# In the matter of Maxim Infrastructure & Real Estate Ltd. IA No. 64 of 2019 in CP(IB)-04-GB-2018

> NCLT judgment dated 2019-09-24. Citation: TCN-2019-NCLT-01276. The case involves an application (I.A.No.64 of 2019) filed by Mahavir Prasad Jain and CFM Asset…

- **Court:** NCLT
- **Order date:** 24 Sept 2019
- **Citation:** TCN-2019-NCLT-01276
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maxim-infrastructure-real-estate-ltd-ia-no-64-of-2019-in-cpib-04-gb-2018-491ab4fe

## Summary

### Background

The case involves an application (I.A.No.64 of 2019) filed by Mahavir Prasad Jain and CFM Asset Reconstruction Pvt. Ltd. seeking to quash and set aside the decision of the Committee of Creditors (CoC). The application is filed within the context of the Corporate Insolvency Resolution Process (CIRP) under Section 60(5) of the Insolvency & Bankruptcy Code, 2016.

## Facts

Mahavir Prasad Jain and CFM Asset Reconstruction Pvt. Ltd. filed an Interlocutory Application (I.A.No.64 of 2019) seeking to quash the decision of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) is ongoing. A final resolution plan has not been finalized or submitted for approval. The minutes of the meeting dated August 20, 2019, permit Rare Asset Reconstruction Ltd. and Brighter Side Renewable Energies Pvt. Ltd. to rectify defects and submit revised plans. The applicants were granted liberty to agitate their contentions after the submission of the Resolution Plan, if required.

## Issues and analysis

### Issue 1: Whether the Tribunal should entertain the contentions raised by the applicant regarding the …

**Ratio:** It is generally premature to entertain contentions related to the CIRP process before a

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**Reasoning:** The Tribunal reasoned that entertaining contentions before the submission of a final

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**Interpretation:** This interpretation suggests a procedural efficiency approach, where the court

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**Application:** The Tribunal applied this principle by deferring the applicant's contentions

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## Parties

- **Judges:** Hari Venkata…; Ashutosh C…
- **Appellants:** Mahavir Prasad…
- **Respondents:** Mr Kamalesh Kumar…

## Timeline

- **2019-08-20 — Meeting M…**: Minutes of the Meeting dated 20th August, 2019, permit Rare Asset Reconstruction Ltd. and…
- **2019-09-24 — Order Da…**: Date of the order…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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