# In the matter of MBL Infrastructures Limited

> NCLT judgment dated 2017-12-18. Citation: TCN-2017-NCLT-00036. The case involves an application under Section 60 of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 18 Dec 2017
- **Citation:** TCN-2017-NCLT-00036
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mbl-infrastructures-limited-543e568c

## Summary

### Background

The case involves an application under Section 60 of the Insolvency & Bankruptcy Code, 2016, seeking urgent reliefs by the Resolution Applicant. It also involves an application under section 7 of the Insolvency & Bankruptcy Code, 2016 read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The applicant is a promoter-director of MBL Infrastructure Ltd., referred to as the Corporate Debtor or “MBL”. An application filed under Section 7 by RBL Bank Ltd. against the Corporate Debtor MBL was admitted by the Adjudicating Authority on March 30, 2017. The Committee of Creditors (CoC) recommended an extension of 90 days for submission of a Resolution Plan, which was accepted. The Resolution Applicant submitted a

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## Facts

RBL Bank Limited initiated insolvency proceedings against MBL Infrastructures Limited (Corporate Debtor) under Section 7 of the Insolvency & Bankruptcy Code (IBC). The application was admitted on March 30, 2017. Anjanee Kumar Lakhotia, a promoter-director of MBL Infrastructure Ltd., submitted a resolution plan. The Committee of Creditors (CoC) raised concerns about Lakhotia's eligibility under Section 29A of the IBC, specifically clauses (c) and (h), due to his status as a guarantor and potential non-performing assets. The CoC held meetings on December 1, 2017, and December 15, 2017, to discuss the impact of the IBC amendment and Lakhotia's eligibility. The Resolution Professional (RP) sought legal opinions and shared them with the CoC. The CoC members expressed

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## Issues and analysis

### Issue 1: Whether the Resolution Applicant is ineligible to submit a resolution plan under Section 29A(c) of …

**Ratio:** Section 29A(c) imposes a restriction on persons whose accounts are classified as

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**Reasoning:** The court reasoned that the Resolution Applicant's case is not covered under clause (c)

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**Interpretation:** The interpretation of Section 29A(c) focuses on whether the applicant's account

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**Application:** In this case, the court determined that since the guarantee was not invoked and

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## Parties

- **Judges:** V. P. S…; Jinan…
- **Appellants:** Anjanee Kumar…
- **Respondents:** MBL Infrastructure…

## Timeline

- **2017-03-30 — Admission of Ap…**: Application filed U/S 7 by RBL Bank Ltd. against the Corporate Debtor MBL has been…
- **2017-06-29 — Submission of…**: Resolution Applicant has stated that on 29th June 2017, he has submitted a Resolution…

## Legal provisions

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

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