# In the matter of Jaybee Lamination Pvt. Ltd. Vs. Trans-Fab Power India Pvt. Ltd. Company Appeal (AT) (Insolvency) No. 142 of 2022

> NCLAT judgment dated 2022-02-15. Citation: TCN-2022-NCLAT-00624. The appeal was filed against the order dated 25.03.2021 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 15 Feb 2022
- **Citation:** TCN-2022-NCLAT-00624
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jaybee-lamination-pvt-ltd-vs-trans-fab-power-india-pvt-ltd-company-appeal-9d366c34

## Summary

### Background

The appeal was filed against the order dated 25.03.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which approved the Resolution Plan approved by the Committee of Creditors (CoC). The appellant, an Operational Creditor, was allocated only 12% of its dues in the Resolution Plan.

## Facts

Jaybee Lamination Pvt. Ltd., an Operational Creditor, filed an appeal against the order dated 25.03.2021 passed by the Adjudicating Authority (NCLT), Mumbai Bench, which approved a Resolution Plan. Jaybee Lamination Pvt. Ltd. was allocated only 12% of its dues under the Resolution Plan. The Resolution Applicant had obtained a letter dated 26.11.2020 for Rs.28 Crores to be sanctioned as loan. Financial Creditors were provided with payment of 55% of their dues, while Workmen and Employees were provided with 100% of their dues. The appellant argued for equal treatment with Financial Creditors, but the court considered the precedent set by the Supreme Court in 'Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta & Ors.'

## Issues and analysis

### Issue 1: Whether the Appellant, as an Operational Creditor, is entitled to the same treatment and percentage …

**Ratio:** The Supreme Court in 'Committee of Creditors of Essar Steel India Limited vs. Satish

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**Reasoning:** The court reasoned that Operational Creditors and Financial Creditors fall into different

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**Interpretation:** The interpretation of the Supreme Court's ruling is that the Insolvency and

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**Application:** In this case, the Appellant, being an Operational Creditor, cannot claim the

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## Parties

- **Judges:** Ashok Bh…; Ashok Kumar…
- **Appellants:** Jaybee Lamination…
- **Respondents:** Trans Fab Power…

## Timeline

- **2022-02-15 — Hearing of th…**: The court heard the learned…
- **2021-03-25 — Order by Adjudicating…**: The Adjudicating Authority (NCLT), Mumbai Bench, passed an order approving the Resolution…

## 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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