# In the matter of Finquest Financial Solutions Pvt. Ltd. Vs. Anuj Jain Erstwhile RP of Ballarpur Industries Ltd. & Ors. Company Appeal (AT) (Insolvency) No. 227 of 2022

> NCLAT judgment dated 2022-03-07. Citation: TCN-2022-NCLAT-00595. The appeal was filed against an order dated 25.01.2022 by the Adjudicating Authority in I.A.…

- **Court:** NCLAT
- **Order date:** 7 Mar 2022
- **Citation:** TCN-2022-NCLAT-00595
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/finquest-financial-solutions-pvt-ltd-vs-anuj-jain-erstwhile-rp-of-ballarpur-indu-942a9a76

## Summary

### Background

The appeal was filed against an order dated 25.01.2022 by the Adjudicating Authority in I.A. No. 2510/2021, which allowed an application for liquidation. The appellant submitted a revised resolution plan on 07.02.2022, which was considered by the CoC on 11.02.2022. The CoC directed the Resolution Professional to file an application before the Adjudicating Authority seeking reconsideration of the Resolution Plan. I.A. No. 402/2022 was filed by the Resolution Professional for reconsideration. The appellant requested the court not to pass any order of liquidation as the application for reconsideration was pending. The counsel for Kotak Mahindra Bank objected to the CoC reconsidering the revised plan, citing the expired timeline. The CoC authorized the Resolution

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## Facts

Finquest Financial Solutions Pvt. Ltd. filed an appeal against an order dated 25.01.2022, where the Adjudicating Authority allowed an application for liquidation. Anuj Jain, the Erstwhile RP of Ballarpur Industries Ltd., was the respondent. The appellant submitted a revised resolution plan on 07.02.2022, which was considered by the CoC on 11.02.2022. The CoC directed the Resolution Professional to file an application before the Adjudicating Authority seeking reconsideration of the Resolution Plan. Kotak Mahindra Bank, holding only 4.62% of the voting share, objected to the reconsideration. I.A. No. 402, filed for reconsideration, was dismissed on 21.02.2022 as the liquidation order had already passed. The court stayed the liquidation order and directed the CoC to

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's order for liquidation should be stayed pending reconsideration …

**Ratio:** The ends of justice must be served, and the court has the power to stay liquidation

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**Reasoning:** The court observed that the liquidation order had already been passed, leading to the

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**Interpretation:** This implies that the court prioritizes the potential for a resolution over

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**Application:** The court applied this principle by staying the liquidation order to allow the

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## Parties

- **Judges:** Ashok Bh…; Alok Sriv…
- **Appellants:** Finquest Financial…
- **Respondents:** Ballarpur…; Anuj…

## Timeline

- **2022-01-25 — Order by Adjudicating…**: Adjudicating Authority passed an order in I.A. No. 2510/2021 allowing the application for…
- **2022-02-07 — Revised Resolution Plan…**: The Appellant submitted a…

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