# Approval of Resolution Plan - Metrik Infraprojects Private Limited

> NCLT judgment dated 2023-09-08. Citation: TCN-2023-NCLT-01730. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s…

- **Court:** NCLT
- **Order date:** 8 Sept 2023
- **Citation:** TCN-2023-NCLT-01730
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-metrik-infraprojects-private-limited-5b5b5d4b

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s Metrik Infraprojects Private Limited based on a petition filed by an Operational Creditor, M/s Bheemasamudra Land Developers and Builders, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted by the Adjudicating Authority on 16.04.2021. Mr. Kanekal Chandrasekhar was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Vinay Mruthyunjaya. The Committee of Creditors (CoC) initially consisted solely of Piramal Enterprises Limited, holding 100% of the voting share, but was later modified to include Bhairav Holdings Inc. and unsecured financial creditors (homebuyers). The CIRP period was extended multiple times

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## Facts

M/s Metrik Infraprojects Private Limited faced Corporate Insolvency Resolution Process (CIRP) after M/s Bheemasamudra Land Developers and Builders filed a petition under Section 9 of the IBC, 2016. The CIRP was initiated on 16.04.2021. Vinay Mruthyunjaya served as the Resolution Professional (RP). The Committee of Creditors (CoC) initially comprised Piramal Enterprises Limited, later modified to include Bhairav Holdings Inc. and unsecured financial creditors (homebuyers). The CIRP timeline was extended due to COVID-19 related lockdowns. The RP conducted a transaction audit and filed I.A No. 74 of 2022 under Sections 43, 44, 45, 46, 48, and 66 of the Code, regarding preferential, undervalued, and fraudulent transactions. Maniveera Structure Private Limited submitted a

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Maniveera Structure Private Limited complies with the …

**Ratio:** Section 30(2) of the IBC, 2016, outlines the mandatory requirements for a resolution

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it meets the

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan is fair,

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**Application:** In this case, the Adjudicating Authority found that the Resolution Plan

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Vinay Mruth…
- **Respondents:** M/s Metrik…

## Timeline

- **2021-04-16 — CIRP Init…**: Adjudicating Authority admitted the CIRP against…
- **2021-04-28 — Public Annou…**: IRP made a public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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