# In the matter of Madhya Bharat Phosphate Pvt. Ltd. I.A. 291-NCLT-AHM-2019 in T.P.58/2019 C.P (I.B) No. 131-9-NCLT-AHM-2019

> NCLT judgment dated 2020-03-05. Citation: TCN-2020-NCLT-01631. The case involves an application (I.A. No. 291 of 2019) filed in connection with a corporate…

- **Court:** NCLT
- **Order date:** 5 Mar 2020
- **Citation:** TCN-2020-NCLT-01631
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/madhya-bharat-phosphate-pvt-ltd-ia-291-nclt-ahm-2019-in-tp582019-cp-ib-no-131-9-1275ab2b

## Summary

### Background

The case involves an application (I.A. No. 291 of 2019) filed in connection with a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The application was filed in CP(IB) No. 131/9/NCLT/AHM/2018 before the National Company Law Tribunal (NCLT), Indore Bench at Ahmedabad. The applicant sought permission from the Adjudicating Authority to dispose of the application before the final adjudication of I.A No.83 of 2019 and to direct Respondent No.3 to open a new account with a Nationalized Bank and deposit the amount offered in the Resolution Plan.

## Facts

The Committee of Creditors of Madhya Bharat Phosphate Private Limited, through Punjab National Bank, filed an application (I.A. No. 291 of 2019) in CP(IB) No. 131/9/NCLT/AHM/2018. The application sought permission from the Adjudicating Authority to dispose of the application before the final adjudication of I.A No.83 of 2019 and to direct Respondent No.3 to open a new account with a Nationalized Bank and deposit the amount offered in the Resolution Plan. The Adjudicating Authority, after considering the application under Section 60(5) of the IBC, 2016, found no merit in it and rejected the prayers sought. The order was pronounced in open court on March 5, 2020.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should grant permission to dispose of I.A. No. 291 of 2019 …

**Ratio:** The Adjudicating Authority has the power to adjudicate applications related to the

…

**Reasoning:** The Adjudicating Authority found no merit in the application, implying that the grounds

…

**Interpretation:** Section 60(5) of the IBC, 2016 provides the NCLT with jurisdiction over matters

…

**Application:** In this specific case, the Adjudicating Authority applied its discretion under

…

## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Committee of…
- **Respondents:** Madhya Bharat…; Jagdish…

## Timeline

- **2018-01-01 — Initiation…**: Corporate Insolvency Resolution Process…
- **2019-01-01 — Filing of I.A. No. 291…**: Interlocutory Application No. 291…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

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/madhya-bharat-phosphate-pvt-ltd-ia-291-nclt-ahm-2019-in-tp582019-cp-ib-no-131-9-1275ab2b