# In the matter of Jindal Stainless Ltd. vs.  Shailendra Ajmera, Resolution Professional of Mittal Corp Ltd. & Ors. Comp. App. (AT) (Ins.) No. 1058 of 2022

> NCLAT judgment dated 2023-01-18. Citation: TCN-2023-NCLAT-00765. The case involves an appeal against an order dated 11.08.2022 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 18 Jan 2023
- **Citation:** TCN-2023-NCLAT-00765
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jindal-stainless-ltd-vs-shailendra-ajmera-resolution-professional-of-mittal-corp-6e782552

## Summary

### Background

The case involves an appeal against an order dated 11.08.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-II in I.A 2193/2022 in C.P.(IB)/434(MB)2018. The Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against ‘Mittal Corp Limited’ on 10.11.2021. The Resolution Professional issued Request for Resolution Plan (RFRP) on 11.04.2022. The last date for receiving the plans was 31.05.2022, and the Resolution Professional received six Resolution Plans. The Committee of Creditors (CoC) decided to undertake a Challenge Process in its 12th meeting held on 04.07.2022. The Challenge Process was conducted in the 13th CoC meeting held on 15.07.2022. The Resolution Applicants were notified that the signed

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Mittal Corp Limited on 10.11.2021. The Resolution Professional issued a request for resolution plans, and six plans were received, including those from Jindal Stainless Limited (Appellant) and Shyam Sel and Power Limited (Respondent No.2). A challenge process was undertaken to allow applicants to improve their plans. The challenge process concluded on 15.07.2022. All resolution applicants were required to submit their revised plans by 18.07.2022. Respondent No.2 submitted a revised plan after the challenge process, which led to the Adjudicating Authority directing the Resolution Professional to consider it. The Committee of Creditors (CoC) had decided to vote on the resolution plans. The appellant

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority could have directed for consideration of the revised plan …

**Ratio:** The commercial wisdom of the CoC has been given paramount status without any judicial

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**Reasoning:** The CoC did not take any decision to disregard the Challenge Process completed in 13th

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**Interpretation:** The timeline in the IBC has its salutary value and it was the wisdom of the CoC

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**Application:** The Application was filed by the Respondent No.2 on 07.08.2022 by which date

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Jindal Stainless…
- **Respondents:** Mittal Corp…; SHAILENDRA…

## Timeline

- **2021-10-11 — Initiation…**: Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against…
- **2022-01-20 — Form G I…**: Form G was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(2) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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