# In the matter of Mass Metal Pvt. Ltd. IA-4670-(ND)-2020 in C.P.(IB)-2029-(ND)-2019

> NCLT judgment dated 2022-02-21. Citation: TCN-2022-NCLT-04039. The application was filed by the Resolution Professional, Mr. Ankit Kumar Agarwal, under…

- **Court:** NCLT
- **Order date:** 21 Feb 2022
- **Citation:** TCN-2022-NCLT-04039
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mass-metal-pvt-ltd-ia-4670-nd-2020-in-cpib-2029-nd-2019-93e50be1

## Summary

### Background

The application was filed by the Resolution Professional, Mr. Ankit Kumar Agarwal, under Section 30(6) and Section 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for submission and approval of the Resolution Plan. The Resolution Plan was submitted by the Consortium of Rajesh Grover (Promoter of the Corporate Debtor) & Vishnu Gopal Gupta (Successful Resolution Applicant). An application was filed by Sonia Forging Company Pvt. Ltd. under Section 9 of the Code for initiating Corporate Insolvency Resolution Process against M/s Mass Metals Pvt. Ltd. The Section 9 application was admitted, and Mr. Vishnu Dutt was

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## Facts

Sonia Forging Company Pvt. Ltd., an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Mass Metals Pvt. Ltd., the corporate debtor. The application was admitted, and an Interim Resolution Professional (IRP) was appointed. The IRP constituted the Committee of Creditors (CoC), which comprised a sole financial creditor, City Union Bank, and several operational creditors. The CoC later resolved to replace the IRP and appointed Mr. Ankit Kumar Agarwal as the Resolution Professional (RP). The RP then filed an application under Section 30(6) and Section 31(1) of the Code for the approval of the Resolution Plan submitted by the Consortium of Rajesh Grover

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## Issues and analysis

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

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

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**Reasoning:** The court examined the resolution plan to ensure that it complied with the requirements

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**Interpretation:** Section 30(2) is interpreted as setting mandatory conditions for the approval

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

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Ankit Kumar…
- **Respondents:** Mass Metals Pvt.…

## Timeline

- **2019-11-07 — CIRP Commen…**: Corporate Insolvency…
- **2019-11-09 — Public Annou…**: Public announcement…

## 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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