# Prateek Jain vs. Mr. Anurag Nirbhaya & Ors.

> NCLAT judgment dated 2026-09-30. Citation: TCN-2026-NCLAT-00292. The appellant, Prateek Jain, a shareholder, challenged an order dated 11.06.2024 passed by…

- **Court:** NCLAT
- **Order date:** 30 Sept 2026
- **Citation:** TCN-2026-NCLAT-00292
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/prateek-jain-vs-anurag-nirbhaya-ors-kbgvf

## Summary

### Background

The appellant, Prateek Jain, a shareholder, challenged an order dated 11.06.2024 passed by the National Company Law Tribunal (NCLT), New Delhi Bench, which approved a resolution plan. The resolution plan was submitted by M/s. Red Apple Buyers Welfare Association (Respondent No.2) and subsequently modified through a memorandum of understanding with M/s. Windsor Paradise Heights Pvt. Ltd. (Respondent No.3). The appellant argued that significant modifications were introduced post-Committee of Creditors (COC) approval without proper consideration, constituting a material irregularity, and alleged fraud and collusion.

## Facts

The Company Appeal (AT) (Ins.) No.1496 of 2024 challenges an Order dated 11.06.2024 passed by the Adjudicating Authority (NCLT, New Delhi Bench) in IA No.4219/2022 in Company Petition No.IB-1058 (ND)/2018.

The impugned Order approved a resolution plan under Section 30(6) read with Section 31 of I&B Code, 2016, and Regulation 39(4) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

The NCLT considered a clarificatory letter dated 02.06.2022 in relation to the approved resolution plan.

The resolution plan was submitted by M/s. Red Apple Buyers Welfare Association (Respondent No.2).

The Committee of Creditors (COC) approved the resolution plan with 100% voting in its 18th meeting held on 23.05.2022.

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## Issues and analysis

### Issue 1: Whether a shareholder, in their individual capacity, can maintain a company appeal against an order …

**Ratio:** A shareholder, in their individual capacity, is generally not considered an 'aggrieved

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**Reasoning:** The NCLAT relied on its larger bench judgment in 'Park Energy Pvt. Ltd.', which has been

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**Interpretation:** The term 'aggrieved person' under Section 61 of the I&B Code is not to be

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**Application:** The appellant, Mr. Prateek Jain, is an admitted shareholder. Based on the

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## Parties

- **Judges:** Sharad Kumar…; Indevar P…
- **Appellants:** Prateek…
- **Respondents:** Anurag Ni…; M/s. Red Apple…; +1 more
- **Other parties:** Other Home…
- **Advocates:** Krishnendu…; Utsav S…; +16 more

## Timeline

- **2022-05-14 — Resolution Pla…**: The resolution plan submitted by…
- **2022-05-23 — COC Appr…**: The Committee of Creditors (COC) approved the resolution plan with 100% voting in its…

## 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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