# In the matter of Jagdish Valecha & Ors. vs. Anurag Kumar Sinha & Ors.

> NCLAT judgment dated 2024-08-29. Citation: TCN-2024-NCLAT-00234. The case involves two appeals filed by the Appellant challenging the order dated 25.06.2024…

- **Court:** NCLAT
- **Order date:** 29 Aug 2024
- **Citation:** TCN-2024-NCLAT-00234
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jagdish-valecha-ors-vs-anurag-kumar-sinha-ors-62631225

## Summary

### Background

The case involves two appeals filed by the Appellant challenging the order dated 25.06.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench – IV). Comp. App. (AT) (Ins.) No. 1542/2024 challenges the order in I.A. No. 910/2024, while Comp. App. (AT) (Ins.) No. 1552/2024 challenges the order in I.A. No. 2519/2024. The Adjudicating Authority rejected I.A. No. 2519/2024, allowed I.A. No. 5819/2023 (filed by the Resolution Professional for approval of the Resolution Plan), and dismissed I.A. No. 910/2024. The Appellant, an ex-Director of the Corporate Debtor, Valecha Engineering Ltd., who resigned on 19.11.2019, filed these applications. The CIRP was initiated against the Corporate Debtor on 21.10.2022 based on an application by the State

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## Facts

Jagdish Valecha, the Appellant, was a Director of Valecha Engineering Ltd., the Corporate Debtor, and resigned on 2019-11-19. The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Valecha Engineering Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC) on 2022-10-21. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made on 2022-11-03. Six Expressions of Interest (EoI) were received, and four Resolution Plans were submitted to the Committee of Creditors (CoC). The Resolution Plan submitted by JK Solutions Pvt. Ltd. in consortium with One Media Facility Management was approved with 97.54% vote share. The Appellant filed I.A. No. 910/2024 seeking access to documents and copies of the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in rejecting I.A. No. 910/2024 filed by the Appellant …

**Ratio:** The law laid down by the Hon'ble Supreme Court in `Vijay Kumar Jain' (Supra) clarifies

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**Reasoning:** The NCLAT reasoned that the Appellant resigned more than two years prior to the

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**Interpretation:** The interpretation of the law is that the right to access the Resolution Plan

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**Application:** In this case, the Appellant had resigned long before the CIRP was initiated.

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Jagdish V…
- **Respondents:** Valecha Engineerin…; Anurag Kuma…

## Timeline

- **2019-11-19 — Resignation of…**: Jagdish Valecha resigned as…
- **2022-10-21 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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