# Approval of Resolution Plan - Manjeera Retail Holdings Private Limited

> NCLT judgment dated 2025-03-26. Citation: TCN-2025-NCLT-00309. The case pertains to an application filed under Section 30(6) and 31(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 26 Mar 2025
- **Citation:** TCN-2025-NCLT-00309
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-manjeera-retail-holdings-private-limited-87688c45

## Summary

### Background

The case pertains to an application filed under Section 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) r/w Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of a resolution plan for Manjeera Retail Holdings Private Limited (MRHPL). The Corporate Insolvency Resolution Process (CIRP) was initiated against MRHPL following the admission of a petition filed by Catalyst Trusteeship Limited, the Financial Creditor, under Section 7 of the IBC. The CIRP commenced with the appointment of an Interim Resolution Professional (IRP), who was later replaced by a Resolution Professional (RP). Public announcement of the CIRP was made, inviting claims from creditors. The RP constituted a Committee of

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Manjeera Retail Holdings Private Limited (MRHPL) after the admission of a petition filed by M/s. Catalyst Trusteeship Limited, the Financial Creditor (FC), under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Vamsi Kambhammettu was initially appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mr. Birender Kumar Agrawal as the Resolution Professional (RP). A public announcement was made on 21.07.2023, inviting claims from the creditors of MRHPL. The RP constituted a Committee of Creditors (COC) comprising Catalyst Trusteeship Limited (92.65% voting share) and Fedbank Financial Services Limited (7.35% voting share). The RP invited Expression of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Lulu International Shopping Malls Private Limited …

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

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**Reasoning:** The NCLT reviewed the Resolution Plan and found that it complies with the requirements of

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**Interpretation:** Section 30(2) of the IBC and Regulations 38 & 39 of the CIRP Regulations

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**Application:** The NCLT applied the provisions of Section 30(2) of the IBC and Regulations 38

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Catalyst Trusteesh…
- **Respondents:** Manjeera Retail…

## Timeline

- **2022-01-01 — Company Petiti…**: Company Petition CP(IB) No. 296/7/HDB/2022…
- **2023-07-18 — Admission…**: Admission of the Company…

## 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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