# In the matter of Marsons LImited IA (IB) No. 118-KB-2021 in CP (IB) No. 628-KB-2018

> NCLT judgment dated 2022-01-25. Citation: TCN-2022-NCLT-04372. The case pertains to an application under Section 30(6) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 25 Jan 2022
- **Citation:** TCN-2022-NCLT-04372
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/marsons-limited-ia-ib-no-118-kb-2021-in-cp-ib-no-628-kb-2018-ac181c72

## Summary

### Background

The case pertains to an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the approval of a resolution plan for Marsons Limited. The corporate insolvency resolution process (CIRP) was initiated following a petition filed by Ritesh More, an operational creditor, under Section 9 of the IBC. The resolution professional (RP) was appointed, and a committee of creditors (CoC) was formed. The resolution plan submitted by the successful resolution applicant (SRA) was initially approved by the Adjudicating Authority (NCLT) but was later set aside by the National Company Law Appellate Tribunal (NCLAT) due to concerns raised by an operational creditor. The matter was remanded to the CoC for reconsideration, particularly regarding the treatment

…

## Facts

1. An application was filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, for the approval of a resolution plan for Marsons Limited.
2. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Ritesh More, an operational creditor, under Section 9 of the IBC.
3. Sanjit Kumar Nayak was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional (RP).
4. A Committee of Creditors (CoC) was formed, comprising four Financial Creditors: Allahabad Bank, Nandeshwar Fintrade Private Limited, Kirti Probuild Private Limited, and P. Jainex Trade Finance Private Limited.
5. The RP issued invitations for Expressions of Interest (EOIs), and twelve Resolution Applicants (RAs) submitted their

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the provisions of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet,

…

**Reasoning:** The court examined the Resolution Plan to determine whether it met the requirements of

…

**Interpretation:** Section 30(2) of the IBC sets out the mandatory requirements for a resolution

…

**Application:** The court applied the requirements of Section 30(2) of the IBC to the specific

…

## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Respondents:** Marsons L…

## Timeline

- **2018-06-20 — Admission of Company…**: The Company Petition in CP (IB)No.628/ KB/ 2018 filed by Mr. Ritesh More ('Operational…
- **2018-06-22 — Public Annou…**: The RP made public announcement on 22 June, 2018 in Financial Express (English) and…

---

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/marsons-limited-ia-ib-no-118-kb-2021-in-cp-ib-no-628-kb-2018-ac181c72