# In the matter of Mandhana Industries Ltd. IA No. 19 of 2021 in CP (IB) No. 1399-MB-2017

> NCLT judgment dated 2021-05-19. Citation: TCN-2021-NCLT-02122. The case involves an application under Section 30(6) read with Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 19 May 2021
- **Citation:** TCN-2021-NCLT-02122
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mandhana-industries-ltd-ia-no-19-of-2021-in-cp-ib-no-1399-mb-2017-74043bfb

## Summary

### Background

The case involves an application under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan submitted by Dev Land & Housing Private Limited (DLH) for GB Global Limited (formerly Mandhana Industries Ltd). The Corporate Insolvency Resolution Process (CIRP) was initiated on 2017-09-29. Charu Desai was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A previous resolution plan by Formation Textiles LLC (FTL) was approved but not implemented. The Tribunal directed restoration of CIRP and directed FTL to hand over possession of the Corporate Debtor to the CoC and the RP. The RP was allowed to invite fresh resolution plans, and DLH's plan was

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of GB Global Limited (formerly Mandhana Industries Ltd) was initiated on 2017-09-29. Charu Desai was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Formation Textiles LLC (FTL) had a resolution plan approved earlier, but it was not implemented. The Tribunal restored the CIRP and directed FTL to hand over possession to the CoC and RP. The RP invited fresh resolution plans, and Dev Land & Housing Private Limited (DLH) submitted a plan. DLH's resolution plan was approved by the CoC with 67.01% voting share. The plan includes provisions for CIRP costs, financial creditors, and operational creditors. The fair value and liquidation value of the Corporate

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Dev Land & Housing Private Limited meets the …

**Ratio:** The Adjudicating Authority is required to satisfy itself that the Resolution Plan as

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**Reasoning:** The Tribunal considered the discussions and the law settled, and concluded that the

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**Interpretation:** Section 30(2) of the Code specifies the requirements that a resolution plan

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**Application:** The Tribunal applied the ratio by examining the Resolution Plan submitted by

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Charu D…
- **Respondents:** GB Global L…; Bank of B…
- **Advocates:** Pooja Ma…; Mahima…; +4 more

## Timeline

- **2017-09-29 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2018-11-30 — Approval of Resolution…**: Tribunal approved the Resolution Plan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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