# Approval of Resolution Plan - Magppie International Ltd.

> NCLT judgment dated 2024-02-09. Citation: TCN-2024-NCLT-02660. The case involves an application under Section 30(6) read with Section 31(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 9 Feb 2024
- **Citation:** TCN-2024-NCLT-02660
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-magppie-international-ltd-9e84c9a0

## Summary

### Background

The case involves an application under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, for approval of a resolution plan submitted by M/s Worldfa Exports Pvt. Ltd. for M/s Magppie International Ltd ('Corporate Debtor'). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 13.03.2020. The Resolution Professional (RP) sought approval for the resolution plan, which was initially rejected by the Committee of Creditors (CoC) but later revised and approved with 77.45% voting shares in the 15th CoC Meeting held on 17.09.2021. IA 5803/2023 was filed by J.C. Flowers Asset Reconstructions Pvt Ltd., raising objections to the Resolution Plan submitted by M/s Worldfa Exports Pvt. Ltd.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Magppie International Ltd on 13.03.2020. Mr. Ashwani Kumar Gupta was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 16.03.2020. The IRP constituted the Committee of Creditors (CoC). The first CoC meeting was held on 11.05.2020, where Mr. Vivek Raheja was appointed as the Resolution Professional (RP). The RP published Form G on 10.09.2020, inviting expressions of interest. The last date for submission of the Resolution Plan was extended to 24.11.2020. Two plans were received, one from Worldfa Exports Pvt Ltd and another from One City Infrastructure Pvt Ltd & APM infrastructure Pvt Ltd. The plan submitted by Worldfa was initially rejected by the CoC

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Worldfa Exports Pvt. Ltd. meets the requirements of …

**Ratio:** The Adjudicating Authority's power to review a resolution plan is limited to the matters

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**Reasoning:** The Adjudicating Authority considered the provisions of Section 30(2) of the IBC and

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**Interpretation:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution

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**Application:** The Adjudicating Authority reviewed the Resolution Plan and found that it

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** Naveen Sa…
- **Respondents:** M/s. Magppie…

## Timeline

- **2020-03-13 — Initiation…**: Corporate Insolvency Resolution Process (CIRP)…
- **2020-03-16 — Public Annou…**: Public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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