# In the matter of Maylari Agro Products Limited I.A No. 162-2022 in CP (IB) No.02-BB-2020

> NCLT judgment dated 2023-02-15. Citation: TCN-2023-NCLT-04588. The case involves an application (I.A No. 162/2022) filed in CP(IB) No.02/BB/2020 under Section…

- **Court:** NCLT
- **Order date:** 15 Feb 2023
- **Citation:** TCN-2023-NCLT-04588
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maylari-agro-products-limited-ia-no-162-2022-in-cp-ib-no02-bb-2020-9f20657d

## Summary

### Background

The case involves an application (I.A No. 162/2022) filed in CP(IB) No.02/BB/2020 under Section 30(6) read with Section 31 and Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, along with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking approval of a Resolution Plan for Maylari Agro Products Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Maylari Agro Products Limited based on a petition filed by an Operational Creditor, Smt. Yogitha Vijaykumar, under Section 9 of the IBC, 2016. The CIRP commenced on 08.03.2021. An Interim Resolution Professional (IRP) was appointed, followed by the constitution of a Committee of Creditors (CoC) consisting of Canara Bank and Karnataka Bank. Several IAs were filed, including

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## Facts

Smt. Yogitha Vijaykumar, an Operational Creditor, filed a Company Petition (CP(IB) No. 02/BB/2020) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Maylari Agro Products Limited for initiating the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority admitted the petition on 08.03.2021. Mr. S. Viswanathan was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 13.03.2021, inviting claims from creditors, with a deadline of 27.03.2021. The Committee of Creditors (CoC) was constituted, consisting of Canara Bank (84.66% voting share) and Karnataka Bank (15.34% voting share). Canara Bank filed I.A. No. 276 of 2021, seeking the replacement of Mr. S. Viswanathan with Ms. Shirley Mathew as the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Sundar Padmanaban and Mr. M. Bhaskar meets the …

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

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**Reasoning:** The tribunal examined the Resolution Plan and found that it complies with all the

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards for a

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

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Shirley M…
- **Respondents:** Maylari Agro…; Yogitha Vij…

## Timeline

- **2020-01-01 — CP(IB) No.02/…**: Main Company Petition bearing CP(IB) No. 02/BB/2020 filed by Operational Creditor i.e Smt…
- **2021-03-08 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition bearing CP(IB) No. 02/BB/2020…

## 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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