# Approval of Resolution Plan - Mahendra Investment Advisors Pvt. Ltd.

> NCLT judgment dated 2023-08-10. Citation: TCN-2023-NCLT-02085. The case involves IA(IBC) 1017/2023 filed in CP (IB) No. 463/7/HDB/2019 under Section 7 of the…

- **Court:** NCLT
- **Order date:** 10 Aug 2023
- **Citation:** TCN-2023-NCLT-02085
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-mahendra-investment-advisors-pvt-ltd-70ad9ccb

## Summary

### Background

The case involves IA(IBC) 1017/2023 filed in CP (IB) No. 463/7/HDB/2019 under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed by the Resolution Professional under Sections 30(6) and 31 of the IBC, seeking approval of a resolution plan for Mahendra Investment Advisors Pvt Ltd, the Corporate Debtor. The resolution plan was submitted by M/s Arti Securities and Services Limited and approved by the Committee of Creditors (CoC) with 82.97% votes. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 28.04.2021. The Interim Resolution Professional (IRP) was appointed, and a public announcement was made. The IRP constituted the CoC and updated the list of creditors. The Tribunal excluded 353 days

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## Facts

Simplex Infrastructures Ltd is the Financial Creditor, and Mahendra Investment Advisors Pvt Ltd is the Corporate Debtor. IA No. 1017/2023 was filed by the Resolution Professional under Sections 30(6) and 31 of the IBC, seeking approval of the resolution plan submitted by M/s Arti Securities and Services Limited, which was approved by the Committee of Creditors (CoC) with 82.97% votes. The Corporate Debtor was admitted into CIRP on 28.04.2021. Mr. Adinarayana Babji Kota was appointed as the Interim Resolution Professional (IRP). Public announcements were made in "The Economic Times" and "Prabhata Velugu" on 05.05.2022. The IRP constituted the CoC on 26.05.2021. The Tribunal excluded 353 days from the CIRP period and granted extensions of CIRP of 258

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s Arti Securities & Services Ltd meets the …

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

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**Reasoning:** The Tribunal considered the submissions of the Resolution Professional, who stated that

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**Interpretation:** Section 30(2) is interpreted to ensure that resolution plans adhere to the

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**Application:** The Tribunal applied the provisions of Section 30(2) to the resolution plan and

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Simplex Infrastruc…
- **Respondents:** Mahendra Investmen…

## Timeline

- **2023-10-08 — Hearing…**: Attendance cum order sheet of the…
- **2021-04-28 — Admission in…**: The Tribunal admitted the Corporate Debtor into Corporate Insolvency Resolution Process…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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