# In the matter of Vista Mining Private Limited IA (IB) No.368-KB-2021 in CP (IB) No.146-KB-2019

> NCLT judgment dated 2021-07-13. Citation: TCN-2021-NCLT-01760. The case pertains to an application filed under section 30(6) and section 31(1) of the…

- **Court:** NCLT
- **Order date:** 13 Jul 2021
- **Citation:** TCN-2021-NCLT-01760
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vista-mining-private-limited-ia-ib-no368-kb-2021-in-cp-ib-no146-kb-2019-ce605486

## Summary

### Background

The case pertains to an application filed under section 30(6) and section 31(1) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a Resolution Plan for Vista Mining Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Reliance Commercial Finance Limited under section 7 of the Code, which was admitted on 2020-02-25. The Resolution Professional (RP), Dr. Soumitra Lahiri, filed the application after the Committee of Creditors (CoC) approved the Resolution Plan.

## Facts

Reliance Commercial Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Vista Mining Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was admitted on 2020-02-25. Initially, Mr. Kanchan Dutta was appointed as the Interim Resolution Professional (IRP), but he was later replaced by Dr. Soumitra Lahiri, the Applicant herein, following a CoC resolution. The IRP made a public announcement on 2020-02-29, initiating CIRP and calling for proof of claims from creditors. The Committee of Creditors (CoC) was constituted on 2020-03-21, and fifteen CoC meetings were held during the CIRP period. Invitations for Expressions of Interest (EoI) were issued, and three EoIs were received. Only one

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant complies with the requirements of …

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

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it complied with

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

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**Application:** The Adjudicating Authority applied the requirements of section 30(2) to the

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Vista Mining…

## Timeline

- **2020-02-25 — Admission of Company…**: Company Petition filed by Reliance Commercial Finance Limited against Vista Mining…
- **2020-02-29 — Public Annou…**: IRP made public announcement regarding…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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