# In the matter of Jaitnder Pal Singh Hanjra vs. Vivek Raheja & Ors.

> NCLAT judgment dated 2024-02-16. Citation: TCN-2024-NCLAT-00630. The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, by the…

- **Court:** NCLAT
- **Order date:** 16 Feb 2024
- **Citation:** TCN-2024-NCLAT-00630
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jaitnder-pal-singh-hanjra-vs-vivek-raheja-ors-0cc8815c

## Summary

### Background

The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, by the Appellant against the order dated 30.11.2023 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench, Court-II) in IA No.3016 of 2023 in CP (IB) No. 1048 (ND)/2019. The Resolution Professional had sought an extension of the CIRP period of the Corporate Debtor by 60 days. The Adjudicating Authority allowed the CIRP extension of 60 days but also directed the Resolution Professional to issue a fresh Form-G in the CIRP of the Corporate Debtor, which was not requested. The Appellant filed the appeal against this direction.

## Facts

The Corporate Debtor was admitted into CIRP on 26.02.2020 based on a Section 9 petition. The Resolution Professional issued Form-G on five occasions seeking EOIs for submission of Resolution Plans. The CoC was constituted with Union Bank of India (84.90%), Axis Bank (6.48%), ICICI Bank (6.18%), and Yes Bank (2.44%). Three Resolution Plans were received but not approved. The RP filed I.A. No. 3199 of 2022 seeking liquidation. The Appellant sent an EOI to the RP on 09.01.2023 to allow submission of a Resolution Plan. The Appellant filed I.A. No. 228 of 2023 seeking permission to submit a Resolution Plan, which was allowed on 16.01.2023. The Appellant submitted the Resolution Plan on 30.01.2023. The RP filed I.A. No. 886 of 2023 seeking rectification of the order dated

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in directing the issuance of a fresh Form-G when …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is given paramount status

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**Reasoning:** The CoC, after due deliberation, decided against issuing a fresh Form-G, considering it

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**Interpretation:** The IBC emphasizes the importance of the CoC's commercial wisdom in the

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**Application:** The NCLAT applied the principle of respecting the CoC's commercial wisdom and

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Jaitnder Pal…
- **Respondents:** J.P. Engineers…; Vivek R…
- **Advocates:** Abhijeet…; Kunal God…; +6 more

## Timeline

- **2020-02-26 — CIRP Admi…**: Corporate Debtor admitted into CIRP…
- **2022-06-18 — CIRP Period…**: The 330-day CIRP period…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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