# In the matter of Maruti Cotex Limited

> NCLT judgment dated 2020-07-02. Citation: TCN-2020-NCLT-01079. The case pertains to MA 422/2019 filed in CP 241/30(6)/MB/2018 before the National Company Law…

- **Court:** NCLT
- **Order date:** 2 Jul 2020
- **Citation:** TCN-2020-NCLT-01079
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maruti-cotex-limited-c451d3ec

## Summary

### Background

The case pertains to MA 422/2019 filed in CP 241/30(6)/MB/2018 before the National Company Law Tribunal (NCLT), Mumbai Bench. The application was filed by the Resolution Professional, Ms. Sujata Chattopadhyay, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the resolution plan for the Corporate Debtor, Maruti Cotex Ltd. The CIRP was initiated after the admission of a petition under Section 7 of the IBC. The resolution process involved inviting Expression of Interest (EoI), receiving resolution plans, and deliberations by the Committee of Creditors (CoC).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Maruti Cotex Ltd after a petition was admitted under Section 7 of the Insolvency and Bankruptcy Code (IBC). Ms. Sujata Chattopadhyay was appointed as the Interim Resolution Professional and later as the Resolution Professional. The Committee of Creditors (CoC) was formed, and multiple resolution plans were received. The Resolution Professional invited Expression of Interest (EoI) and provided required documents to Prospective Resolution Applicants (PRAs). The last date for submission of the resolution plan was extended multiple times due to floods in Kolhapur. The liquidation value of the assets of the Corporate Debtor was ascertained by two valuers. The CoC approved the resolution plan submitted

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Shree Siddhivinayak Cotspin Pvt Ltd consortium should be …

**Ratio:** Section 31(1) of the I&B Code states that if the Adjudicating Authority is satisfied

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**Reasoning:** The CoC approved the resolution plan with a 100% vote, indicating their satisfaction with

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**Interpretation:** Section 31(1) mandates the Adjudicating Authority to approve a resolution plan

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**Application:** In this case, the CoC approved the resolution plan with a 100% vote, and the

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## Parties

- **Judges:** SUCHITRA KANUPARTH…; V. Nallasen…; +1 more
- **Appellants:** Sujata Chattopadhy…
- **Respondents:** Maruti Cote…
- **Advocates:** Rohit G…; Anam…; +6 more

## Timeline

- **2019-05-08 — Admission of…**: The Adjudicating Authority admitted a petition against the Corporate Debtor, Maruti Cotex…
- **2019-05-11 — Public Annou…**: The Interim Resolution Professional issued a Public Announcement as required under…

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