# In the matter of Nikunj Udhyog Vs. Anshul Gupta & Ors. Company Appeal (AT) (Insolvency) No. 737 & 999 of 2022

> NCLAT judgment dated 2023-02-03. Citation: TCN-2023-NCLAT-00747. These are two appeals filed against the same order dated 13.06.2022 passed by the…

- **Court:** NCLAT
- **Order date:** 3 Feb 2023
- **Citation:** TCN-2023-NCLAT-00747
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/nikunj-udhyog-vs-anshul-gupta-ors-company-appeal-14bc0b75

## Summary

### Background

These are two appeals filed against the same order dated 13.06.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Allahabad Bench. The Adjudicating Authority rejected I.A. No. 31/2021 filed by the Resolution Professional for approval of the Resolution Plan and disposed of I.A. No. 293/2020 filed by Giriraj Coated Fab Pvt. Ltd., directing that Giriraj be given another opportunity to participate in the submission of a Resolution Plan. The Resolution Professional and the Successful Resolution Applicant, Nikunj Udyog, whose Resolution Plan was approved by the CoC, have appealed the order.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Rathi Graphic Technologies Ltd. was initiated by the Adjudicating Authority on 03.02.2020. Anshul Gupta was appointed as the Resolution Professional. Form G was published on 24.08.2020, inviting Expression of Interests from prospective resolution applicants. Two resolution plans were received, one from Giriraj Coated Fab Pvt. Ltd. and another from Nikunj Udyog. The plans were discussed in CoC meetings. Prospective Resolution Applicants were invited to present their plans. The CoC requested revised plans to be submitted by 12.11.2020. Nikunj Udyog submitted its revised plan on time, but Giriraj Coated Fab Pvt. Ltd. submitted its revised plan on 15.11.2020, after the deadline. The CoC decided not to consider the late

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in rejecting the Resolution Plan approved by the …

**Ratio:** The scope of judicial review of the commercial decision taken by the CoC is very limited.

…

**Reasoning:** The appellate tribunal reasoned that the Adjudicating Authority overstepped its

…

**Interpretation:** This legal issue concerns the extent to which the Adjudicating Authority can

…

**Application:** The ratio was applied to the facts by emphasizing that the CoC's decision to

…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Nikunj U…
- **Respondents:** Rathi Graphics…; Anshul…

## Timeline

- **2020-02-03 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of Rathi Graphic Technologies Ltd. was…
- **2020-08-24 — Form G Publ…**: Resolution Professional published Form G, inviting Expression of Interests from…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/nikunj-udhyog-vs-anshul-gupta-ors-company-appeal-14bc0b75