# In the matter of Prem Trading Company & Ors. vs. Ramchandra Dallaram Choudhary & Ors.

> NCLAT judgment dated 2024-09-23. Citation: TCN-2024-NCLAT-00184. The case involves appeals against an order dated 02.05.2024 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 23 Sept 2024
- **Citation:** TCN-2024-NCLAT-00184
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/prem-trading-company-ors-vs-ramchandra-dallaram-choudhary-ors-f2d9b2e8

## Summary

### Background

The case involves appeals against an order dated 02.05.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court – III). The Adjudicating Authority rejected I.A. No. 124/2024 filed by Sandeep Jayantilal Vadodria and others, and allowed I.A. No. 5826/2023 filed by the Resolution Professional (`RP') for approval of the Resolution Plan. The CIRP was initiated against the Corporate Debtor, Adico Forge Pvt. Ltd., on 23.06.2023, following an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. Two resolution plans were received, one from M/s. Saverni Neutech Pvt. Ltd. and another from M/s. Trinity India Forgetech Pvt. Ltd. M/s. Saverni Neutech Pvt. Ltd. failed to submit a revised resolution plan by the extended

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Adico Forge Pvt. Ltd. on 23.06.2023. The Interim Resolution Professional (IRP) made a public announcement on 17.07.2023, inviting claims. Two resolution plans were received from M/s. Saverni Neutech Pvt. Ltd. and M/s. Trinity India Forgetech Pvt. Ltd. The initial deadline for submission of the Resolution Plan was 13.11.2023, which was extended to 17.11.2023. Both companies submitted their plans by the extended deadline. The 6th and 7th Committee of Creditors (CoC) meetings were held on 28.11.2023 and 02.12.2023, respectively, where modifications were suggested to both Prospective Resolution Applicants (PRAs). On 12.12.2023, the CoC extended the submission deadline to 13.12.2023, and later to

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority committed an error in rejecting I.A. No. 124/2024 filed by …

**Ratio:** The Adjudicating Authority has the power to reject an application if it is filed after

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**Reasoning:** The court reasoned that M/s. Saverni Neutech Pvt. Ltd. filed I.A. No. 124/2024 after the

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**Interpretation:** This issue concerns the interpretation of the procedural aspects of the CIRP

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Prem Trading…
- **Respondents:** Adico Forge Pvt.…; Ramchandra…

## Timeline

- **2023-06-23 — CIRP Commen…**: Corporate Insolvency Resolution Process (`CIRP') against the Corporate Debtor, Adico…
- **2023-07-17 — Public Annou…**: Interim Resolution Professional (`IRP') made Public Announcement inviting claims.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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