# In the matter of Jay Overseas Pvt. Ltd Vs. George Samuel of Jason Decor Pvt Ltd., and Anr. CA (AT) (Ins) No. 1117 of 2020

> NCLAT judgment dated 2020-12-23. Citation: TCN-2020-NCLAT-00003. The case involves an appeal against an order passed by the Adjudicating Authority (National…

- **Court:** NCLAT
- **Order date:** 23 Dec 2020
- **Citation:** TCN-2020-NCLAT-00003
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jay-overseas-pvt-ltd-vs-george-samuel-of-jason-decor-pvt-ltd-and-anr-ca-ddce6f46

## Summary

### Background

The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) regarding I.A. 886 of 2020 in CP (IB) 257/NCLT/AHM/2019. The Resolution Applicant's plan was rejected by the Committee of Creditors (COC), leading to a resolution for liquidation. The Resolution Applicant then filed an application seeking reconsideration of a revised offer, which was dismissed by the Adjudicating Authority as premature.

## Facts

Jay Overseas Pvt. Ltd. filed an appeal against an order by the Adjudicating Authority (NCLT, Ahmedabad) in a matter related to the Insolvency and Bankruptcy Code. The Adjudicating Authority had dismissed an application by the Resolution Applicant to reconsider a revised resolution plan after the Committee of Creditors (COC) had already resolved for liquidation and an application under Section 33 of the IB Code had been filed. The Resolution Applicant argued that the revised plan was significantly improved and should be considered. The Resolution Professional had filed for an extension of time much after the expiry of 180 days. The COC had rejected the earlier plan on 11.11.2020 and decided to proceed with liquidation. The appellant had directly approached the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in dismissing the Resolution Applicant's application …

**Ratio:** The principle is that a revised resolution plan can be considered by the Committee of

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**Reasoning:** The NCLAT reasoned that as a liquidation order had not yet been passed, an attempt could

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**Interpretation:** This interprets the IBC to allow for flexibility in the resolution process,

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**Application:** The NCLAT applied this principle by setting aside the Adjudicating Authority's

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## Parties

- **Judges:** A.I.S. C…; V. P. S…
- **Appellants:** Jay Overseas Pvt.…
- **Respondents:** Jason Dekor Pvt.…; George S…
- **Advocates:** Sumant…; Astha M…; +5 more

## Timeline

- **2019-12-19 — CP (I.B) No. 257/2019…**: The Corporate Insolvency Resolution Process (CIRP) was initiated as C.P. (I.B) No.…
- **2020-06-15 — 180 Days E…**: The initial 180-day…

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