# In the matter of Multiwal Duplex Pvt. Ltd. IA No. 1150-2020 in CP No. (IB) 42-ALD-2019

> NCLT judgment dated 2020-12-16. Citation: TCN-2020-NCLT-00062. The case pertains to an application filed under Section 30(6) and 31(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 16 Dec 2020
- **Citation:** TCN-2020-NCLT-00062
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/multiwal-duplex-pvt-ltd-ia-no-1150-2020-in-cp-no-ib-42-ald-2019-e4e9816c

## Summary

### Background

The case pertains to an application filed under Section 30(6) and 31(1) 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 application seeks approval from the Adjudicating Authority, under Section 31 of the IBC, for the resolution plan submitted by the successful resolution applicant, M/s Marinaindia Traexim Pvt Ltd. The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated vide order of the tribunal dated 12.09.2019 upon admission of an application filed by the Financial Creditor under Section 7 of the Code. Mr. Manish Agarwal was appointed as the IRP and later confirmed

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Multiwal Duplex Pvt Ltd on 12.09.2019, following an application by the Financial Creditor, Corporation Bank, under Section 7 of the Insolvency and Bankruptcy Code (IBC). Manish Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP published Form G in newspapers, inviting expressions of interest for a resolution plan. One resolution plan was received from M/s Marinaindia Traexim Pvt Ltd. The Committee of Creditors (CoC) deliberated on the plan and approved it with 100% voting rights on 23.03.2020. The RP then filed an application seeking approval of the resolution plan from the Adjudicating Authority (NCLT). The resolution

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s Marinaindia Traexim Pvt Ltd meets the requirements of …

**Ratio:** Section 30(2) of the IBC specifies the mandatory requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority relies on the examination and certification by the Resolution

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

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**Application:** The Resolution Professional's certification and the Adjudicating Authority's

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## Parties

- **Judges:** Rajesh Daya…
- **Respondents:** Multiwal Duplex…; Gaurav Dw…

## Timeline

- **2019-09-12 — Initiation…**: Corporate Insolvency Resolution Process…
- **2019-09-15 — Publication o…**: RP published Form G in 'The…

## 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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