# In the matter of Jindal Stainless Ltd. Vs Shalilendra Ajmera, RP of Mittal Corp Ltd & Anr. Company Appeal (AT)(Insolvency)No. 1058 of 2022

> NCLAT judgment dated 2022-09-01. Citation: TCN-2022-NCLAT-00247. The case involves an appeal against an order related to the insolvency resolution process of…

- **Court:** NCLAT
- **Order date:** 1 Sept 2022
- **Citation:** TCN-2022-NCLAT-00247
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jindal-stainless-ltd-vs-shalilendra-ajmera-rp-of-mittal-corp-ltd-anr-company-app-c6527492

## Summary

### Background

The case involves an appeal against an order related to the insolvency resolution process of Mittal Corp Ltd. The appellant, Jindal Stainless Ltd., is challenging certain aspects of the resolution process. The respondent No. 2 filed an application before the Adjudicating Authority seeking direction to submit a Revised Resolution Plan, which was allowed by the Impugned Order dated 11th August, 2022.

## Facts

Jindal Stainless Ltd. is the appellant in a case against Shailendra Ajmera, the Resolution Professional of Mittal Corp Ltd. & Anr. The appeal concerns the insolvency resolution process of Mittal Corp Ltd. The appellant's counsel argued that the challenge mechanism was undertaken and completed on July 18, 2022, and voting commenced on August 5, 2022. Respondent No. 2 filed an application seeking direction to submit a Revised Resolution Plan, which was allowed by an order dated August 11, 2022. The appellant contends that this order is contrary to regulations. The respondents argue that the objective of the insolvency resolution process is maximization and that any enhancement to the Resolution Plan should not be objected to. The court permitted the impleadment of

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## Issues and analysis

### Issue 1: Whether the Impugned Order dated 11th August, 2022, allowing the Respondent No. 2's application for …

**Ratio:** The ratio is based on the interpretation and application of Regulation 39 (1A) and (1B)

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**Reasoning:** The court's reasoning will depend on a detailed examination of the regulations and the

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**Interpretation:** The interpretation involves understanding the scope and intent of Regulation 39

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**Application:** The application involves applying the interpreted regulations to the specific

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## Parties

- **Judges:** Ashok Bh…; M. Satyanarayana…; +1 more
- **Appellants:** Jindal Stainless…
- **Respondents:** Mittal Cor…; SHAILENDRA…

## Timeline

- **2022-07-18 — Challenge Mechanisation…**: The Challenge Mechanisation…
- **2022-08-05 — Voting Com…**: Voting commenced on the…

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