# Approval of Resolution Plan - MGI Infra Private Limited

> NCLT judgment dated 2024-10-18. Citation: TCN-2024-NCLT-00397. The case pertains to an interlocutory application (IA (IBC) (Plan) No. 23/2024) filed in…

- **Court:** NCLT
- **Order date:** 18 Oct 2024
- **Citation:** TCN-2024-NCLT-00397
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-mgi-infra-private-limited-1b526d66

## Summary

### Background

The case pertains to an interlocutory application (IA (IBC) (Plan) No. 23/2024) filed in connection with Company Petition No. (IB)-182(PB)/2023 under Section 30(6) read with Section 31 of the Insolvency & Bankruptcy Code, 2016. The petition was initiated by M/s LVS Financial Services Private Limited (Financial Creditor) against M/s MGI Infra Private Limited (Corporate Debtor). The application was admitted on 09.08.2023, and Mr. Sunil Kumar Agrawal was appointed as the Interim Resolution Professional (IRP), later confirmed as Resolution Professional. The CIRP period was extended, and the Resolution Professional (RP) invited Expressions of Interest (EoI) from potential Resolution Applicants (PRAs). M/s Kabra & Associates submitted a resolution plan, which was

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## Facts

M/s LVS Financial Services Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s MGI Infra Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 09.08.2023. Mr. Sunil Kumar Agrawal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made a public announcement on 11.08.2023, inviting claims from creditors. The Corporate Debtor is engaged in providing solutions including Design, Supply and Erection of Structure. The RP received one Expression of Interest (EoI) from M/s Kabra & Associates. The Committee of Creditors (CoC) comprised a sole financial creditor, M/s LVS Financial Services Pvt. Ltd. The RP presented

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Kabra & Associates complies with the provisions of …

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

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and found it to be in compliance

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

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**Application:** The Adjudicating Authority applied the provisions of Section 30(2) to the

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## Parties

- **Judges:** Ramalingam…; SH. AVINASH KUMAR…
- **Appellants:** M/s LVS Financial…
- **Respondents:** M/s MGI Infra…

## Timeline

- **2023-08-09 — Admission of Ap…**: The application for CIRP was…
- **2023-08-11 — Public Annou…**: The IRP made a public announcement…

## 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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