# Approval of Resolution Plan - Mahamayay Metals LLP

> NCLT judgment dated 2024-03-12. Citation: TCN-2024-NCLT-02104. The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency…

- **Court:** NCLT
- **Order date:** 12 Mar 2024
- **Citation:** TCN-2024-NCLT-02104
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-mahamayay-metals-llp-039d927d

## Summary

### Background

The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of a Resolution Plan for M/s Mahamayay Metals LLP ('Corporate Debtor'). The main application, CP No. (IB)- 192/7/JPR/2020, was filed by the Financial Creditor, Laxmi Narain Yadav, under Section 7 of the Code for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on 21.12.2021. The Interim Resolution Professional (IRP) was appointed and issued a public announcement. The Committee of Creditors (CoC) was constituted, and several

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## Facts

Laxmi Narain Yadav, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Mahamayay Metals LLP ('Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 21.12.2021. Vikram Bajaj was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and meetings were held. The CoC rejected the initial proposal regarding the appointment of the IRP as the RP. The IRP continued to perform the functions of the RP. Karnataka Bank Limited, a major shareholder, dissented from the resolution of the IRP's appointment. The IRP invited Expression of Interest (EOI) for prospective resolution applicants. Two resolution plans were received from Raman Kumar and Ramphal

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Kusumesh Steel Pvt. Ltd. and Rani Yogita should be …

**Ratio:** Section 31(1) of the IBC states that if the Adjudicating Authority is satisfied that the

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**Reasoning:** The Adjudicating Authority considered the submissions of the RP, reviewed the records,

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**Interpretation:** Section 31(1) provides the framework for the approval of a resolution plan,

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**Application:** The Adjudicating Authority, being satisfied that the Resolution Plan meets the

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Vikram…
- **Respondents:** M/S MAHAMAYAY…; Laxmi Narai…
- **Advocates:** Abhishek…; Karan Prata…

## Timeline

- **2020-09-02 — Corporate Debtor…**: The Corporate Debtor…
- **2021-12-21 — CIRP Init…**: CIRP proceedings were initiated under Section 7 of the Code against the Corporate Debtor,…

## 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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