# Approval of Resolution Plan - MSA Developers Private Limited

> NCLT judgment dated 2024-02-15. Citation: TCN-2024-NCLT-02581. The application was filed under Section 30(6) read with Section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 15 Feb 2024
- **Citation:** TCN-2024-NCLT-02581
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-msa-developers-private-limited-6f0d714b

## Summary

### Background

The application was filed under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, and Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Interim Resolution Professional (IRP) of M/s. MSA Developers Private Limited ('Corporate Debtor') sought approval of the Resolution Plan submitted by Mr. Deepak Aggarwal ('Successful Resolution Applicant'). The Resolution Plan was approved by the Committee of Creditors (‘CoC') in its 12th CoC Meeting held on 31.08.2021 with 80.12% voting shares and an addendum to the Resolution Plan in the 13th meeting of CoC held on 26.05.2023. The Adjudicating Authority had previously dismissed the application for approval of

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against MSA Developers Private Limited on 2019-10-11, and Mr. Rabindra Kumar Mintri was appointed as the Interim Resolution Professional (IRP). The IRP invited claims from stakeholders and constituted a Committee of Creditors (CoC). The CoC resolved to publish an Expression of Interest (EOI) to invite prospective resolution applicants. The IRP received 5 EOIs. The CoC extended the last date for submission of EOI. The IRP received 14 EOIs, and four Resolution Plans were submitted. After scrutiny, two legally compliant resolution plans were put to vote before the CoC. In its 12th meeting held on 2021-08-31, the plan submitted by Mr. Deepak Aggarwal was approved by the CoC with 80.12% through e-voting

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Successful Resolution Applicant meets the requirements …

**Ratio:** The Adjudicating Authority's discretion is circumscribed by Section 31 of the IBC,

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**Reasoning:** The Adjudicating Authority relied on the Hon'ble Supreme Court's decision in K. Sashidhar

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**Interpretation:** Section 30(2) of the IBC outlines the requirements that a resolution plan must

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**Application:** The Adjudicating Authority found that the Resolution Plan met the requirements

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## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** Ravinder Ag…
- **Respondents:** M/s. MSA Developer…

## Timeline

- **2019-10-11 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2019-10-17 — Public Annou…**: IRP invited claims from 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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