# In the matter of Mondal & Manna Coldstore Private Limited I.A. NO. of 2020 in CP (IB) No. 78-KB-2019

> NCLT judgment dated 2020-07-13. Citation: TCN-2020-NCLT-01041. The case involves an application under Section 30(6) read with Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 13 Jul 2020
- **Citation:** TCN-2020-NCLT-01041
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mondal-manna-coldstore-private-limited-ia-no-of-2020-in-cp-ib-no-78-kb-2019-af9ea36a

## Summary

### Background

The case involves an application under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, regarding the approval of a resolution plan for Mondal & Manna Coldstore Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by United Bank of India under Section 7 of the Code. The Adjudicating Authority passed an order on 23.09.2019 initiating CIRP and appointing Mrs. Uma Kothari as Interim Resolution Professional. The Committee of Creditors (CoC) was constituted and held several meetings to evaluate the resolution plan.

## Facts

United Bank of India (now merged with PNB) initiated Corporate Insolvency Resolution Process (CIRP) against Mondal & Manna Coldstore Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority initiated CIRP on 23.09.2019 and appointed Mrs. Uma Kothari as Interim Resolution Professional. The Committee of Creditors (CoC) was constituted on 16.10.2019. Two applications were received in response to the publication of EOI. Maa Tara Projects submitted a resolution plan that was approved by the CoC with 100% vote share. The resolution plan included an upfront payment of Rs. 10,00,000, with Rs. 4,75,105 allocated towards CIRP costs. The only asset of the Corporate Debtor was a pond, valued at Rs. 28,90,500. The Resolution Plan

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Maa Tara Projects for Mondal & Manna Coldstore Private …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code, 2016, provides that if the

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**Reasoning:** The Tribunal considered the resolution plan approved by the CoC with 100% voting shares.

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**Interpretation:** Section 31(1) mandates the Adjudicating Authority to approve a resolution plan

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**Application:** The Tribunal applied Section 31(1) to the facts of the case, noting that the

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Respondents:** Mondal & Manna…

## Timeline

- **2019-09-23 — Initiation…**: Adjudicating authority passed an order for initiating CIRP against Mondal & Manna Cold…
- **2019-10-16 — Constitution…**: The Committee of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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