# Prateek Jain v. Anurag Nirbhaya, Resolution Professional & Ors.

> NCLAT judgment dated N/A. Citation: TCN-2026-NCLAT-00285. The Company Appeal challenges an Order dated 11.06.2024 passed by the National Company Law Tribunal…

- **Court:** NCLAT
- **Order date:** 30 Sept 2026
- **Citation:** TCN-2026-NCLAT-00285
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/prateek-jain-vs-anurag-nirbhaya-ors-g4vs4

## Summary

### Background

The Company Appeal challenges an Order dated 11.06.2024 passed by the National Company Law Tribunal (NCLT), New Delhi Bench, which approved a resolution plan in IA No.4219/2022 in Company Petition No.IB-1058 (ND)/2018. The resolution plan was submitted by M/s. Red Apple Buyers Welfare Association (Respondent No.2) and approved by the Committee of Creditors (CoC) with 100% voting. A subsequent Memorandum of Understanding (MoU) dated 08.11.2023 was entered into with M/s. Windsor Paradise Heights Pvt. Ltd. (Respondent No.3), introducing modifications to the plan.

## Facts

The present Company Appeal (AT) (Ins.) No.1496 of 2024 challenges an order dated June 11, 2024, passed by the National Company Law Tribunal (NCLT), New Delhi Bench. This order approved a resolution plan in proceedings held under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code (I&B Code) of 2016, along with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The NCLT's approval allowed I.A. No. 4219/ND/2022.

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## Issues and analysis

### Issue 1: Whether the significant modifications to the resolution plan, introduced through a Memorandum of …

**Ratio:** Post-approval modifications to a resolution plan, especially those involving transfer of

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**Reasoning:** The appellant argued that the MoU introduced wide-ranging modifications, including

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**Interpretation:** The court acknowledged the appellant's argument regarding material irregularity

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**Application:** The court did not explicitly rule on the material irregularity itself, but

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## Parties

- **Judges:** Sharad Kumar…; Indevar P…
- **Appellants:** Prateek…
- **Respondents:** Anurag Ni…; M/s. Red Apple…; +1 more
- **Advocates:** Krishnendu…; Utsav S…; +10 more

## Timeline

- **2018 — Company Petiti…**: Company Petition No.IB-1058 (ND)/2018 was filed, initiating the Corporate Insolvency…
- **14 May 2022 — Resolution Pla…**: The resolution plan, submitted by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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