# Approval of Resolution Plan - Mahamayay Metals LLP {IA(IBC) Plan No. 02-JPR-2024 in CP No. (IB)-192-7-JPR-2020]

> NCLT judgment dated 2024-03-12. Citation: TCN-2024-NCLT-02086. The case pertains to an application (IA(IBC) Plan No. 02/JPR/2024) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 12 Mar 2024
- **Citation:** TCN-2024-NCLT-02086
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-mahamayay-metals-llp-iaibc-plan-no-02-jpr-2024-in-cp-e18603ea

## Summary

### Background

The case pertains to an application (IA(IBC) Plan No. 02/JPR/2024) filed by the Resolution Professional, Vikram Bajaj, for M/s Mahamayay Metals LLP ('Corporate Debtor') under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of a Resolution Plan. 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. The CIRP was initiated, and an Interim Resolution Professional (IRP) was appointed. The IRP constituted a Committee of Creditors (CoC) and convened meetings to discuss the resolution process. The CoC rejected the initial proposal concerning the appointment

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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, 2016. The application was admitted, and an Interim Resolution Professional (IRP) was appointed. The IRP constituted a Committee of Creditors (CoC). The CoC rejected the initial proposal to appoint the IRP as the Resolution Professional (RP). The IRP performed the functions of RP. The IRP issued invitations for Expression of Interest (EOI) and received five EOIs. After due diligence, a provisional list including two prospective Resolution Applicants was issued. Two resolution plans were received from Raman Kumar and Ramphal Singh, and Kusumesh Steel Pvt. Ltd. and

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## Issues and analysis

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

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

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to confirm that it provides for

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**Interpretation:** Section 30(2) of the Code is interpreted to mean that a resolution plan must

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**Application:** The Adjudicating Authority found that the Resolution Plan provides for the

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## Parties

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

## Timeline

- **2020-09-02 — Incorporation of…**: The Corporate Debtor, M/s…
- **2020-01-01 — CP No. (IB)- 192/7/JPR/2…**: Main application filed by the Financial Creditor, Laxmi Narain Yadav, under Section 7 of…

## 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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