# In the matter of Sunil Jain Vs. Punjab National Bank & Ors. CA (AT) No. 430-2018

> NCLAT judgment dated 2018-08-03. Citation: TCN-2018-NCLAT-00167. This is an appeal by the shareholder/promoter of the 'Corporate Debtor' against the order…

- **Court:** NCLAT
- **Order date:** 3 Aug 2018
- **Citation:** TCN-2018-NCLAT-00167
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sunil-jain-vs-punjab-national-bank-ors-ca-03cc9a45

## Summary

### Background

This is an appeal by the shareholder/promoter of the 'Corporate Debtor' against the order dated 19th June, 2018. The order under appeal pertains to several CA (IB) applications, including No. 536/KB/2017, No. 439/2018, No. 145/KB/2018, and No. 363/KB/2018. CA (IB) No. 536/KB/2017 was filed by the suspended director seeking removal of the Resolution Professional (RP) and initiation of an enquiry against the RP. CA (IB) No. 363/KB/2017 had already been disposed of. The prayer in CA (IB) No. 536/KB/2018 was deemed infructuous. The appellant argued that the corporate resolution process had not been completed in accordance with the law.

## Facts

Sunil Jain, the shareholder/promoter of the Corporate Debtor, filed an appeal against the order dated June 19, 2018. The order under appeal involved several CA (IB) applications. CA (IB) No. 536/KB/2017 was filed by the suspended director seeking removal of the Resolution Professional (RP) and initiation of an enquiry against the RP. CA (IB) No. 363/KB/2017 had already been disposed of. The prayer in CA (IB) No. 536/KB/2018 was deemed infructuous. The appellant argued that the corporate resolution process had not been completed in accordance with the law. The resolution plan had already been approved, and the order of approval by the Adjudicating Authority was pending consideration in another appeal. The Adjudicating Authority had not given any finding regarding the

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## Issues and analysis

### Issue 1: Whether the corporate resolution process has …

**Ratio:** The court cannot decide on the completion of the corporate resolution process in this

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**Reasoning:** The court reasoned that since the resolution plan had already been approved and the order

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**Interpretation:** This issue involves interpreting the provisions of the Insolvency and

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**Application:** The ratio and reasoning apply to the specific facts because the appellant

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Sunil…
- **Respondents:** Punjab National…
- **Advocates:** Gautam…; Pratiksha…

## Timeline

- **2018-06-19 — Order Da…**: Order passed by the Adjudicating…
- **2018-08-03 — Appeal Fili…**: Appeal filed by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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