# In the matter of SMFG India Credit Co. Ltd. vs. (CA) Kshitiz Gupta

> NCLAT judgment dated 2024-10-21. Citation: TCN-2024-NCLAT-00147. The case involves a Company Appeal (AT) (Insolvency) No. 1886 & 1887 of 2024 filed by SMFG…

- **Court:** NCLAT
- **Order date:** 21 Oct 2024
- **Citation:** TCN-2024-NCLAT-00147
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/smfg-india-credit-co-ltd-3ba340b7

## Summary

### Background

The case involves a Company Appeal (AT) (Insolvency) No. 1886 & 1887 of 2024 filed by SMFG India Credit Co. Ltd. (formerly Fullerton India Credit Co. Ltd.) against (CA) Kshitiz Gupta, RP Aditya Vidyut Appliances Pvt. Ltd. & Anr. The appeal challenges an order dated 2024-08-12 passed by the National Company Law Tribunal, Mumbai Bench, Court– II, which rejected the appellant's application in I.A. 1846/2024 in C.P. (IB) No. 193/MB/2019. The appellant, a dissenting Financial Creditor, sought a direction to be given Liquidation Value as per the value of the secured interest in the assets of the Corporate Debtor.

## Facts

SMFG India Credit Co. Ltd. (formerly Fullerton India Credit Co. Ltd.) filed an appeal against an order passed by the National Company Law Tribunal (NCLT), Mumbai Bench. The NCLT had rejected an application filed by SMFG India Credit Co. Ltd. in I.A. 1846/2024 in C.P. (IB) No. 193/MB/2019. SMFG India Credit Co. Ltd., being a dissenting Financial Creditor, sought a direction to be given Liquidation Value as per the value of the secured interest in the assets of the Corporate Debtor. The Adjudicating Authority had approved the Resolution Plan. The appellant argued that the value given to them is not in accordance with Liquidation Value as per Section 30(2)(b) of the Insolvency and Bankruptcy Code (IBC). The Resolution Professional argued that the value given to the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in …

**Ratio:** The court held that no error was committed by the Adjudicating Authority in rejecting the

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**Reasoning:** The court considered the arguments presented by both parties and the relevant legal

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**Interpretation:** The court interpreted the relevant provisions of the Insolvency and Bankruptcy

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

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** SMFG India Credit…
- **Respondents:** Aditya Vidyut…; CA Kshitiz…
- **Advocates:** Shweta K…; Harish A…; +1 more

## Timeline

- **2024-10-21 — Order Da…**: Order issued regarding I.A. No. 6966 & 6967/2024. Sufficient cause shown for condonation…
- **2024-08-12 — Order by Adjudicating…**: Order passed by the Learned Adjudicating Authority (National Company Law Tribunal, Mumbai…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(2) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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