# In the matter of Maruti Cotex Limited

> NCLT judgment dated 2020-09-07. Citation: TCN-2020-NCLT-00689. The case involves an application filed by the Successful Resolution Applicant (SRA) of the…

- **Court:** NCLT
- **Order date:** 7 Sept 2020
- **Citation:** TCN-2020-NCLT-00689
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maruti-cotex-limited-be459fe5

## Summary

### Background

The case involves an application filed by the Successful Resolution Applicant (SRA) of the Corporate Debtor, Maruti Cotex Ltd., seeking certain reliefs related to the approved Resolution Plan. The SRA requested a rectification of the order to reflect the correct amount apportioned to operational creditors and a revision/modification/relaxation in the Resolution Plan regarding the payment timeline to financial and operational creditors, seeking an extension of 90 days. The Resolution Plan had been approved earlier on July 2, 2020. The application was filed due to difficulties in arranging funds from HDFC Bank because of the COVID-19 pandemic and related lockdown restrictions.

## Facts

The Successful Resolution Applicant (SRA) of Maruti Cotex Ltd. filed an application seeking rectification and modification of the approved Resolution Plan. The SRA requested a correction to the amount allocated to operational creditors, stating the total liability was Rs. 87,03,60,530/-, while the CoC had decided to provide only Rs. 50,00,000/-. The admitted claim of the operational creditors was Rs 54.71 Crores. The SRA also sought a 90-day extension to the payment timeline due to difficulties in fund disbursement from HDFC Bank caused by the COVID-19 pandemic and lockdown restrictions. The Resolution Plan was approved on July 2, 2020. The CoC had received Rs. 17 Crores and a performance guarantee of Rs. 15 Crores, leaving a balance of Rs. 45.1 Crores. The respondents

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## Issues and analysis

### Issue 1: Whether the Hon'ble Tribunal should allow the speaking to the minutes/rectification of the Order, …

**Ratio:** The court considered the facts presented and determined that the prayer for rectification

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**Reasoning:** The court found that the claim filed by the operational creditors was Rs. 54.71 Crores,

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**Interpretation:** The interpretation hinges on the consistency between the claims filed by

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**Application:** Since the claim filed by the operational creditors was Rs. 54.71 Crores, the

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Consortium of…
- **Respondents:** Maruti Cotex…; Sujata Chattopadhy…

## Timeline

- **2020-03-25 — COVID-19 Declared…**: COVID-19 declared a pandemic,…
- **2020-07-02 — Resolution Plan…**: The Bench approved the Resolution…

## 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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