# In the matter of M.S. Mining And Consultancy Pvt Ltd

> NCLT judgment dated 2024-10-01. Citation: TCN-2024-NCLT-00517. The application was filed under Section 33(3) r.w.60(5)(c) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 1 Oct 2024
- **Citation:** TCN-2024-NCLT-00517
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ms-mining-and-consultancy-pvt-ltd-f4bd7c21

## Summary

### Background

The application was filed under Section 33(3) r.w.60(5)(c) of the Insolvency and Bankruptcy Code, 2016, by CMA Srigini Rajat Naidu, Chairperson of the Steering Committee for M/s. M.S. Mining and Consultancy Private Limited, against the Successful Resolution Applicant M/s. Rudransh Agro & Co., seeking liquidation due to the Resolution Applicant's inability to implement the Resolution Plan. The CIRP was initiated against the Corporate Debtor, M/s. M.S. Mining and Consultancy Private Limited, on 17.03.2020. A resolution plan was approved on 30.06.2023, declaring M/s. Rudransh Agro & Co. as the Successful Resolution Applicant (SRA). However, the SRA withdrew from the implementation of the Resolution Plan on 27.07.2023, citing changes in market dynamics for

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## Facts

The Corporate Debtor, M/s. M.S. Mining and Consultancy Private Limited, underwent CIRP initiated on 17.03.2020. Ms. Manisha Sanjay Agrawal was appointed as Interim Resolution Professional. The Applicant was confirmed as Resolution Professional on 11.11.2020. A resolution plan was submitted by M/s. Rudransh Agro & Co. and approved by 76.56% vote share on 30.04.2021. The Tribunal approved the resolution plan on 30.06.2023, declaring M/s. Rudransh Agro & Co. as the Successful Resolution Applicant (SRA). The resolution plan proposed a total consideration of Rs.3,45,00,000/- to be implemented within 3 months. On 27.07.2023, the SRA withdrew from the implementation, citing changes in market dynamics for Manganese Oxide. The SRA forfeited Rs.70,00,000 deposited

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## Issues and analysis

### Issue 1: Whether the withdrawal of the Successful Resolution Applicant (SRA) from the implementation of the …

**Ratio:** The ratio is based on the principle that if a resolution plan, once approved, cannot be

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**Reasoning:** The court reasoned that the SRA's withdrawal contravened the approved Resolution Plan,

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**Interpretation:** The interpretation is that the IBC aims for resolution, but when resolution

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**Application:** The SRA's withdrawal, despite having an approved plan, triggered the

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** CMA Srigini Rajat…
- **Respondents:** M/s M.S. Mining…; M/s. Rudransh…

## Timeline

- **2020-03-17 — CIRP Init…**: CIRP initiated against M/s. M.S.…
- **2020-11-11 — Resolution Professional…**: Applicant confirmed as Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(3) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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