# In the matter of Maruti Koatsu Cylinders Ltd. IA 340-2018 & 160 & 224-2019 in/with CP(IB) no. 118-2018

> NCLT judgment dated 2019-10-22. Citation: TCN-2019-NCLT-00861. The case involves multiple Interlocutory Applications (IAs) filed in connection with Corporate…

- **Court:** NCLT
- **Order date:** 22 Oct 2019
- **Citation:** TCN-2019-NCLT-00861
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maruti-koatsu-cylinders-ltd-ia-340-2018-160-224-2019-inwith-cpib-no-118-2018-a5b5c565

## Summary

### Background

The case involves multiple Interlocutory Applications (IAs) filed in connection with Corporate Insolvency Resolution Process (CIRP) for Maruti Koatsu Cylinders Limited. IA 224/2019 was filed by the Resolution Professional (RP) seeking approval of the Resolution Plan submitted by Safire Technologies Private Limited. IA 160/2019 was filed by the RP seeking exclusion of a certain period from the CIRP. IA 402/2019 was filed by a Secured Financial Creditor (ARCIL) regarding the reduction of its claim in the Resolution Plan. The CIRP was initiated based on an application filed by Binil Traders under Section 9 of the Insolvency and Bankruptcy Code, 2016.

## Facts

Binil Traders initiated Corporate Insolvency Resolution Process (CIRP) against Maruti Koatsu Cylinders Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted on 2018-04-26, and Mangesh Vitthal Kekre was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The initial CIRP period of 180 days expired on 2018-10-22 and was extended by 90 days until 2019-01-22. The RP received a Resolution Plan from Safire Technologies Private Limited on 2018-12-14, which was subsequently negotiated and modified. The Committee of Creditors (CoC) approved the Resolution Plan with 90.09% voting share. ARCIL, a secured financial creditor, filed IA 402/2019 objecting to the reduction of its claim from Rs. 6.05

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Safire Technologies Private Limited meets the requirements …

**Ratio:** Section 30(2) of the IBC specifies the mandatory requirements that a resolution plan must

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**Reasoning:** The court examined the Resolution Plan and found that it complied with the criteria

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**Interpretation:** Section 30(2) ensures that a resolution plan adequately addresses the interests

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**Application:** The court's finding that the Resolution Plan met the requirements of Section

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Mangesh Vitthal…
- **Respondents:** Maruti Koatsu…

## Timeline

- **2018-04-26 — CIRP Init…**: CIRP initiated against Maruti Koatsu Cylinders Limited based on application by Binil…
- **2018-05-25 — RP Appoin…**: Mangesh Vitthal Kekre appointed…

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