# In the matter of Maxim Infra Ventures Pvt. Ltd. CA No. 508-2019 In CP (IB) No. 131-Chd-HP-2018

> NCLT judgment dated 2019-11-07. Citation: TCN-2019-NCLT-00684. The case pertains to the approval of a resolution plan for Maxim Infra Venue Pvt. Ltd., a…

- **Court:** NCLT
- **Order date:** 7 Nov 2019
- **Citation:** TCN-2019-NCLT-00684
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maxim-infra-ventures-pvt-ltd-ca-no-508-2019-in-cp-ib-no-131-chd-hp-2018-03049849

## Summary

### Background

The case pertains to the approval of a resolution plan for Maxim Infra Venue Pvt. Ltd., a corporate debtor, under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016. The insolvency petition was filed by the corporate applicant, Maxim Infra Venue Pvt. Ltd., under Section 10 of the Code. The Corporate Insolvency Resolution Process (CIRP) was initiated on 13.09.2018. An Interim Resolution Professional (IRP) was appointed, who then issued a public announcement inviting claims from creditors. The Committee of Creditors (CoC) was constituted, initially with two financial creditors: State Bank of India and Mr. Mohinder Lal Sharma, each having a 50% voting share.

## Facts

Maxim Infra Venue Pvt. Ltd. faced insolvency, leading to the initiation of CIRP on 13.09.2018. The company's insolvency petition was filed under Section 10 of the IBC. An IRP was appointed and a public announcement was made to invite claims from creditors. The CoC was formed with State Bank of India and Mr. Mohinder Lal Sharma as the initial financial creditors, each holding 50% voting share. The IRP appointed valuers to assess the liquidation value of the corporate debtor. The CoC approved the continuation of the IRP as the RP. The CoC sought and obtained a 90-day extension of the CIRP. The resolution plan submitted by Shri Ram Prakash Singh and Smt. Indu Walia was approved by the CoC with 100% voting share. The corporate debtor was incorporated on 21.04.2015 for

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## Issues and analysis

### Issue 1: Whether the Resolution Applicant meets the criteria approved by the CoC having regard to the …

**Ratio:** The resolution applicant must meet the criteria approved by the CoC, considering the

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**Reasoning:** The resolution applicant met the criteria and submitted a certificate of net worth along

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**Interpretation:** This ensures that the resolution applicant has the necessary qualifications and

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**Application:** The resolution applicant's compliance with the CoC's criteria demonstrates

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Respondents:** Maxim Infra Venue…
- **Advocates:** Atul V.…; Sumer Sing…; +1 more

## Timeline

- **2018-09-13 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2018-09-20 — IRP Appoi…**: The applicant was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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