# In the matter of M.V. Omni Projects IA-25(AHM)2021 in CP(IB) 404-NCLT-2019

> NCLT judgment dated 2021-02-22. Citation: TCN-2021-NCLT-02968. The case involves an application (IA 571 of 2020) filed under Section 60(5) of the Insolvency…

- **Court:** NCLT
- **Order date:** 22 Feb 2021
- **Citation:** TCN-2021-NCLT-02968
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mv-omni-projects-ia-25ahm2021-in-cpib-404-nclt-2019-30e9e3aa

## Summary

### Background

The case involves an application (IA 571 of 2020) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions to the Resolution Professional (RP) to provide a list of assets and facilitate the applicant's visit to the corporate debtor's premises to ascertain the value of assets. A subsequent application (IA 25 of 2021) was filed seeking to set aside the result of any voting on the Resolution Plan by Respondent No. 2 and to defer the hearing and final adjudication of the application filed under Section 30 of the Code.

## Facts

Aaryavart Infrastructure Private Limited filed an application (IA 571 of 2020) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions against the Resolution Professional (RP) of M.V. Omni Projects (India) Limited & Ors to provide a list of assets and facilitate a visit to the corporate debtor's premises. The applicant claimed a lack of transparency and impartiality in the Corporate Insolvency Resolution Process (CIRP). The applicant also submitted a resolution plan with a bank guarantee of Rs. 25,00,000/-. A subsequent application (IA 25 of 2021) was filed seeking to set aside any voting on the resolution plan and defer the hearing on the application filed under Section 30 of the Code. The CoC had already approved the resolution plan.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should direct the Resolution Professional to provide a list of …

**Ratio:** The Adjudicating Authority should not interfere with the Resolution Professional's duties

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**Reasoning:** The court found that the applicant's allegations lacked substantial evidence and that

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**Interpretation:** Section 60(5) of the IB Code allows the Adjudicating Authority to address

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**Application:** The court applied this principle by finding that the applicant's request for

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Aaryavart…
- **Respondents:** M.V. Omni…; Parthiv P…
- **Advocates:** Natasha Dhruman…; Jaimin…

## Timeline

- **2020-07-02 — Resolution Plan…**: The Applicant submitted its Resolution Plan along with the Bank Guarantee of Rs.…
- **2020-10-27 — Resolution Pl…**: Resolution plan dated 27.10.2020…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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