# In the matter of Seroco Lighting Industries Pvt. Ltd. Vs. Ravi Kapoor, RP for Arya Filaments Pvt. Ltd. & Ors. CA(AT)(Ins)No. 1054 of 2020

> NCLAT judgment dated 2020-12-10. Citation: TCN-2020-NCLAT-00020. The appeal was filed against the dismissal of I.A No. 96 of 2020 by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 10 Dec 2020
- **Citation:** TCN-2020-NCLAT-00020
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/seroco-lighting-industries-pvt-ltd-vs-ravi-kapoor-rp-for-arya-filaments-pvt-ltd-a938fcde

## Summary

### Background

The appeal was filed against the dismissal of I.A No. 96 of 2020 by the Adjudicating Authority (National Company Law Tribunal), Indore Bench at Ahmedabad. The Appellant's prayer for revision of the approved Resolution Plan was turned down. The Corporate Debtor is an MSME, and the Appellant, aware of the financial condition of the Corporate Debtor, submitted the sole Resolution Plan that was approved by the Adjudicating Authority. The Adjudicating Authority did not entertain the Appellant's contention that it had no knowledge of the financial condition of the Corporate Debtor.

## Facts

Seroco Lighting Industries Pvt. Ltd. filed an appeal against the dismissal of I.A No. 96 of 2020. The Adjudicating Authority (National Company Law Tribunal), Indore Bench at Ahmedabad, rejected the Appellant's request to revise the approved Resolution Plan. The Corporate Debtor is an MSME. Seroco Lighting Industries Pvt. Ltd., being aware of the financial condition of the Corporate Debtor, submitted the sole Resolution Plan, which was initially approved. The Adjudicating Authority rejected the Appellant's claim of lacking knowledge about the Corporate Debtor's financial condition. The Appellant sought revision of the approved Resolution Plan, but the Appellate Tribunal found no merit in the appeal, stating that the Appellant, as the sole Resolution Applicant in the

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## Issues and analysis

### Issue 1: Whether the Appellant can seek …

**Ratio:** A Resolution Applicant cannot be permitted to withdraw the approved Resolution Plan,

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**Reasoning:** The Appellate Tribunal reasoned that allowing the revision of the approved Resolution

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**Interpretation:** The interpretation of Section 61(3) of the Insolvency and Bankruptcy Code,

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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:** Bansi Lal…; Ashok Kumar…; +2 more
- **Appellants:** Seroco Lighting…
- **Respondents:** Ravi Kapoor, RP…
- **Advocates:** Tirth N…; Abhijeet S…

## Timeline

- **2020-10-23 — Impugned…**: The Adjudicating Authority passed an impugned order dismissing the Appellant's prayer for…
- **2020-12-10 — Appeal Dis…**: The Appellate Tribunal dismissed the appeal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61(3) — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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