# In the matter of MBL Infrastructures Limited

> NCLT judgment dated 2024-12-20. Citation: TCN-2024-NCLT-00004. This case involves an application by dissenting financial creditors (IDBI Bank Limited, Bank of…

- **Court:** NCLT
- **Order date:** 20 Dec 2024
- **Citation:** TCN-2024-NCLT-00004
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mbl-infrastructures-limited-3eadade3

## Summary

### Background

This case involves an application by dissenting financial creditors (IDBI Bank Limited, Bank of Baroda, Indian Bank, Bank of India, and Punjab National Bank) against the successful resolution applicant (SRA), Mr. Anjanee Kumar Lakhotia, and the Monitoring Committee of MBL Infrastructures Limited. The dissenting creditors are seeking priority in payments as per Clause 21 of the approved resolution plan and Regulation 38 of IBBI (CIRP Regulations, 2016). The resolution plan, approved on 18.04.2018 and upheld by NCLAT and the Supreme Court, provides for repayment in 39 installments commencing in September 2024 and ending in December 2034. The applicants claim they are receiving meager payments on par with assenting financial creditors, which violates the resolution plan

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## Facts

MBL Infrastructures Limited was admitted into Corporate Insolvency Resolution Process (CIRP). IDBI Bank Limited, Bank of Baroda, Indian Bank, Bank of India and Punjab National Bank are dissenting financial creditors (DFCs) with voting shares of 6.56%, 4.01%, 6.10%, 3.20%, and 1.98% respectively. The resolution plan was approved on 21.12.2017 with 78.5% votes and later approved by the NCLT on 18.04.2018. The resolution plan was upheld by NCLAT and the Supreme Court. The plan provides for repayment in 39 installments commencing in September 2024 and ending in December 2034. The dissenting financial creditors claim they are receiving payments on par with assenting financial creditors, which is against Regulation 38 of IBBI (CIRP Regulations, 2016) and Clause 21 of the

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## Issues and analysis

### Issue 1: Whether the payment in terms of the resolution plan will have to be made to the dissenting …

**Ratio:** The legal principle applied is that dissenting financial creditors are entitled to

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**Reasoning:** The court reasoned that Clause 21 of the resolution plan clearly contemplates payment to

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**Interpretation:** The court interpreted Clause 21 of the resolution plan to mean that the

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**Application:** The court applied the ratio and reasoning to the specific facts of the case,

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## Parties

- **Judges:** BIDISHA BA…; SHRI. D.…; +1 more
- **Appellants:** IDBI Bank L…
- **Respondents:** MBL Infrastructure…; Anjanee Kumar…

## Timeline

- **2017-12-21 — Resolution Plan…**: Resolution plan submitted by the respondents was approved with 78.5% of the votes casted…
- **2018-04-18 — NCLT App…**: Tribunal approved resolution plan upon an application filed under Section 30(6) of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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