# In the matter of Anees Ahmad & Ors. Vs. Amit Jain (Resolution Professional) and Ors. CA (AT) (ins) No. 390 of 2021

> NCLAT judgment dated 2021-07-02. Citation: TCN-2021-NCLAT-00210. This is a Company Appeal (AT) (Insolvency) No. 390 of 2021 filed against the impugned order…

- **Court:** NCLAT
- **Order date:** 2 Jul 2021
- **Citation:** TCN-2021-NCLAT-00210
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/anees-ahmad-ors-vs-amit-jain-acf46016

## Summary

### Background

This is a Company Appeal (AT) (Insolvency) No. 390 of 2021 filed against the impugned order dated 10th February, 2021 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench, Ahmedabad, Court-2) in I.A Nos. 849 and 853 of 2020. The record indicates that Corporate Insolvency Resolution Process (CIRP) proceedings are ongoing against the Corporate Debtor, Neesa Leisure Ltd. The Committee of Creditors (CoC) has approved a Resolution Plan, which is pending before the Adjudicating Authority for a decision. Some applicants, claiming to be Fixed Deposit Holders, filed an I.A. asserting that the Resolution Plan was not compliant with the Companies Act, 2013.

## Facts

The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal) in the context of Corporate Insolvency Resolution Process (CIRP) proceedings against Neesa Leisure Ltd. The Appellants, who are Fixed Deposit Holders, challenged the Resolution Plan approved by the Committee of Creditors (CoC), arguing that it violated the Companies Act, 2013, by reducing the claims of Fixed Deposit Holders. They also contested the voting process on the Resolution Plan. The Adjudicating Authority rejected their claims, leading to the appeal. The Resolution Professional argued that the CoC's decision was based on commercial wisdom and cited a Supreme Court judgment supporting the CoC's authority in such matters. The Adjudicating Authority is

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in not accepting the claims of the Appellants (Fixed …

**Ratio:** The Adjudicating Authority referred to the judgment in “K. Shashidhar v. Indian Overseas

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**Reasoning:** The Adjudicating Authority found no reason to interfere with the Resolution Plan approved

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**Interpretation:** This implies a deference to the commercial judgment of the CoC in insolvency

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**Application:** The Adjudicating Authority applied the principle of deference to the CoC's

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## Parties

- **Judges:** A.I.S. C…; Alok Sriv…
- **Appellants:** Anees A…
- **Respondents:** Neesa Leisu…; M/S. Neesa…

## Timeline

- **2021-02-10 — Impugned Ord…**: Date of the order passed by the Adjudicating Authority (National Company Law Tribunal,…
- **2021-07-02 — Appeal F…**: The date on which the Company Appeal (AT) (Insolvency) No. 390 of 2021 was filed against…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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