# In the matter of Mangal Iron Pvt. Ltd. M.A. No. 1099 of 2019 in C.P. No. 33-IB-2018

> NCLT judgment dated 2022-05-06. Citation: TCN-2022-NCLT-02846. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 6 May 2022
- **Citation:** TCN-2022-NCLT-02846
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mangal-iron-pvt-ltd-ma-no-1099-of-2019-in-cp-no-33-ib-2018-a903f5bd

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Mangal Iron Pvt Ltd. The CIRP was initiated by the NCLT Mumbai Bench on 19.07.2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Anuj Bajpai was appointed as the Interim Resolution Professional (IRP) and later appointed as the Resolution Professional (RP) by the Committee of Creditors (COC). The IRP published a public announcement on 27.07.2018 inviting claims from creditors. The resolution plan submitted by M/s. Mohit Steel Industries Pvt. Ltd. was approved by the COC with 86.69% voting share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Mangal Iron Pvt Ltd on 19.07.2018 by the NCLT Mumbai Bench under Section 7 of the Insolvency and Bankruptcy Code, 2016. Anuj Bajpai was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP made a public announcement on 27.07.2018 to invite claims from creditors. The Committee of Creditors (COC) was constituted, and it received one Expression of Interest (EOI) from a Prospective Resolution Applicant (PRA). The RP appointed two Registered Valuers to determine the Fair Value (FV) and Liquidation Value (LV) of the Corporate Debtor. The average Fair Market Value (FMV) was Rs. 337.07 lacs, and the average Liquidation Value (LV) was Rs. 298.13

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Mohit Steel Industries Pvt. Ltd. meets the …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

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**Reasoning:** The NCLT reviewed the Resolution Plan and found that it complied with the requirements of

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The NCLT applied the provisions of Section 30(2) to the specific details of the

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Respondents:** Mangal Iron Pvt…; Oriental Bank of…

## Timeline

- **2018-07-19 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Mangal Iron Pvt Ltd by…
- **2018-07-27 — Public Annou…**: IRP published a public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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