# In the matter of Mittal Corp. Limited IA 2193-2022 in C.P. (IB)-434(MB)2018

> NCLT judgment dated 2022-08-11. Citation: TCN-2022-NCLT-01391. The case involves an application (IA 2193/2022) filed under Section 60(5) r/w Rule 11 of NCLT…

- **Court:** NCLT
- **Order date:** 11 Aug 2022
- **Citation:** TCN-2022-NCLT-01391
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mittal-corp-limited-ia-2193-2022-in-cp-ib-434mb2018-a4046557

## Summary

### Background

The case involves an application (IA 2193/2022) filed under Section 60(5) r/w Rule 11 of NCLT Rules, 2016, seeking direction to the Committee of Creditors (CoC) to consider a revised resolution plan. The CoC had previously deliberated on resolution plans, including one from a consortium led by the appellant. Defects and technical difficulties were pointed out during the deliberations. The appellant submitted an affidavit clarifying their resolution plan, stating their commitment to the payment schedule and resolution of the corporate debtor.

## Facts

Shyam Sel And Power Limited filed an application (IA No. 2193/2022) under Section 60(5) r/w Rule 11 of NCLT Rules, 2016, seeking a direction to the Committee of Creditors (CoC) to consider a revised resolution plan. The CoC had previously deliberated on resolution plans, including one from a consortium led by the appellant, Ajay Gupta of Prabhat Warehouse and Cold Storage Private Ltd. During the deliberations, defects and technical difficulties were pointed out. Ajay Gupta submitted an affidavit dated 17.11.2021 clarifying their resolution plan, stating their commitment to the payment schedule and resolution of the corporate debtor. The affidavit also addressed concerns regarding litigations and affirmed that the upfront payment of Rs. 16.10 crores would remain the

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors should be directed to consider the revised resolution plan …

**Ratio:** The court has the power to direct the Committee of Creditors to consider a revised

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**Reasoning:** The court was satisfied that the applicant had addressed the previous concerns raised by

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**Interpretation:** Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of

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**Application:** The court applied the ratio to the facts of the case, noting that the applicant

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## Parties

- **Judges:** Shyam Babu…; P.N. Des…
- **Appellants:** Shyam Sel And…
- **Respondents:** Mittal Corp…; SHAILENDRA…

## Timeline

- **2021-09-27 — Resolution Plan…**: The consortium of Prabhat Warehouse Cold Storage Private Ltd. and Ajay Gupta submitted a…
- **2021-10-22 — Amended Resolu…**: The resolution plan was…

## 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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