# Approval of Resolution Plan - Mantena Laboratories Limited

> NCLT judgment dated 2024-02-06. Citation: TCN-2024-NCLT-02759. The case involves an application filed by the Resolution Professional (RP) of the Corporate…

- **Court:** NCLT
- **Order date:** 6 Feb 2024
- **Citation:** TCN-2024-NCLT-02759
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-mantena-laboratories-limited-19884313

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of the Corporate Debtor (CD), M/s. Mantena Laboratories Limited, under Section 30(6) of the IBC r/w Regulation 39(4) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016, seeking approval of the Resolution Plan submitted by Mr. Shiv Charan along with Mrs. Bharti Agarwal & Mrs. Pushpalata Bai. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 06.08.2021. The RP issued a public announcement inviting claims from creditors and constituted the Committee of Creditors (CoC). The suspended director/promoter challenged the admission order, but the appeal was dismissed by the NCLAT, Chennai Bench. The RP also faced challenges in

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## Facts

M/s. Mantena Laboratories Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by financial creditors. The CIRP was triggered due to the company's inability to meet its financial obligations. Edelweiss Asset Reconstruction Co. Ltd was a major financial creditor. The Resolution Professional (RP) was appointed to manage the CIRP. A Committee of Creditors (CoC) was formed, comprising secured and unsecured creditors, including Edelweiss Asset Reconstruction Co. Ltd, Bank of Maharashtra, and ICICI Bank Limited. The suspended director/promoter challenged the CIRP admission order, leading to litigation before the NCLAT and the Supreme Court. The RP faced challenges in obtaining necessary documents and cooperation from the suspended management. The CoC

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Shiv Charan along with Mrs. Bharti Agarwal & Mrs. …

**Ratio:** Section 30(2) of the IBC and Regulations 37, 38, 38(1A), and 39(4) of the IBBI

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**Reasoning:** The NCLT considered the submissions made by the Resolution Professional (RP) and reviewed

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**Interpretation:** The interpretation of Section 30(2) and related regulations requires a

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**Application:** In this case, the NCLT found that the Resolution Plan submitted by Mr. Shiv

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Respondents:** M/s Mantena…

## Timeline

- **2021-08-06 — Admission in…**: The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) by…
- **2021-08-16 — Appeal by Suspended…**: The suspended director/promoter lodged an appeal under Section 61(1) of the Code…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61(1) — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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