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Hon'ble NCLAT upholds the Resolution Plan of MBL Infra

Posted On: 2019-08-17 17:24:17

The Resolution Plan of MBL Infrastructures Ltd. under Insolvency & Bankruptcy Code (IBC). 2016 with the support of 78.50% majority of Committee of Creditors was approved by Hon'ble NCLT, Kolkata Bench by order dated 18.04.2018. Some banks had preferred appeals against the said order dated 18.04.2018. The Hon'ble NCLAT has dismissed these appeals by order dated 16.08.2019. The Hon'ble NCLAT by order dated 16.08.2019 has, stated that "As the 'Committee of Creditors', by majority voting share of 78.50%, has approved the plan after taking into consideration the techno economic report relating to viability and feasibility of the resolution plan and viability of the 'Corporate Debtor'. this Appellate Tribunal cannot sit in appeal in absence of any discrimination or unequal treatment of similarly situated 'Financial Creditors' or 'Operational Creditors'. We find no merits in these appeals. They are accordingly dismissed...".

As per provisions of IBC, 2016, the approved Resolution Plan is binding on the corporate debtor and its employees, members, creditors including the Central government, any State government or any local authority to whom a debt in respect of payment of dues arising under any law for time in force, such as authorities to whom statutory dues are owed, guarantors and other stakeholders involved in the resolution plan.

"We have completed several public interest projects since the approval of the Resolution Plan and we shall now focus to bid for selected new projects and target to win bids for 4-5 large ticket size projects in near future" said Mr. Anjanee Kumar Lakhotia, Chairman & Managing Director while addressing officials of the company.

Shares of MBL Infrastructures Ltd was last trading in BSE at Rs.5.38 as compared to the previous close of Rs. 5.13. The total number of shares traded during the day was 101 in over 2 trades.

The stock hit an intraday high of Rs. 5.38 and intraday low of 4.88. The net turnover during the day was Rs. 493.

Source: Equity Bulls

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