# In the matter of MSX Mall Private Limited

> NCLT judgment dated 2023-11-10. Citation: TCN-2023-NCLT-00764. The application was filed by Mr. Anil Kumar Jain, the Resolution Professional (RP), under…

- **Court:** NCLT
- **Order date:** 10 Nov 2023
- **Citation:** TCN-2023-NCLT-00764
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/msx-mall-private-limited-6de17cc5

## Summary

### Background

The application was filed by Mr. Anil Kumar Jain, the Resolution Professional (RP), under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a Resolution Plan submitted by Mr. Madhav Saran Agarwal and Mrs. Alka Agarwal, who are referred to as Ex-Directors/Respondents/Resolution Applicants. The initial Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Ranjit Das & Ors. against the Corporate Debtor, M/s MSX Mall Private Limited, under Section 7 of the IBC, 2016. The petition was admitted on 09.07.2018.

## Facts

Ranjit Das & Ors. filed a petition under Section 7 of the IBC, 2016, against M/s MSX Mall Private Limited, initiating the Corporate Insolvency Resolution Process (CIRP). The petition was admitted on 09.07.2018. Mr. Anil Kumar Jain was appointed as the Resolution Professional (RP). The RP filed an application under Section 30(6) of the IBC, 2016, seeking approval of a Resolution Plan submitted by the Ex-Directors/Respondents/Resolution Applicants, Mr. Madhav Saran Agarwal and Mrs. Alka Agarwal. The Corporate Debtor is an MSME enterprise. The Resolution Plan was approved by the Committee of Creditors (CoC) with 96.3% votes in the 13th meeting held on 30.01.2020. The MSME registration certificate was obtained by the Suspended Directors on 24.12.2019, after the

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## Issues and analysis

### Issue 1: Whether the Resolution Applicant/Ex-Directors are eligible to submit the Resolution Plan under …

**Ratio:** Section 29A of the IBC disqualifies individuals or entities from submitting a resolution

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**Reasoning:** The court reasoned that the Ex-Directors were found accountable for fraudulent

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**Interpretation:** Section 29A is interpreted strictly to ensure that individuals or entities who

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

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. L. N.…
- **Appellants:** Ranjit Das…
- **Respondents:** M/s. MSX Mall…

## Timeline

- **2018-07-09 — CIRP Init…**: Petition filed by Ranjit Das & Ors. under Section 7 of IBC, 2016, against M/s MSX Mall…
- **2020-01-30 — CoC Appr…**: Resolution Plan approved by the Committee of Creditors (CoC) with 96.3% votes in the 13th…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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