# Approval of Resolution Plan - Manjeera Constructions Limited

> NCLT judgment dated 2025-03-26. Citation: TCN-2025-NCLT-00304. The document pertains to an application (IA No. 14/2024) filed under Section 30(6) and 31(1) of…

- **Court:** NCLT
- **Order date:** 26 Mar 2025
- **Citation:** TCN-2025-NCLT-00304
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-manjeera-constructions-limited-6f3a90be

## Summary

### Background

The document pertains to an application (IA No. 14/2024) filed under Section 30(6) and 31(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39(4) of the IBBI (IRPCP) Regulations, 2016, seeking approval of a resolution plan for M/s. Manjeera Constructions Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition filed by Catalyst Trusteeship Limited, a financial creditor, under Section 7 of the IBC. The resolution professional (RP) appointed initially was replaced by Mr. Birender Kumar Agrawal. Public announcement of the CIRP was made, inviting claims from creditors. The Committee of Creditors (COC) was constituted, and a resolution plan submitted by M/s. Valentis Laboratories Private Limited

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## Facts

M/s. Manjeera Constructions Limited underwent Corporate Insolvency Resolution Process (CIRP) following the admission of a petition by Catalyst Trusteeship Limited under Section 7 of the IBC. Mr. Birender Kumar Agrawal served as the Resolution Professional (RP). A public announcement was made, inviting claims from creditors, with a deadline of 01.08.2023. The Committee of Creditors (COC) was formed, comprising financial creditors such as Catalyst Trusteeship Limited (68.74% voting share), Fedbank Financial Services Limited (5.45%), State Bank of India (5.50%), and LIC Housing Finance (11.96%). Mr. G.Yoganand, a suspended director, filed an appeal against the admission order, which is pending before NCLAT, Chennai. The RP appointed two registered valuers to assess the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Valentis Laboratories Private Limited in consortium …

**Ratio:** The legal principle is that a resolution plan must comply with the mandatory requirements

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**Reasoning:** The NCLT conducted a thorough compliance check of the Resolution Plan in terms of Section

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

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**Application:** The NCLT determined that the Resolution Plan satisfied the requirements of

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** M/s. Catalyst…
- **Respondents:** M/s. Manjeera…

## Timeline

- **2022-01-01 — CP(IB) NO. 320/7/HDB/202…**: The Company Petition CP(IB) No. 320/7/HDB/2022…
- **2023-07-18 — Admission…**: The Company Petition CP(IB) No. 320/7/HDB/2022 filed by M/s Catalyst Trusteeship Limited…

## 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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