# In the matter of Madhya Bharat Phosphate Pvt. Ltd. I.A. No. 181-NCLT-AHM-2019 in C.P (I.B) No. 131-9-NCLT-AHM-2018

> NCLT judgment dated 2020-03-05. Citation: TCN-2020-NCLT-01632. The case pertains to IA 181 of 2019 in TP 58 of 2019 [CP (IB)131 of 2018] filed under Section…

- **Court:** NCLT
- **Order date:** 5 Mar 2020
- **Citation:** TCN-2020-NCLT-01632
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/madhya-bharat-phosphate-pvt-ltd-ia-no-181-nclt-ahm-2019-in-cp-ib-no-131-9-nclt-a-9b050c60

## Summary

### Background

The case pertains to IA 181 of 2019 in TP 58 of 2019 [CP (IB)131 of 2018] filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional, Mr. Jagdish Kumar, seeking approval of the Resolution Plan for Madhya Bharat Phosphate Pvt Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Jagdish Kumar was appointed as the Interim Resolution Professional (IRP) on 09.09.2018. Public announcement was made on 14.09.2018, inviting claims from creditors. The Committee of Creditors (CoC) was constituted with Punjab National Bank (PNB) and SIDBI as financial creditors. The IRP's role transitioned to Resolution Professional (RP). Several meetings of the CoC were conducted to evaluate resolution plans. Shree Pushkar

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## Facts

Madhya Bharat Phosphate Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP). Jagdish Kumar was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The CIRP was initiated based on an application under Section 7 of IBC. Public announcement was made on 14.09.2018, inviting claims from creditors. Two financial creditors, Punjab National Bank (PNB) and SIDBI, submitted claims amounting to INR.31,98,62,548.00 and INR.7,79,52,965.00 respectively. The Committee of Creditors (CoC) was constituted with PNB holding 80.51% voting share and SIDBI holding 19.49%. Operational creditors submitted claims of INR.53,01,06,575.00, but none were admitted due to disputes. The Corporate Debtor is

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Professional meets the requirements of …

**Ratio:** Section 30(6) of the Insolvency and Bankruptcy Code, 2016, states that the Adjudicating

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**Reasoning:** The Adjudicating Authority reviewed the documents and materials submitted and was

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**Interpretation:** Section 30 of the IBC outlines the requirements for a resolution plan,

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**Application:** The Adjudicating Authority applied Section 30(6) to the facts of the case,

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Respondents:** Madhya Bharat…

## Timeline

- **2018-09-09 — Appointment…**: Mr. Jagdish Kumar appointed as…
- **2018-09-14 — Public Annou…**: Public announcement made,…

## 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)

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