# 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-00879. The case involves multiple Interlocutory Applications (IAs) filed in connection with Corporate…

- **Court:** NCLT
- **Order date:** 22 Oct 2019
- **Citation:** TCN-2019-NCLT-00879
- **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-aa48c777

## Summary

### Background

The case involves multiple Interlocutory Applications (IAs) filed in connection with Corporate Insolvency Resolution Process (CIRP) against 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 the reduction of its claim in the Resolution Plan. CP(IB) No. 118/2018 was initiated by Binil Traders, an Operational Creditor, against Maruti Koatsu Cylinders Limited.

## Facts

Binil Traders initiated Corporate Insolvency Resolution Process (CIRP) against Maruti Koatsu Cylinders Limited under Section 9 of the IBC. The CIRP was admitted on 26.04.2018, and Mangesh Vitthal Kekre was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The CIRP period was extended, expiring on 22.01.2019. The RP received a Resolution Plan from Safire Technologies Private Limited, which was negotiated and modified. The CoC approved the Resolution Plan with 90.09% voting share. ARCIL, a Secured Financial Creditor, filed an IA objecting to the reduction of its claim from Rs. 6.05 crores to Rs. 0.79 crores in the Resolution Plan. The Resolution Plan proposed a total payment of Rs. 14.21 crores to Secured Financial

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the RP meets the requirements of Section 30(2) of the …

**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 complied with

…

**Interpretation:** Section 30(2) sets out the minimum standards that a resolution plan must meet

…

**Application:** The Resolution Plan was found to provide for the payment of IRP costs, debts of

…

## 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 as…

## Legal provisions

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

---

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-aa48c777