# In the matter of Magma Autolinks Pvt. Ltd. CA No. 522- 2019 In CP (IB) No. 127-Chd-HP-2018

> NCLT judgment dated 2019-09-24. Citation: TCN-2019-NCLT-01295. The case pertains to CA No. 522 of 2019 in CP (IB) No. 127/Chd/HP/2018 before the National…

- **Court:** NCLT
- **Order date:** 24 Sept 2019
- **Citation:** TCN-2019-NCLT-01295
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/magma-autolinks-pvt-ltd-ca-no-522-2019-in-cp-ib-no-127-chd-hp-2018-08ce2b42

## Summary

### Background

The case pertains to CA No. 522 of 2019 in CP (IB) No. 127/Chd/HP/2018 before the National Company Law Tribunal, Chandigarh Bench. The application has been filed by the Resolution Professional seeking approval of the resolution plan under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 39(4) of IBBI (CIRP) Regulations, 2016.

## Facts

The case involves an application filed by the Resolution Professional, Arvind Kumar, for the approval of a resolution plan related to Magma Autolinks Pvt. Ltd., the Corporate Debtor. The application is filed under CA No. 522/2019 in CP (IB) No. 127/Chd/HP/2018. The matter was heard by the National Company Law Tribunal, Chandigarh Bench. Magma Autolinks Pvt. Ltd. is the Petitioner/Corporate Debtor. Magma Autolinks Pvt. Ltd. is also mentioned as a Non-applicant/corporate debtor. Advocates Mr. Atul V. Sood, Mr. Sumer Singh Brar, and Ms. Niharika Sohal appeared for the applicant. Mr. Amitabh Tewari appeared as Advocate for the Resolution Applicant. The order was reserved after hearing the learned counsel.

## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Resolution Professional should be approved under …

**Ratio:** Section 30(6) of the Insolvency and Bankruptcy Code, 2016, stipulates the requirements

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**Reasoning:** The court heard the learned counsel for the applicant, indicating that the court

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**Interpretation:** The interpretation involves assessing whether the resolution plan complies with

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**Application:** The ratio and reasoning are applied to the specific facts of the case,

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Respondents:** Magma Autolinks…
- **Advocates:** Atul V.…; Sumer Sing…; +2 more

## Timeline

- **2018-01-01 — CP (IB)…**: CP (IB) No. 127/Chd/HP/2…
- **2019-01-01 — CA Filed…**: CA No. 522 of 2019 was…

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