# Approval of Resolution Plan - Maxgrow India Limited

> NCLT judgment dated 2023-12-06. Citation: TCN-2023-NCLT-00386. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 6 Dec 2023
- **Citation:** TCN-2023-NCLT-00386
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-maxgrow-india-limited-72acf4c1

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the resolution plan for Maxgrow India Limited. The CIRP was initiated against the Corporate Debtor on 04.06.2021. The Resolution Professional (RP) issued a public announcement, collated claims, and constituted a Committee of Creditors (CoC). The RP appointed valuers, prepared an Information Memorandum, and invited Expression of Interest (EoI). Several CoC meetings were held to discuss and evaluate the resolution plans. Ultimately, the CoC approved the resolution plan submitted by PP Metallix Limited with a majority of 99.49%.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Maxgrow India Limited on 04.06.2021. Mayank Rameshchandra Jain was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP issued a public announcement on 11.06.2021, specifying 23.06.2021 as the last date for receiving claims. Claims were received from various creditors, and a list of creditors was prepared and revised. The Committee of Creditors (CoC) was constituted, and its first meeting was held on 06.07.2021. Rakesh Tulsyan and Shalin Patel were appointed as valuers on 22.07.2021. The RP prepared an Information Memorandum (IM) and shared it with the CoC. The Invitation for Expression of Interest (EoI) in Form G was published on

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by PP Metallix Limited meets the requirements of Section …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

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**Reasoning:** The NCLT reviewed the Resolution Plan and found that it provides for payment of CIRP

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

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**Application:** The NCLT applied the requirements of Section 30(2) to the Resolution Plan

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## Parties

- **Judges:** V. G. Bisht…; Prabhat…
- **Appellants:** Mayank Rameshchand…
- **Respondents:** Maxgrow India…; K. Balaji T…

## Timeline

- **2021-04-06 — CIRP Initiati…**: CIRP was initiated…
- **2021-06-04 — Appointment…**: The Applicant was appointed as the…

## 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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