# In the matter of Bansal Multiflex Limited IA No. 736 of 2021 in CP(IB) 339 of 2019

> NCLT judgment dated 2022-05-31. Citation: TCN-2022-NCLT-02517. The case pertains to IA No. 736 of 2021 in CP(IB) 339 of 2019, filed by Mr. Kailash T. Shah,…

- **Court:** NCLT
- **Order date:** 31 May 2022
- **Citation:** TCN-2022-NCLT-02517
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bansal-multiflex-limited-ia-no-736-of-2021-in-cpib-339-of-2019-9ea716c9

## Summary

### Background

The case pertains to IA No. 736 of 2021 in CP(IB) 339 of 2019, filed by Mr. Kailash T. Shah, the Resolution Professional (RP) of Bansal Multiflex Limited, seeking approval of the Resolution Plan submitted by Mr. Malay Bhow under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor, Bansal Multiflex Limited, was admitted into the Corporate Insolvency Resolution Process (CIRP) on 18.12.2020. The Committee of Creditors (CoC) approved the replacement of the initial Interim Resolution Professional (IRP) with Mr. Kailash T. Shah. The CoC resolved to publish the Expression of Interest (EOI) and extend the period for submission of resolution plans. Seven EOIs were received, and two resolution plans were submitted. The CoC approved the resolution plan

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## Facts

Mr. Kailash T. Shah, the Resolution Professional (RP) of Bansal Multiflex Limited, filed an application (IA No. 736 of 2021) seeking approval of the Resolution Plan submitted by Mr. Malay Bhow. Bansal Multiflex Limited was admitted into the Corporate Insolvency Resolution Process (CIRP) on 18.12.2020. Mr. Bal Mukund Bhagchand Kabra was initially appointed as the Interim Resolution Professional (IRP), but the Committee of Creditors (CoC) later approved the replacement of the IRP with Mr. Kailash T. Shah. The CoC resolved to publish the Expression of Interest (EOI) and extended the period for submission of resolution plans. Seven EOIs were received, and two resolution plans were submitted by Malay Bhow and Aeron Overseas along with Shilpa Shah. The CoC approved the

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Malay Bhow complies with the provisions of the …

**Ratio:** The resolution plan must comply with Section 30(2) of the Insolvency and Bankruptcy Code,

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**Reasoning:** The Adjudicating Authority considered that the CoC had approved the resolution plan with

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**Interpretation:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, sets out the

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**Application:** The Adjudicating Authority found that the resolution plan submitted by Malay

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Kailash T…
- **Respondents:** Bansal Multiflex…; Malay…

## Timeline

- **2020-12-18 — CIRP Commen…**: Corporate Debtor admitted into Corporate…
- **2020-12-28 — IRP Receives O…**: Interim Resolution Professional (IRP)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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