# In the matter of Murli Industreis Limited MA No. 689-2017, 54,70,105,119,360,364,546 & 777 -2017 in CP 66-IBC-NCLT-MAH-2017

> NCLT judgment dated 2019-07-03. Citation: TCN-2019-NCLT-02702. The case involves a corporate insolvency resolution process (CIRP) initiated against Murli…

- **Court:** NCLT
- **Order date:** 3 Jul 2019
- **Citation:** TCN-2019-NCLT-02702
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/murli-industreis-limited-ma-no-689-2017-5470105119360364546-777-2017-in-cp-66-ib-0c64cf6f

## Summary

### Background

The case involves a corporate insolvency resolution process (CIRP) initiated against Murli Industries Limited by Edelweiss Asset Reconstruction Company Limited (EARC) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted on 2017-05-04, and Mr. Vijaykumar V. Iyer was appointed as the Interim Resolution Professional. The resolution plan submitted by Dalmia Cement (Bharat) Limited was approved by 100% of the Committee of Creditors (CoC). However, various applications and objections were filed by different parties, including the erstwhile promoter, workers, and other creditors, challenging the resolution plan and the CIRP process. A winding-up petition against the Corporate Debtor was already pending before the Hon'ble High Court of

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## Facts

Edelweiss Asset Reconstruction Company Limited (EARC) initiated Corporate Insolvency Resolution Process (CIRP) against Murli Industries Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted on 2017-05-04, and Vijaykumar V. Iyer was appointed as the Interim Resolution Professional. Dalmia Cement (Bharat) Limited submitted a resolution plan, which was approved by 100% of the Committee of Creditors (CoC). The CIRP period was extended to 270 days, expiring on 2017-12-31. The Resolution Professional filed MA 689/2017 seeking approval of the resolution plan. Several applications and objections were filed by various parties, including the erstwhile promoter, workers, and other creditors, challenging the resolution plan and the CIRP

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Dalmia Cement (Bharat) Limited should be approved under …

**Ratio:** Section 31 of the IBC provides for the approval of a resolution plan by the Adjudicating

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**Reasoning:** The Tribunal considered the provisions of Section 31 of the IBC and the requirements of

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**Interpretation:** Section 31 of the IBC provides the framework for the approval of a resolution

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**Application:** In this case, the Tribunal was satisfied that the resolution plan submitted by

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Vijaykumar…
- **Respondents:** Murli Industries…; Sunil Kumar…

## Timeline

- **2017-05-04 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) was admitted against Murli Industries…
- **2017-05-04 — Appointment…**: Mr. Vijaykumar V. Iyer was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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