# In the matter of Micromax Energy Limited CA-799-C-III-ND-2019 in CP No. 330-ND-2018

> NCLT judgment dated 2020-06-24. Citation: TCN-2020-NCLT-01129. The case involves CA-799/C-III/ND/2019 filed in CP No. 330/ND/2018 under Sections 30(6) & 31 of…

- **Court:** NCLT
- **Order date:** 24 Jun 2020
- **Citation:** TCN-2020-NCLT-01129
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/micromax-energy-limited-ca-799-c-iii-nd-2019-in-cp-no-330-nd-2018-bb430f5b

## Summary

### Background

The case involves CA-799/C-III/ND/2019 filed in CP No. 330/ND/2018 under Sections 30(6) & 31 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules and Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Resolution Professional, Mr. Avineesh Matta, submitted a Resolution Plan approved by the Committee of Creditors (CoC) for Micromax Energy Limited. An objection was raised by an Operational Creditor, Jay Ace Technologies Limited, regarding the plan.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Micromax Energy Limited by an Operational Creditor, Jay Ace Technologies Limited, under Section 9 of the IBC. Mr. Avineesh Matta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and several meetings were held to discuss and approve the Resolution Plan. The RP received six Expressions of Interest (EOIs) following the publication of Form-G. Two Prospective Resolution Applicants (PRAs), Shri Mukesh Gupta and Shri Krishan Bansal, jointly submitted a Resolution Plan. The Operational Creditor raised objections, claiming that the Resolution Applicants were related parties and that the Resolution Plan was

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## Issues and analysis

### Issue 1: Whether the Resolution Applicants, Mr. Mukesh Gupta and Mr. Krishan Bansal, are related parties as …

**Ratio:** Section 29A of the IBC disqualifies certain individuals from submitting a resolution plan

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**Reasoning:** The Resolution Applicants filed affidavits stating that at the time of submission of the

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**Interpretation:** Section 29A is interpreted to prevent individuals with a history of

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**Application:** The affidavits submitted by the Resolution Applicants were crucial in

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## Parties

- **Judges:** CH. MOHD SHARIEF…; K.K. V…
- **Respondents:** Micromax Energy…

## Timeline

- **2018-12-17 — Application A…**: Application admitted by the…
- **2018-12-17 — Appointment…**: Mr. Avineesh Matta appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(24) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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