# In the matter of Rajit Mehra Vs. Punjab National Bank & Anr. CA(AT)(Insolvency) 334-2019

> NCLAT judgment dated 2019-04-09. Citation: TCN-2019-NCLAT-00684. The appeal was preferred by Rajit Mehra, Ex-Director of M/s Rishi Ganga Power Corporation…

- **Court:** NCLAT
- **Order date:** 9 Apr 2019
- **Citation:** TCN-2019-NCLAT-00684
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rajit-mehra-vs-punjab-national-bank-anr-ca-01fd2b1f

## Summary

### Background

The appeal was preferred by Rajit Mehra, Ex-Director of M/s Rishi Ganga Power Corporation Ltd. (Corporate Debtor), against the order dated November 13, 2018, by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, which approved the resolution plan and rejected the objection raised by the Appellant – Ex-Director.

## Facts

Rajit Mehra, the Ex-Director of M/s Rishi Ganga Power Corporation Ltd., filed an appeal against the Adjudicating Authority's order approving a resolution plan. The appellant claimed the Board of Directors was not invited to the Committee of Creditors meeting where the resolution plan was approved. The Committee of Creditors had approved the resolution plan in March 2018. The court noted the appellant's failure to challenge the approval order earlier. The court also considered the availability of three resolution plans and the potential eligibility of promoters under Section 29A. No financial or operational creditor had challenged the resolution plan. The Adjudicating Authority had approved the resolution plan and rejected the appellant's objection.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority …

**Ratio:** The Adjudicating Authority has the power to approve a resolution plan if it meets the

…

**Reasoning:** The court found that the Adjudicating Authority had considered the resolution plan and

…

**Interpretation:** The Adjudicating Authority's decision to approve the resolution plan is subject

…

**Application:** In this case, the court found no clear error of law or fact in the Adjudicating

…

## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…
- **Appellants:** Rajit M…
- **Respondents:** M/s Rishi Ganga…; Punjab National…
- **Advocates:** Anjani Kumar…; Hardeep…

## Timeline

- **2018-11-13 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, approved…
- **2018-03-01 — Committee of Creditors…**: The Committee of Creditors…

---

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/rajit-mehra-vs-punjab-national-bank-anr-ca-01fd2b1f