# In the matter of Shri Vijay Kumar Singh Vs. Shri Anil Kumar Liquidator of Newgen Speciality Palastics Limited and Ors. CA(AT)(Ins)No. 391 of 2020

> NCLAT judgment dated 2020-11-09. Citation: TCN-2020-NCLAT-00055. The appeal was filed by the Director of the Corporate Debtor, M/s. Newgen Speciality Plastics…

- **Court:** NCLAT
- **Order date:** 9 Nov 2020
- **Citation:** TCN-2020-NCLAT-00055
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shri-vijay-kumar-singh-vs-shri-anil-kumar-liquidator-of-newgen-speciality-palast-6f35f818

## Summary

### Background

The appeal was filed by the Director of the Corporate Debtor, M/s. Newgen Speciality Plastics Ltd., against an order dated 06th January, 2020, passed by the Adjudicating Authority (NCLT, New Delhi, Bench III). The Adjudicating Authority rejected C.A. No. 962/C-III/ND/2019 filed by Oriental Bank of Commerce (now Punjab National Bank) and others against Respondent No. 1, Amit Kumar (Resolution Professional), now Liquidator. The Adjudicating Authority accepted C.A. No. 452/C-III/ND/2019 filed by the Resolution Professional seeking an order for the liquidation of the Corporate Debtor. The appellant sought to set aside the impugned order and have the Resolution Plan considered and accepted by the CoC.

## Facts

M/s. Newgen Speciality Plastics Limited faced insolvency proceedings initiated by M/s. Dynamic Star Security & Allied Services under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 19.11.2018. An IRP was initially appointed, followed by the appointment of Shri Anil Kumar as the Resolution Professional (RP). The Corporate Debtor was engaged in exporting plastic products and had received MSME awards. During the CIRP period, the promoters claimed to have secured orders worth Rs. 3.4 Crores. The RP presented CIRP expenses and reported losses during the CIRP period. The Appellant, Director of the Corporate Debtor, alleged that the RP distorted facts and misrepresented information to the CoC, leading to the decision to

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## Issues and analysis

### Issue 1: Whether Resolution Professional/Prospective …

**Ratio:** Under Section 27 of IBC, during the pendency of CIRP proceedings, the CoC can take a

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**Reasoning:** The Adjudicating Authority did not appear to have referred to the contents of the Joint

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**Interpretation:** The NCLAT interpreted that the CoC's decision to replace the RP, as conveyed in

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**Application:** In this case, the CoC had conveyed that it wanted the Resolution Professional

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## Parties

- **Judges:** A.I.S. C…; KanthiNar…
- **Appellants:** Vijay Kumar…
- **Respondents:** M/s. Newgen…; Anil K…

## Timeline

- **2018-11-19 — Application under…**: Application under Section 9 of Insolvency and Bankruptcy Code, 2016 filed by M/s.…
- **2020-01-06 — Impugned Order by…**: Adjudicating Authority (NCLT, New Delhi, Bench III) passed the Impugned Order rejecting…

## 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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