# In the matter of Maxim Infrastructure and Real Estate Pvt. Ltd. & Anr. IA No. 72 -2019 in CP (IB)-04-GB-2018

> NCLT judgment dated 2019-10-25. Citation: TCN-2019-NCLT-00815. The case involves an application under Section 7 of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 25 Oct 2019
- **Citation:** TCN-2019-NCLT-00815
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maxim-infrastructure-and-real-estate-pvt-ltd-anr-ia-no-72-2019-in-cp-ib-04-gb-20-bf7e8ed5

## Summary

### Background

The case involves an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, filed by Bank of India (Financial Creditor) against Maxim Infrastructure and Real Estate Pvt. Ltd. (Corporate Debtor). The application sought initiation of Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 31.08.2018. An Interim Resolution Professional (IRP), Mr. Kamalesh Kumar Singhania, was appointed on 05.09.2018 and later confirmed as Resolution Professional (RP) on 29.03.2019. The Hon'ble High Court at Shillong initially stayed the CIRP order, but the Supreme Court stayed the High Court's order. The Bench directed the IRP to proceed with the CIRP. Public announcements were made in various newspapers. An objection regarding the rejection of a

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## Facts

Bank of India, the Financial Creditor, initiated CIRP against Maxim Infrastructure and Real Estate Pvt. Ltd., the Corporate Debtor, under Section 7 of the IBC. The application was admitted on 31.08.2018. Kamalesh Kumar Singhania was appointed as IRP and later confirmed as RP. The High Court at Shillong initially stayed the CIRP, but the Supreme Court reversed this. Public announcements were made. H M Cements Pvt. Ltd.'s resolution plan was rejected. 14 COC meetings were held. The CIRP period was extended. Seven applicants showed interest, and four resolution plans were received. The COC approved the plan of M/s Rare Asset Reconstruction Limited, which offered a higher NPV to creditors and a shorter plan period. The resolution plan involved transferring mortgaged land

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Rare Asset Reconstruction Limited complies with the …

**Ratio:** Section 30 of the Insolvency and Bankruptcy Code, 2016, read with Regulations 37 and 38

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it met the requirements

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**Interpretation:** Section 30 and Regulations 37 and 38 are interpreted to require a resolution

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**Application:** The Adjudicating Authority applied the requirements of Section 30 and

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## Parties

- **Judges:** Hari Venkata…; Ashutosh C…
- **Respondents:** Maxim Infrastructu…

## Timeline

- **2018-08-31 — CIRP Init…**: The application seeking a Corporate Insolvency Resolution Process was admitted by the…
- **2018-09-05 — Appointment…**: Sri Kamalesh Kumar Singhania, was…

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