# 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-04444. 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-04444
- **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-c430ffbf

## 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, which was later 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 objection was raised by a personal guarantor, Harmeet Singh, contesting his guarantee. The resolution plan was approved by the CoC and subsequently presented to the NCLT for final approval.

## Facts

Maini Construction Equipments Private Limited (MCEPL) underwent Corporate Insolvency Resolution Process (CIRP) following a company petition initially filed in the Delhi High Court and later transferred to the National Company Law Tribunal (NCLT). The CIRP was initiated on 2017-06-01. Debashis Nanda was appointed as the Resolution Professional (RP). A public announcement was made on 2017-07-25 to invite claims from stakeholders. State Bank of India (SBI) was the sole financial creditor and constituted the Committee of Creditors (CoC). The RP engaged valuers and conducted a transactional review audit, but no avoidable transactions were reported. SBI adjusted amounts from MCEPL's account and seized operations on 2017-11-28, affecting the CIRP. The NCLT granted exclusion

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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 to ensure it met the requirements of 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 found that the resolution plan complied with Sections 30 and 31 of the

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## Parties

- **Judges:** Ramalingam…; SH. AVINASH KUMAR…
- **Appellants:** NITIN KHAN…
- **Respondents:** MAINI CONSTRUCTION…

## Timeline

- **2016-01-01 — Company Petiti…**: The underlying Company Petition CP-1236/2016 was originally filed before Hon'ble Delhi…
- **2016-12-07 — Transfer t…**: In pursuance of notification D.L.33004/99 dated 07.12.2016 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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