# In the matter of H M Industrial Pvt. Ltd. IA-616(AHM)2022 In CP(IB) No. 81 of 2019

> NCLT judgment dated 2022-09-20. Citation: TCN-2022-NCLT-01004. The application was filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC)…

- **Court:** NCLT
- **Order date:** 20 Sept 2022
- **Citation:** TCN-2022-NCLT-01004
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/h-m-industrial-pvt-ltd-ia-616ahm2022-in-cpib-no-81-of-2019-63057622

## Summary

### Background

The application was filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of the Corporate Debtor, H. M. Industrial Pvt. Ltd., seeking approval of the resolution plan. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 07.06.2019. The Interim Resolution Professional (IRP) made a public announcement of the CIRP and constituted a Committee of Creditors (CoC). The RP published Form-G calling upon Prospective Resolution Applicants to submit Expression of Interest (Eol)/ Resolution Plans. The RP received one Resolution Plan which was rejected by the CoC. The RP then filed an application for the liquidation of the Corporate Debtor. The Suspended Management of the Corporate Debtor

…

## Facts

Mr. Vijay P. Lulla, the Resolution Professional (RP) of the Corporate Debtor, H. M. Industrial Pvt. Ltd., filed an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking approval of the resolution plan. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 07.06.2019, and Mr. Sunil Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement of the CIRP and constituted a Committee of Creditors (CoC). The RP published Form-G calling upon Prospective Resolution Applicants to submit Expression of Interest (Eol)/ Resolution Plans. The RP received one Resolution Plan from M/s. Maxim Tubes Company Private Limited, which was rejected by the CoC. The RP then

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Mangalam Global Enterprise Limited for the Corporate …

**Ratio:** Section 30(6) of the IBC, 2016 allows the Adjudicating Authority to approve a resolution

…

**Reasoning:** The Adjudicating Authority noted that the Resolution Plan was approved by the CoC with

…

**Interpretation:** Section 30(6) provides the mechanism for the Adjudicating Authority to approve

…

**Application:** The Adjudicating Authority applied Section 30(6) to the facts of the case and

…

## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Vijay P.…
- **Respondents:** H.M. Industrial…; Mangalam Global…

## Timeline

- **2019-06-07 — CIRP Commen…**: Corporate Debtor admitted into Corporate…
- **2019-06-14 — Public Annou…**: Interim Resolution Professional (IRP)…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/h-m-industrial-pvt-ltd-ia-616ahm2022-in-cpib-no-81-of-2019-63057622