# In the matter of M Tech Developers Private Limited IA-3261(PB)-2021 in C.P. No. IB-2488(PB)-2019

> NCLT judgment dated 2022-03-15. Citation: TCN-2022-NCLT-03738. The application IA-3261(PB)/2021 was filed by Mr. Rakesh Kumar Gupta, the Resolution…

- **Court:** NCLT
- **Order date:** 15 Mar 2022
- **Citation:** TCN-2022-NCLT-03738
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/m-tech-developers-private-limited-ia-3261pb-2021-in-cp-no-ib-2488pb-2019-6afc573b

## Summary

### Background

The application IA-3261(PB)/2021 was filed by Mr. Rakesh Kumar Gupta, the Resolution Professional of M/s. M-Tech Developers Private Limited, seeking approval of the resolution plan under section 30(6) of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated after Debashish Majumdar/Financial Creditor filed a Company Petition bearing IB-No.- 2488(PB)/2019, under Section 7 of the Code, against the Corporate Debtor M/s. M-Tech Developers Private Limited, which was admitted on 12.11.2020. Mr. Rakesh Kumar Gupta was appointed as the Interim Resolution Professional (“IRP”) and later confirmed as the Resolution Professional ("RP").

## Facts

Debashish Majumdar, a Financial Creditor, initiated CIRP against M-Tech Developers Private Limited under Section 7 of the IBC. The CIRP commenced on 2020-11-12, with Rakesh Kumar Gupta appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made a public announcement on 2020-11-14, setting the last date for claim submissions as 2020-11-26. The RP constituted a CoC on 2020-12-10. The 'Form-G' was published on 2021-01-28, with a deadline of 2021-02-11 for submitting EOIs and 2021-04-28 for submitting the Resolution Plan. The RP received 03 EOIs, rejecting 02. The CoC extended the CIRP period by 90 days. The 5th CoC meeting was held on 2021-06-22, where the RP informed the CoC about a Resolution Plan from M/s

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Sarthi Constructions meets the requirements of Section …

**Ratio:** The Resolution Plan must comply with the provisions of the IBC and related regulations,

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and found that it met the

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**Interpretation:** Section 30 and 31 of the IBC outline the requirements for a valid resolution

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**Application:** The Resolution Plan submitted by M/s Sarthi Constructions was found to comply

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## Parties

- **Judges:** Ramalingam…; HEMANT KUMAR…
- **Appellants:** Debashish M…
- **Respondents:** M-Tech Developers…; M/s. Sarthi…

## Timeline

- **2019-01-01 — Company Petiti…**: Debashish Majumdar/Financial Creditor filed a Company Petition bearing IB-No.-…
- **2020-11-12 — CIRP Init…**: The Bench admitted the Company Petition and initiated Corporate Insolvency Resolution…

## 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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