# In the matter of Maini Construction Equipments Private Limited CA-622-2019 & CA-376-2020 in CP-1236-2016

> NCLT judgment dated 2023-02-27. Citation: TCN-2023-NCLT-04442. The case involves the approval of a resolution plan for Maini Construction Equipments Private…

- **Court:** NCLT
- **Order date:** 27 Feb 2023
- **Citation:** TCN-2023-NCLT-04442
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maini-construction-equipments-private-limited-ca-622-2019-ca-376-2020-in-cp-1236-6d5bad22

## Summary

### Background

The case involves the approval of a resolution plan for Maini Construction Equipments Private Limited (MCEPL), a corporate debtor undergoing the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following a company petition filed in the Delhi High Court and subsequently transferred to the NCLT. The resolution professional (RP) sought approval for the resolution plan submitted by a resolution applicant. The process involved public announcements, collation of claims, constitution of a Committee of Creditors (CoC), and multiple CoC meetings. An objector, Mr. Harmeet Singh, raised objections to the resolution plan, primarily concerning his status as a personal guarantor.

## Facts

Maini Construction Equipments Private Limited (MCEPL) underwent CIRP following a company petition (CP-1236/2016) initially filed in the Delhi High Court and later transferred to the NCLT. The CIRP was initiated on 2017-06-01. Mr. Debashis Nanda was appointed as the Resolution Professional (RP). The RP made public announcements to invite claims from stakeholders. The State Bank of India (SBI) was the sole financial creditor and constituted the Committee of Creditors (CoC). The RP engaged valuers to assess the assets of the corporate debtor. The average value of the assets was assessed at Rs. 9.63 Crores as fair value and Rs. 8.45 Crore as liquidation value. SBI adjusted amounts from the corporate debtor's account and declared it NPA on 2017-11-28, leading to the RP

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the resolution applicant complies with the requirements of …

**Ratio:** Sections 30 and 31 of the IBC outline the requirements for a resolution plan, including

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**Reasoning:** The NCLT reviewed the resolution plan and found it to be in compliance with Sections 30

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**Interpretation:** Sections 30 and 31 of the IBC are interpreted to mean that a resolution plan

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**Application:** The NCLT applied the ratio by examining the resolution plan and determining

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## Parties

- **Judges:** Ramalingam…; SH. AVINASH KUMAR…
- **Appellants:** NITIN KHAN…
- **Respondents:** MAINI CONSTRUCTION…
- **Advocates:** Sumant…; Ankit S…; +7 more

## Timeline

- **2016-01-01 — Company Petiti…**: Company Petition CP-1236/2016 was…
- **2016-12-07 — Transfer t…**: The matter was transferred to the NCLT following a notification issued by the Ministry of…

## 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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