Majaswadi Sarvodayanagar Co-operative Housing Society Limited Vs Subodh Kumar Agrawal (NCLT Mumbai)
NCLT Mumbai held that application u/s. 30(6) of Insolvency and Bankruptcy Code for approval of resolution plan filed by resolution professional of M/s. Acme Realities Private Limited stands approved as Resolution Plan meets the requirements of the I & B Code and the IBBI Regulations.
Facts- This application is filed by the Resolution Professional of M/s. Acme Realities Private Limited (‘the Applicant/ RP’) under section Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (‘CIRP Regulations’).
Conclusion- Held that it is seen that the Resolution Plan is in compliance with the mandatory compliances as stipulated under Section 30(2) of the Code. The Resolution Plan also meets the requirements of Regulations 37, 38, 38(1A) and 39 (4) of the IBBI Regulations, 2016. The Resolution Plan is not in contravention of any of the provisions of Section 29A of the Code and is in accordance with law. Thus, as the Resolution Plan meets the requirements of the I & B Code and the IBBI Regulations, the same needs to be approved.
In Committee of Creditors of Essar Steel India Limited through Authorised Signatory Vs. Satish Kumar Gupta & Ors (2020) 8 SCC 531, the Hon’ble Apex Court clearly laid down that the Adjudicating Authority would not have power to modify the Resolution Plan which the CoC in their commercial wisdom has approved.
