# Approval of Resolution Plan - Mahavir Roads & Infrastructure Pvt. Ltd.

> NCLT judgment dated 2024-05-14. Citation: TCN-2024-NCLT-01356. The case involves an application moved by Resolution Professional Mr. Amit Gupta under Section…

- **Court:** NCLT
- **Order date:** 14 May 2024
- **Citation:** TCN-2024-NCLT-01356
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-mahavir-roads-infrastructure-pvt-ltd-addac5a6

## Summary

### Background

The case involves an application moved by Resolution Professional Mr. Amit Gupta under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by Bermaco Energy Systems Limited, which was approved by 78.83% of the Committee of Creditors (CoC) for Mahavir Roads & Infrastructure Private Limited. The CIRP was initiated following the admission of an application under Section 7 of the Code. The process involved several CoC meetings, invitation for resolution plans, and challenges to the CIRP order.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Mahavir Roads & Infrastructure Private Limited after an application was admitted under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Ankur Kumar was initially appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement inviting claims from creditors. The CIRP order was challenged, leading to a stay on the constitution of the Committee of Creditors (CoC). Form G was published multiple times to invite expressions of interest from prospective resolution applicants. Suraksha ARC was initially the sole prospective resolution applicant, and the CoC decided to obtain an Earnest Money Deposit (EMD) from them. However, the resolution plan submitted by

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Bermaco Energy Systems Limited meets the requirements of …

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

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and found that it provides for

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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

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## Parties

- **Judges:** SH. Justice…; Prabhat…
- **Appellants:** Amit G…
- **Respondents:** Mahavir Roads &…

## Timeline

- **2019-02-21 — CIRP Admi…**: The Hon'ble NCLT admitted CIRP u/s 7 of the Code…
- **2019-03-14 — Public Annou…**: The IRP issued Public Announcement (Form A) inviting claims from the creditors of the…

## 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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