# Approval of Resolution Plan - MBE Coal & Mineral Technology India Pvt. Ltd.

> NCLT judgment dated 2024-11-06. Citation: TCN-2024-NCLT-00293. The case involves an application under Section 30(6) and 31(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 6 Nov 2024
- **Citation:** TCN-2024-NCLT-00293
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-mbe-coal-mineral-technology-india-pvt-ltd-f2396479

## Summary

### Background

The case involves an application under Section 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Regulations Process of Corporate Persons) Regulations, 2016, for the approval of a Resolution Plan for MBE Coal & Mineral Technology India Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and Mr. Soumendra Podder was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP constituted a Committee of Creditors (CoC), which approved a Resolution Plan submitted by BTL EPC Limited with 100% voting shares. The Resolution Plan includes various reliefs, waivers, and concessions sought by the Resolution

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## Facts

1. An application was filed under Section 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, for approval of the Resolution Plan.
2. The Resolution Plan was submitted by BTL EPC Limited and approved by the Committee of Creditors (CoC) with 100% voting shares.
3. Mr. Soumendra Podder was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).
4. The RP constituted a Committee of Creditors (CoC).
5. The Resolution Plan includes various reliefs, waivers, and concessions sought by the Resolution Applicant for successful implementation.
6. The Letter of Intent (LoI) had been issued on 02.08.2024 to the Successful Resolution Applicant (SRA) which was unconditionally accepted by the SRA and the Performance Security in the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by BTL EPC Limited complies with the requirements of Section …

**Ratio:** Section 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, and Regulation 39(4)

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**Reasoning:** The Adjudicating Authority (NCLT) reviewed the Resolution Plan submitted by BTL EPC

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**Interpretation:** Section 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, and

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**Application:** In this case, the Resolution Plan submitted by BTL EPC Limited was approved by

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** SS Legacy…
- **Respondents:** MBE Coal &…

## Timeline

- **2024-11-28 — Order Si…**: The Order was signed on the…
- **2024-11-06 — Order Da…**: Order dated November 06, 2024, some typographical errors have been found at page 6 and 7…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 81 — Application for fresh start order](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-81)

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