# In the matter of MIC Electronics Limited IA No. 686-2018 in CP (IB) No. 24-7-HDB-2018

> NCLT judgment dated 2019-07-31. Citation: TCN-2019-NCLT-02188. The case involves an application (IA No. 686 of 2018) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 31 Jul 2019
- **Citation:** TCN-2019-NCLT-02188
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mic-electronics-limited-ia-no-686-2018-in-cp-ib-no-24-7-hdb-2018-afdb3aa1

## Summary

### Background

The case involves an application (IA No. 686 of 2018) filed by the Resolution Professional (RP) appointed in CP(IB) No. 24/7/HDB/2018 concerning MIC Electronics Limited. The RP sought approval of a Resolution Plan submitted along with the application under Section 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The original petition was filed by SREI Equipment Finance Limited under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against MIC Electronics Limited.

## Facts

SREI Equipment Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against MIC Electronics Limited by filing C.P. (IB) No.24/7/HDB/2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2018-03-13, and Mr. Prabhakar Nandiraju was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). A public advertisement was issued on 2018-03-18, inviting claims from stakeholders. The Committee of Creditors (CoC) was constituted, including State Bank of India, UCO Bank, Technology development Board, SREI Equipment Finance Limited, Reliance Capital Limited, JBB Infrastructure Private Limited, MIC Welfare Employees Trust, Axis Bank Limited, and Andhra Bank. The CoC

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Cosyn Ltd consortium meets the requirements of Section …

**Ratio:** Section 30(2) of the Code specifies the requirements that a resolution plan must meet,

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**Reasoning:** The Adjudicating Authority perused the Resolution Plan and found that it provided for the

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan adequately

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**Application:** The court applied the requirements of Section 30(2) to the specific provisions

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## Parties

- **Judges:** K. Anantha…
- **Appellants:** Prabhakar…
- **Respondents:** MIC Electronics…

## Timeline

- **2018-03-13 — Petition Ad…**: The petition filed by SREI Equipment…
- **2018-03-18 — Public Advert…**: A public advertisement was issued in Financial Express and Nava Telangana newspapers…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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