# In the matter of M B Malls Private Limited IA-1301-2023 in IB-607-PB-2020

> NCLT judgment dated 2023-06-06. Citation: TCN-2023-NCLT-03080. The case pertains to IA/1301/2023 filed in the matter of the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 6 Jun 2023
- **Citation:** TCN-2023-NCLT-03080
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/m-b-malls-private-limited-ia-1301-2023-in-ib-607-pb-2020-c00574ae

## Summary

### Background

The case pertains to IA/1301/2023 filed in the matter of the Corporate Insolvency Resolution Process (CIRP) of MB Malls Private Limited. The applicant, Namo E-waste Management Limited & Vardhman Sales Agency, sought condonation of delay in submitting the fixed deposit receipt as security towards the bank guarantee and direction to the Resolution Professional to consider their resolution plan. The Resolution Professional (RP) argued that the applicant's resolution plan was non-responsive due to the non-submission of the bid bond as required by the Request for Resolution Plan (RFRP).

## Facts

The Corporate Insolvency Resolution Process (CIRP) of MB Malls Private Limited was initiated on 2022-08-03. Namo E-waste Management Limited & Vardhman Sales Agency, the applicant, is a prospective resolution applicant. The last date for submitting the resolution plan was 2023-01-31. The applicant submitted the resolution plan on time but failed to submit the bank guarantee along with it. They later handed over a fixed deposit receipt amounting to Rs. 2,00,00,000/- to the Resolution Professional on 2023-02-15. The 17th CoC meeting was held on 2023-02-14, where the resolution plan was rejected because it was not submitted in time as per the RFRP. The Resolution Professional received seven resolution plans, including the applicant's, but deemed the applicant's plan

…

## Issues and analysis

### Issue 1: Whether the delay in submitting the fixed deposit receipt as security towards the bank guarantee …

**Ratio:** The submission of a bid bond is a mandatory requirement as per the Request for Resolution

…

**Reasoning:** The court reasoned that condoning the delay would undermine the RFRP's requirements and

…

**Interpretation:** The interpretation of the RFRP clause 3.7.1 is that the bid bond is a mandatory

…

**Application:** The applicant's failure to submit the bid bond, a mandatory requirement,

…

## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** NAMO E-WASTE…
- **Respondents:** MB MALLS PRIVATE…; Abhimanyu…
- **Advocates:** Yashoaj G…

## Timeline

- **2022-08-03 — CIRP Init…**: CIRP of MB Malls Private…
- **2022-10-18 — Expression of Interest…**: Expression of interest…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

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/m-b-malls-private-limited-ia-1301-2023-in-ib-607-pb-2020-c00574ae