# 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-04391. The case pertains to IA No. 193/2023 filed by the Resolution Professional (RP) of Sri Mata…

- **Court:** NCLT
- **Order date:** 2 Mar 2023
- **Citation:** TCN-2023-NCLT-04391
- **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-da4745b4

## Summary

### Background

The case pertains to IA No. 193/2023 filed by the Resolution Professional (RP) of Sri Mata Infratech Limited, the Corporate Debtor, under Section 30(6) and 31(1) of the Insolvency & Bankruptcy Code (IBC), 2016, read with regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The RP sought approval of the Resolution Plan submitted by Varma Steels Private Limited in consortium with Mr. A V P Varma, which was approved by the Committee of Creditors (CoC) with a 100% voting share. The Company Petition CP(IB) No. 104/7/HDB/2020 filed by State Bank of India under Section 7 of IBC, 2016 was admitted on 2022-04-28, initiating CIRP against Sri Mata Infratech Limited. Mr. B. Naga Bhushan Bhagawati was appointed as the Interim

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## Facts

Sri Mata Infratech Limited (the 'Corporate Debtor') underwent Corporate Insolvency Resolution Process (CIRP) following the admission of a petition filed by State Bank of India (SBI) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated due to the Corporate Debtor's inability to repay its debts. Mr. B. Naga Bhushan Bhagawati was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP constituted a Committee of Creditors (CoC), comprising solely of SBI, the financial creditor, with 100% voting share. The RP received Expression of Interests from two prospective resolution applicants, including M/s.Varma Steels Private Limited in consortium with Mr. AVP Varma. M/s.Varma

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

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**Reasoning:** The NCLT examined the Resolution Plan to ensure it complied with the mandatory

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**Interpretation:** Section 30(2) is interpreted as setting the minimum standards for a resolution

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**Application:** In this case, the NCLT found that the Resolution Plan submitted by M/s.Varma

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## Parties

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

## Timeline

- **2020-01-01 — CP(IB) No.104/7/HDB/2020…**: Company Petition CP(IB) No. 104/7/HDB/2020 filed by State Bank of India u/s. 7 of IBC,…
- **2022-04-28 — Admission of CP(IB)…**: The Adjudicating Authority admitted the Company Petition CP(IB) No. 104/7/HDB/2020 and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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