# In the matter of Morakhia Copper and Alloys Pvt. Ltd. IA 86(AHM) 2021 in CP (IB)-463-NCLT-AHM-2019

> NCLT judgment dated 2021-12-13. Citation: TCN-2021-NCLT-00191. The case involves an application filed by the Resolution Professional (RP) of Morakhia Copper &…

- **Court:** NCLT
- **Order date:** 13 Dec 2021
- **Citation:** TCN-2021-NCLT-00191
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/morakhia-copper-and-alloys-pvt-ltd-ia-86ahm-2021-in-cp-ib-463-nclt-ahm-2019-0c5e1a0c

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Morakhia Copper & Alloys Pvt Ltd under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the resolution plan. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 19.02.2020. The RP, Mr. Jitendra Kumar Jain, collated claims and constituted a Committee of Creditors (CoC) comprising Reliance ARC and Bank of Maharashtra. The CoC evaluated resolution applicants and plans, leading to the approval of Shreenathji Rasayan Pvt Ltd's resolution plan.

## Facts

Morakhia Copper & Alloys Pvt Ltd was admitted into Corporate Insolvency Resolution Process (CIRP) on 19.02.2020. Jitendra Kumar Jain was appointed as the Interim Resolution Professional (IRP) and later as Resolution Professional (RP). The Committee of Creditors (CoC) comprised Reliance ARC and Bank of Maharashtra. The CoC approved valuation criteria and net worth criteria for resolution applicants. Several rounds of Expression of Interest (EOI) and requests for resolution plans (RFRP) were conducted. Shreenathji Rasayan Pvt Ltd submitted a resolution plan that was ultimately approved by the CoC. The average Fair Value and Liquidation Value were estimated at Rs. 11,57,14,166 and Rs. 7,98,94,922, respectively. The Resolution Applicant provided a Performance Bank

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Shreenathji Rasayan Pvt Ltd complies with the requirements …

**Ratio:** Section 30(2) of the IBC, 2016, requires that the resolution plan approved by the CoC

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**Reasoning:** The Adjudicating Authority considered the submissions made by the learned counsel for the

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**Interpretation:** This issue involves interpreting the requirements of Section 30(2) of the IBC,

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) of the

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Jitendra Kumar…
- **Respondents:** Morakhia Copper &…; Shreenathji…

## Timeline

- **2020-02-19 — Admission in…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) by the…
- **2020-05-14 — CoC Meet…**: 2nd meeting of the Committee…

## 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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