fair value at Rs. 3.73 Crores and the liquidation value at Rs. 3.49 Crores, while K. Lal & Associates valued the fair value at Rs. 3.71 Crores and the liquidation value at Rs. 3.33

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Pantel Technologies Private Limited meets the requirements …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must provide for the payment of

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**Reasoning:** The Adjudicating Authority (NCLT) examined the resolution plan and found that the amount

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**Interpretation:** Section 30(2) is interpreted to mean that a resolution plan must prioritize the

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**Application:** In this case, the NCLT found that the resolution plan did not meet the

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## Parties

- **Judges:** M. M. K…; DEEPTI M…
- **Appellants:** Dish TV Ind…
- **Respondents:** Macro Commerce…

## Timeline

- **2017-11-29 — Admission of…**: The petition filed by Dish TV India Ltd. against Macro Commerce Pvt. Ltd. was admitted,…
- **2017-12-01 — Public Annou…**: The IRP made a public announcement…

## 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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