# In the matter of Committee of Creditors of Delhi
Control Devices Pvt. Ltd.
Vs.
Ashok Kumar Gupta 
Resolution Professional of Delhi Control Devices
Pvt. Ltd. & Anr. Company Appeal (AT) (Ins.) No. 308 of 2022

> NCLAT judgment dated 2022-07-21. Citation: TCN-2022-NCLAT-00337. The case involves two appeals filed against an order dated 2022-02-21 passed by the…

- **Court:** NCLAT
- **Order date:** 21 Jul 2022
- **Citation:** TCN-2022-NCLAT-00337
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/committee-of-creditors-of-delhi-control-devices-pvt-ltd-vs-ashok-kumar-gupta-res-7909321e

## Summary

### Background

The case involves two appeals filed against an order dated 2022-02-21 passed by the Adjudicating Authority regarding the approval of a resolution plan submitted by the Resolution Professional under Section 30(6) of the Code. The Adjudicating Authority had referred the matter back to the Committee of Creditors (CoC) due to a high haircut (over 90%) offered to the creditors in the Resolution Plan. The Adjudicating Authority directed a revaluation of the Corporate Debtor's assets by independent valuers appointed by each member of the CoC.

## Facts

The Committee of Creditors of Delhi Control Devices Pvt. Ltd. and Statcon Electronics India Ltd. filed appeals against an order by the Adjudicating Authority. The Adjudicating Authority had directed a revaluation of the Corporate Debtor's assets due to a high haircut (over 90%) offered to creditors in the Resolution Plan. No objections were raised by any stakeholders regarding the existing valuation of the Corporate Debtor's assets. An application filed by the Intervenor was already pending before the Adjudicating Authority where he has raised objection regarding approval of 'Resolution Plan'. The Resolution Professional had already filed a reply to the said application which is pending consideration.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's direction for revaluation of the Corporate Debtor's assets was …

**Ratio:** When there is no objection regarding valuation and no issue regarding incorrectness of

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**Reasoning:** The court reasoned that since no stakeholders had raised objections regarding the

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**Interpretation:** This interpretation emphasizes the importance of stakeholder objections in the

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**Application:** In this case, since no objections were raised regarding the valuation of the

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## Parties

- **Judges:** Ashok Bh…; M. Satyanarayana…; +1 more
- **Appellants:** Committee of…
- **Respondents:** Delhi Control…; ASHOK KUMAR…
- **Advocates:** K. Da…; Mehak Kh…; +7 more

## Timeline

- **2022-02-21 — Order by Adjudicating…**: The Adjudicating Authority passed an order directing revaluation of the Corporate…
- **2022-07-21 — NCLAT Or…**: The NCLAT partly allowed the appeals, setting aside the Adjudicating Authority's order…

## 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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