# In the matter of Multiwal Pulp and Board Mills Pvt. Ltd. IA-1606(PB)-2020 in (IB)-343(PB)-2019

> NCLT judgment dated 2021-01-04. Citation: TCN-2021-NCLT-03422. The case pertains to an application filed under Section 30(6) and 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 4 Jan 2021
- **Citation:** TCN-2021-NCLT-03422
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/multiwal-pulp-and-board-mills-pvt-ltd-ia-1606pb-2020-in-ib-343pb-2019-6917d5e5

## Summary

### Background

The case pertains to an application filed under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of a resolution plan. The Committee of Creditors (CoC) had already approved the plan in its 6th meeting with a requisite majority of 72.30% under Section 30(4) of the Code. The Corporate Insolvency Resolution Process (CIRP) was initiated against Multiwal Pulp and Board Mills Private Limited, with Corporation Bank being the financial creditor. The CIRP was initiated on 21.05.2019, and Mr. Manish Agarwal was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The RP issued an

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## Facts

Corporation Bank, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Multiwal Pulp and Board Mills Private Limited. The CIRP was admitted on 21.05.2019. Manish Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP issued an invitation for Expression of Interest (Eol). Two resolution plans were received from M/s A N International and M/s Marinaindia Traexim Private Limited. The Committee of Creditors (CoC) rejected the plan of M/s A N International and approved the plan of M/s Marinaindia Traexim Private Limited with a 72.30% voting share in its 6th meeting. The Resolution Applicant, M/s Marinaindia Traexim Private Limited, was asked to revise the Resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Marinaindia Traexim Private Limited complies with the …

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

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and found that it complied with

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**Interpretation:** Section 30(2) is interpreted as setting a minimum threshold for the

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**Application:** The Resolution Plan was found to be in compliance with Section 30(2) as it

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## Parties

- **Judges:** B.S.V. Prakash…; HEMANT KUMAR…
- **Appellants:** Corporatio…
- **Respondents:** Multiwal Pulp and…

## Timeline

- **2019-05-21 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Multiwal Pulp and…
- **2019-06-20 — RP Confir…**: Manish Agarwal was confirmed as the Resolution…

## 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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