# In the matter of McNally Sayaji Engineering Limited IA (IB) No. 1214-KB-2022 in CP (IB) No. 131-KB-2020

> NCLT judgment dated 24 Feb 2023. Citation: TCN-2023-NCLT-04468. This case involves an application filed by Mr. Jitendra Lohia, the Resolution Professional of…

- **Court:** NCLT
- **Order date:** 24 Feb 2023
- **Citation:** TCN-2023-NCLT-04468
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mcnally-sayaji-engineering-limited-ia-ib-no-1214-kb-2022-in-cp-ib-no-131-kb-2020-996dcaa7

## Summary

### Background

This case involves an application filed by Mr. Jitendra Lohia, the Resolution Professional of McNally Sayaji Engineering Limited (the Corporate Debtor), seeking approval of a Resolution Plan. The application was filed under section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC), read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations). The underlying Company Petition, C.P. (IB) No. 131/KB/2020, was initiated by ICICI Bank Limited, the Financial Creditor, against McNally Sayaji Engineering Limited under section 7 of the IBC, and was admitted on February 11, 2021. Mr. Jitendra Lohia was initially appointed as the Interim Resolution Professional (IRP) and

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## Facts

ICICI Bank Limited, the Financial Creditor, filed a Company Petition, C.P. (IB) No. 131/KB/2020, against McNally Sayaji Engineering Limited, the Corporate Debtor, under section 7 of the Insolvency and Bankruptcy Code, 2016. This petition was admitted by an order dated February 11, 2021, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Tega Industries Limited complies with the provisions of…

**Ratio:** A Resolution Plan, once approved by the Committee of Creditors with the requisite voting…

**Reasoning:** The court found that the Resolution Plan had been approved by the Committee of Creditors…

**Interpretation:** The court interpreted **sections 30 and 31** of the IBC and **regulations 38…

**Application:** The Adjudicating Authority applied these interpretations to the facts, noting…

## Parties

- **Judges:** RohitKa…; MEMBER (JUD…; +2 more
- **Advocates:** Manju Bhuteria,…; Jitendra…; +3 more

## Timeline

- **February 11, 2021 — Company Petition…**: The Company Petition in C.P. (IB) No. 131/KB/2020 filed by ICICI Bank Limited against…
- **February 15, 2021 — Public Announcement of…**: The IRP made a public announcement in various newspapers regarding the initiation of CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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