# In the matter of Hindustan Oil Exploration Co. Ltd. Vs. JEKPL Pvt. Ltd. & Anr. CA(AT)(Insolvency) 33-2018

> NCLAT judgment dated 2019-01-28. Citation: TCN-2019-NCLAT-00843. The case involves an appeal against an order dated 15th December 2017, passed by the…

- **Court:** NCLAT
- **Order date:** 28 Jan 2019
- **Citation:** TCN-2019-NCLAT-00843
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/hindustan-oil-exploration-co-ltd-vs-jekpl-pvt-ltd-anr-ca-e9edc6c2

## Summary

### Background

The case involves an appeal against an order dated 15th December 2017, passed by the Adjudicating Authority (National Company Law Tribunal), Allahabad Bench, which approved a resolution plan submitted by ‘M/s. Atyant Capital India Fund I’. The appellant, ‘Hindustan Oil Exploration Company Ltd.’, challenged this order. The impugned order was previously challenged by ‘Export Import Bank of India & other connected appeals’ and set aside. The Supreme Court dismissed the appeal against the decision in ‘Export Import Bank of India & other connected appeals’.

## Facts

Hindustan Oil Exploration Co. Ltd. (Appellant) challenged an order dated December 15, 2017, passed by the National Company Law Tribunal (NCLT), Allahabad Bench, approving a resolution plan submitted by M/s. Atyant Capital India Fund I. The order was challenged because Hindustan Oil Exploration Company Limited's claim as a resolution applicant was allegedly wrongly not considered. Previously, the order dated December 15, 2017, had been challenged by Export Import Bank of India & other connected appeals and was set aside. The Supreme Court dismissed the appeal against the decision in Export Import Bank of India & other connected appeals. The appellant withdrew the resolution plan prior to the impugned order dated August 14, 2018. The matter was brought to the

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted under Section 30(2) of the I&B Code is required to be …

**Ratio:** The ratio is based on the directions given in ‘Export Import Bank of India (Supra)’

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**Reasoning:** The court reasoned that since the impugned order dated 15th December 2017 already stands

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**Interpretation:** The interpretation involves understanding the implications of the Supreme

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**Application:** The ratio and reasoning are applied to the specific facts by concluding that

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Hindustan Oil…
- **Respondents:** JEKPL Pvt…
- **Advocates:** Rana Mukh…; Krishna…; +8 more

## Timeline

- **2017-12-15 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Allahabad Bench, passed an…
- **2018-08-14 — Impugned Ord…**: Date prior to which the appellant…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(2) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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