# in the matter of Mataji Dyeing Mills Pvt. Ltd. IA-455-2021 in CP (IB) 400-NCLT-AHM-2019

> NCLT judgment dated 2022-08-05. Citation: TCN-2022-NCLT-01438. The application IA/455/2021 was filed in the matter of Mataji Dyeing Mills Pvt. Ltd. under…

- **Court:** NCLT
- **Order date:** 5 Aug 2022
- **Citation:** TCN-2022-NCLT-01438
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mataji-dyeing-mills-pvt-ltd-ia-455-2021-in-cp-ib-400-nclt-ahm-2019-0732889b

## Summary

### Background

The application IA/455/2021 was filed in the matter of Mataji Dyeing Mills Pvt. Ltd. under CIRP, through Resolution Professional Ms. Neelam Modi, seeking approval of the Resolution Plan. The Corporate Debtor, Mataji Dyeing Mills Pvt. Ltd., was admitted into CIRP on 07.10.2020 based on an application filed by the operational creditor, Manoj Kumar & Co. The CIRP was initiated under Section 9 of the IBC, 2016, and a moratorium was declared under Section 14. Satyendra Prasad Khorania was initially appointed as the Interim Resolution Professional (IRP) and was later replaced by Ms. Neelam Modi. The Committee of Creditors (CoC) was formed, consisting of Punjab National Bank and Hero Fincorp Ltd. The resolution professional received 5 Expressions of Interest (EOIs), and

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## Facts

Mataji Dyeing Mills Pvt. Ltd. was admitted into CIRP on 07.10.2020 following an application by operational creditor Manoj Kumar & Co. The CIRP was initiated under Section 9 of the IBC, 2016, leading to a moratorium under Section 14. Initially, Satyendra Prasad Khorania served as the Interim Resolution Professional (IRP) but was later replaced by Ms. Neelam Modi. The Committee of Creditors (CoC) comprised Punjab National Bank and Hero Fincorp Ltd. Five Expressions of Interest (EOIs) were received, resulting in two resolution plans from Mr. Achal Chand Balar and Padam Shree Fabric. The CoC rejected Mr. Balar's plan but approved Padam Shree Fabric's plan with unanimous voting. The Resolution Professional confirmed compliance with Section 30(2) of the IBC, 2016, and

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Padam Shree Fabric complies with the requirements of …

**Ratio:** Section 30(2) of the IBC, 2016, and Regulation 38 (3A) of the CIRP Regulations prescribe

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**Reasoning:** The Resolution Professional confirmed that the resolution plan complies with the

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**Interpretation:** The resolution plan must adhere to the statutory requirements outlined in

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**Application:** The Adjudicating Authority relied on the confirmation by the Resolution

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** Neelam…
- **Respondents:** Mataji Dyeing…

## Timeline

- **2020-10-07 — Admission in…**: Mataji Dyeing Mills Pvt. Ltd. was admitted…
- **2020-10-10 — Public Annou…**: Satyendra Prasad Khorania, the Interim Resolution Professional (IRP), made a public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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