# 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-00870. The case involves multiple Interlocutory Applications (IAs) filed in connection with Corporate…

- **Court:** NCLT
- **Order date:** 22 Oct 2019
- **Citation:** TCN-2019-NCLT-00870
- **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-a71acce3

## 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) under Section 30 of the Insolvency and Bankruptcy Code, 2016 (IBC) for submission and approval of the Resolution Plan received from 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 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 IBC.

## Facts

Binil Traders, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Maruti Koatsu Cylinders Limited by filing CP(IB) No. 118/2018 under Section 9 of the IBC. The CIRP was admitted on 2018-04-26, and Mangesh Vitthal Kekre was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The RP received a Resolution Plan from Safire Technologies Private Limited on 2018-12-14, which was subsequently negotiated and enhanced. The Committee of Creditors (CoC) approved the Resolution Plan with 90.09% voting share on 2019-04-05. ARCIL, a secured financial creditor, filed IA 402/2019 objecting to the reduction of its claim from Rs. 6.05 crores to Rs. 0.79 crores in the Resolution Plan. The RP

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant meets the requirements of Section …

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

…

**Reasoning:** The Adjudicating Authority examined the Resolution Plan and found that it confirms to the

…

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

…

**Application:** The Resolution Plan provides for the payment of insolvency resolution process

…

## 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…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/maruti-koatsu-cylinders-ltd-ia-340-2018-160-224-2019-inwith-cpib-no-118-2018-a71acce3