# Approval of Resolution Plan - M B Malls Private Limited

> NCLT judgment dated 2024-09-20. Citation: TCN-2024-NCLT-00576. The case pertains to an application filed by the Resolution Professional (RP) of M/s M.B. Malls…

- **Court:** NCLT
- **Order date:** 20 Sept 2024
- **Citation:** TCN-2024-NCLT-00576
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-m-b-malls-private-limited-3d83ebfc

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of M/s M.B. Malls Pvt. Ltd., the Corporate Debtor, under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application seeks approval of the Resolution Plan submitted by the successful resolution applicant, a consortium of individuals Mr. Pradeep Kumar Agrawalla & Mr. Mukesh Kumar Agarwal, which was duly approved by the Committee of Creditors (CoC) with a 100% voting share. The Corporate Debtor is engaged in the real estate business, specifically the construction of a "Business Tower" comprising a corporate office complex and a 5-star hotel in

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## Facts

M/s M.B. Malls Pvt. Ltd. (Corporate Debtor) is a real estate company constructing a "Business Tower" in Faridabad, Haryana. Bank of Baroda (Financial Creditor) filed an application under Section 7 of the IBC, leading to the initiation of CIRP against the Corporate Debtor. Mr. Vikram Bajaj was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Abhimanyu Mittal. The IRP made public announcements to invite claims and constituted the CoC, comprising financial creditors and a representative for real estate buyers. The CoC convened multiple meetings to evaluate resolution plans. Mr. Pradeep Kumar Agrawalla & Mr. Mukesh Kumar Agarwal (in Consortium) submitted a resolution plan that was approved by the CoC with a 100% voting

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the successful resolution applicant complies with the …

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

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

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**Interpretation:** Section 30(2) of the IBC is interpreted as setting out the minimum requirements

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**Application:** In this case, the Adjudicating Authority found that the Resolution Plan

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## Parties

- **Judges:** SHRI. MAHENDRA…; RAHUL BHA…
- **Appellants:** Bank of B…
- **Respondents:** M/s. M.B Malls…; Pradeep Kumar…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition No. (IB)…
- **2022-08-03 — CIRP Init…**: CIRP initiated against…

## 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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