# In the matter of Sri Mata Infratech Limited I.A. No.193 OF 2023 in CP(IB) NO. 104-7-HDB-2020

> NCLT judgment dated 2023-03-02. Citation: TCN-2023-NCLT-04381. The case involves an application (IA No. 193/2023) filed by the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 2 Mar 2023
- **Citation:** TCN-2023-NCLT-04381
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sri-mata-infratech-limited-ia-no193-of-2023-in-cpib-no-104-7-hdb-2020-59cfc97c

## Summary

### Background

The case involves an application (IA No. 193/2023) filed by the Resolution Professional (RP) of Sri Mata Infratech Limited, the Corporate Debtor, seeking approval of a resolution plan under Section 30(6) and 31(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The resolution plan was submitted by Varma Steels Private Limited in consortium with Mr. A V P Varma and was approved by the Committee of Creditors (CoC) with a 100% voting share. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition filed by State Bank of India under Section 7 of the IBC. The RP was appointed, and the CoC was formed, consisting

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## Facts

Sri Mata Infratech Limited underwent Corporate Insolvency Resolution Process (CIRP) after State Bank of India's application under Section 7 of IBC was admitted. Mr. B. Naga Bhushan Bhagawati was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed, consisting solely of State Bank of India. The RP issued Form G, inviting resolution plans, and received two expressions of interest. Varma Steels Private Limited, in consortium with Mr. AVP Varma, submitted a resolution plan that was approved by the CoC with 100% voting share. The resolution plan proposed a total amount of Rs. 33.08 Crores, with a payment schedule spanning 18 months. The plan allocated funds for CIRP costs,

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s.Varma Steels Private Limited in consortium with Mr. …

**Ratio:** The adjudicating authority's discretion is circumscribed by Section 31 of the IBC,

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**Reasoning:** The NCLT relied on the Supreme Court's judgment in Committee of Creditors of Essar Steel

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

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**Application:** The NCLT found that the resolution plan satisfied the requirements of Section

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## Parties

- **Judges:** N.V.RAMAKRISHNA…; SH. CHARAN…
- **Appellants:** State Bank of…
- **Respondents:** Mata Infratech…; Mata Infrat…
- **Advocates:** B. Ramesh…

## Timeline

- **2020-01-01 — CP(IB) No.104/7…**: Company Petiti…
- **2022-04-28 — Order for Commencement…**: Adjudicating Authority admitted the Company Petition and ordered commencement of CIRP…

## 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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