# In the matter of Roshan Lal Mittal & Ors. vs. Rishabh Jain & Ors.

> NCLAT judgment dated 2023-12-07. Citation: TCN-2023-NCLAT-00046. This is an appeal against the order dated 23.08.2023 by which the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 7 Dec 2023
- **Citation:** TCN-2023-NCLAT-00046
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/roshan-lal-mittal-ors-vs-rishabh-jain-ors-a14eb7e8

## Summary

### Background

This is an appeal against the order dated 23.08.2023 by which the Adjudicating Authority approved the Resolution Plan and allowed I.A. No. 659 of 2023 filed by the Resolution Professional. The Appellants, who are personal guarantors of the Corporate Debtor, are challenging the approval of the Resolution Plan. The Learned Counsel for the Appellant referred to Clause 7.1 of the Resolution Plan.

## Facts

The appeal was filed against the Adjudicating Authority's order dated 2023-08-23, which approved a Resolution Plan. The appellants are personal guarantors of the Corporate Debtor and are challenging the approval of the Resolution Plan. The Resolution Plan is based on the Information Memorandum and other details available from the Resolution Professional. The Resolution Applicant has explored the corporate debtor and proposed the acquisition of the corporate debtor. The Resolution Applicant will take over the ongoing projects of the corporate debtor and complete them with the support of the Resolution Professional. The Resolution Applicant will acquire all the assets of the corporate debtor. The Learned Counsel for the Appellants submitted that the SRA has taken

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## Issues and analysis

### Issue 1: Whether the Resolution Plan absolves the …

**Ratio:** The law well settled by the Hon'ble Supreme Court in the matter of “Lalit Kumar Jain vs.

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**Reasoning:** The court reasoned that the approval of a resolution plan does not automatically

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**Interpretation:** This means that even if a resolution plan is approved for the corporate debtor,

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**Application:** In this case, the court applied the ratio to the facts and concluded that the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Roshan Lal…
- **Respondents:** Rishabh…

## Timeline

- **2023-12-07 — Application for…**: An application seeking condonation of delay of 13 days in filing the appeal was made. The…
- **2023-08-23 — Order by Adjudicating…**: The Adjudicating Authority approved the Resolution Plan and allowed I.A. No. 659 of 2023…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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