# In the matter of Maharashtra Vidhyut Nigam Private Limited MA 3638-2019 in C.P. (IB) 593-MB-2018

> NCLT judgment dated 2020-07-21. Citation: TCN-2020-NCLT-00996. The case involves a Miscellaneous Application (MA) No. 3638/2019 filed by Mr. Surya Pratap…

- **Court:** NCLT
- **Order date:** 21 Jul 2020
- **Citation:** TCN-2020-NCLT-00996
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maharashtra-vidhyut-nigam-private-limited-ma-3638-2019-in-cp-ib-593-mb-2018-08fcd3ad

## Summary

### Background

The case involves a Miscellaneous Application (MA) No. 3638/2019 filed by Mr. Surya Pratap Gupta, the Resolution Professional, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (I&B Code) in C.P. (IB) 593/MB/2018. The Corporate Insolvency Resolution Process (CIRP) was initiated against Maharashtra Vidyut Nigam Private Limited, the Corporate Debtor, following an order dated 14.02.2019. The Resolution Professional sought approval for the resolution plan submitted by Shanti G. D. Ispat and Power Private Limited, which was approved by the Committee of Creditors (CoC). The Resolution Professional invited three Expressions of Interest (EoI), and after multiple negotiations, the final resolution plan was submitted on 07.11.2019.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Maharashtra Vidyut Nigam Private Limited following an order dated 14.02.2019. The Resolution Professional (RP), Mr. Surya Pratap Gupta, filed MA No. 3638/2019 seeking approval of the resolution plan submitted by Shanti G. D. Ispat and Power Private Limited. The RP had invited three Expressions of Interest (EoI) and, after negotiations, the final resolution plan was submitted on 07.11.2019. The Committee of Creditors (CoC) approved the resolution plan with 100% voting share. The resolution plan proposed an aggregate consideration of ₹25,30,00,000/- to all stakeholders. The Resolution Applicant, Shanti G. D. Ispat and Power Private Limited, is a private limited company with a 15 MW Biomass based

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Shanti G. D. Ispat and Power Private Limited complies with …

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

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**Reasoning:** The court examined the Resolution Professional's certification and the contents of the

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**Interpretation:** The legal issue involves interpreting the requirements of Section 30(6) of the

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**Application:** The court applied the ratio to the facts of the case by scrutinizing the

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## Parties

- **Judges:** SUCHITRAKAN…; V. Nallasen…
- **Appellants:** L & T Infrastructu…
- **Respondents:** Maharashtra…; Maharashtra…

## Timeline

- **2018-01-01 — C.P.(IB)-593(M…**: Filing of C.P.(IB)-593(M…
- **2019-02-14 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Maharashtra Vidyut Nigam…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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