# In the matter of Mynah Industries Limited MA-1394-2019 in CP-666-IB-3028

> NCLT judgment dated 2020-02-28. Citation: TCN-2020-NCLT-01756. The case involves an application (MA/1394/2019) filed by the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 28 Feb 2020
- **Citation:** TCN-2020-NCLT-01756
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mynah-industries-limited-ma-1394-2019-in-cp-666-ib-3028-0cb9a435

## Summary

### Background

The case involves an application (MA/1394/2019) filed by the Resolution Professional (RP) of M/s. Mynah Industries Limited, seeking approval of a resolution plan submitted by the successful Resolution Applicant, Bodugu Sudhakar, under Sections 30 and 31 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by an Operational Creditor, Chennai Textile Chemicals Private Limited (CP/666/IB/2018). The Interim Resolution Professional (IRP) was appointed, who then made a public announcement, received claims from creditors, and constituted a Committee of Creditors (CoC).

## Facts

M/s. Mynah Industries Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application by Chennai Textile Chemicals Private Limited, an Operational Creditor. The application was filed under CP/666/IB/2018. A. Sisir Kumar Appikatla was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP made a public announcement and constituted a Committee of Creditors (CoC) on 21.03.2019. The first CoC meeting was held on 27.03.2019. The CoC approved the resolution plan submitted by Bodugu Sudhakar with 85.11% voting rights in its 7th meeting held on 18.11.2019. The fair value of the company was determined to be Rs. 14,65,05,000/-, and the liquidation value was Rs. 9,07,98,500/-. The Resolution Plan

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Bodugu Sudhakar complies with the requirements of Section …

**Ratio:** Section 30(2) of the IBC, 2016, specifies the mandatory requirements that a resolution

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

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

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**Application:** In this case, the Tribunal found that the Resolution Plan complied with Section

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Respondents:** M/s. Mynah…
- **Advocates:** B. Ap…

## Timeline

- **2018-01-01 — CP/666/IB/201…**: Application filed by Chennai Textile Chemicals Private Limited, an Operational Creditor,…
- **2019-02-26 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Mynah Industries…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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