# In the matter of Jai Prakash Keswani & Ors. vs. MB Malls Pvt. Ltd & Ors.

> NCLAT judgment dated 2025-02-21. Citation: TCN-2025-NCLAT-00199. The appeals were filed challenging the order passed by the Adjudicating Authority on…

- **Court:** NCLAT
- **Order date:** 21 Feb 2025
- **Citation:** TCN-2025-NCLAT-00199
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jai-prakash-keswani-ors-vs-mb-malls-pvt-ltd-ors-9de97c36

## Summary

### Background

The appeals were filed challenging the order passed by the Adjudicating Authority on 2024-09-20, which approved the Resolution Plan of the Corporate Debtor. Company Appeal (AT) (Insolvency) No. 92 & 93 of 2025 was filed by Jai Prakash Keswani, who also challenged the order passed by the Adjudicating Authority in IA No. 5451 of 2023, where objections were raised by the Appellant to the Resolution Plan. Company Appeal (AT) (Insolvency) No. 94 of 2025 was filed by a Homebuyer against the approval of the Resolution Plan.

## Facts

The Adjudicating Authority approved a Resolution Plan for a Corporate Debtor on 2024-09-20. Jai Prakash Keswani, the Promoter, filed Company Appeal (AT) (Insolvency) No. 92 & 93 of 2025, challenging the approval of the Resolution Plan and the order in IA No. 5451 of 2023, where he had raised objections. A Homebuyer, Harvinder Singh, filed Company Appeal (AT) (Insolvency) No. 94 of 2025, also challenging the approval of the Resolution Plan. The Promoter argued that the Resolution Plan was not implementable within 9 months and lacked viability and feasibility. The Homebuyer raised similar issues, referring to Regulation 38 of the CIRP Regulations, 2016. The Adjudicating Authority held that the objections raised in the IA were properly addressed in the Resolution

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority …

**Ratio:** The scope of interference in an order approving a Resolution Plan is limited for the

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**Reasoning:** The CoC approved the plan with 100% voting, indicating that they deemed the plan viable

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**Interpretation:** The court interprets that the Adjudicating Authority and Appellate Tribunal

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**Application:** In this case, the CoC approved the plan with 100% voting, and the Adjudicating

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Jai Prakash…
- **Respondents:** M.B. Malls Pvt.…

## Timeline

- **2024-09-20 — Adjudicating Authority…**: The Adjudicating Authority passed an order approving the Resolution Plan of the Corporate…
- **2025-02-21 — Appeals…**: Appeals were filed challenging the order passed by the Adjudicating Authority approving…

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