# In the matter of Mukesh Kumar Jain & Ors. vs. Navin Kumar Upadhyay & Anr

> NCLAT judgment dated 19 Dec 2023. Citation: TCN-2023-NCLAT-00018. The Corporate Insolvency Resolution Process (CIRP) was initiated against CMYK Printech Ltd.…

- **Court:** NCLAT
- **Order date:** 19 Dec 2023
- **Citation:** TCN-2023-NCLAT-00018
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mukesh-kumar-jain-ors-vs-navin-kumar-upadhyay-anr-985774b4

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against CMYK Printech Ltd. on January 19, 2021, leading to the appointment of Mr. Ranjeet Kumar Verma as Interim Resolution Professional (IRP). Subsequently, Mr. Navin Kumar Upadhyay was appointed as Executive Editor of The Pioneer Newspaper, run by the Corporate Debtor, on April 22, 2021. The order admitting CIRP was challenged by a Suspended Director in Company Appeal (AT) Ins. No. 128 of 2021, which was dismissed by the NCLAT on December 16, 2021. This dismissal was further challenged in two Civil Appeals before the Supreme Court, which issued an interim order on February 25, 2022, staying the CIRP of the Corporate Debtor and the NCLAT's judgment.

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, CMYK Printech Ltd., through an Order dated January 19, 2021. Mr. Ranjeet Kumar Verma was initially appointed as the Interim Resolution Professional (IRP). On April 22, 2021, the IRP appointed Mr. Navin Kumar Upadhyay as the Executive Editor of The Pioneer Newspaper, which is run by the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in directing the Resolution Professional to hand over the…

**Ratio:** A stay on the Corporate Insolvency Resolution Process (CIRP) by a higher court does not…

**Reasoning:** The NCLAT reasoned that the Adjudicating Authority misread the legal position by equating…

**Interpretation:** The NCLAT interpreted the Supreme Court's interim order staying the CIRP as a…

**Application:** Applying this interpretation, the NCLAT found that the Adjudicating Authority's…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Advocates:** For Appel…; Gautam Si…; +10 more

## Timeline

- **January 19, 2021 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **April 22, 2021 — Appointment of…**: IRP appointed Mr. Navin Kumar Upadhyay as…

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