# In the matter of Sunil Jain Vs. Punjab National Bank & Ors. CA (AT) No. 156-2018

> NCLAT judgment dated 2018-04-24. Citation: TCN-2018-NCLAT-00321. The case is an appeal regarding the rights of shareholders in relation to a 'Resolution Plan'…

- **Court:** NCLAT
- **Order date:** 24 Apr 2018
- **Citation:** TCN-2018-NCLAT-00321
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sunil-jain-vs-punjab-national-bank-ors-ca-9f8432d4

## Summary

### Background

The case is an appeal regarding the rights of shareholders in relation to a 'Resolution Plan' under the Insolvency and Bankruptcy Code, 2016. The appeal questions whether the rights of shareholders can be curtailed by a 'Resolution Plan', whether taking away shareholders' rights violates the Companies Act, 2013 and Section 30(2)(e) of the Insolvency and Bankruptcy Code, 2016, and whether the approved 'Resolution Plan' should be rejected.

## Facts

The case involves an appeal against a 'Resolution Plan' under the Insolvency and Bankruptcy Code, 2016. The appellant, Sunil Jain, is challenging the plan, arguing that it curtails the rights of shareholders. The respondents include Punjab National Bank & Ors. The key facts are that a 'Resolution Plan' has been approved, and the appellant contends that this plan violates the Companies Act, 2013 and Section 30(2)(e) of the Insolvency and Bankruptcy Code, 2016. The court is considering whether the plan should be rejected. The Adjudicating Authority has been directed to maintain status quo, pending the resolution of the appeal.

## Issues and analysis

### Issue 1: Whether the rights of the shareholders …

**Ratio:** The ratio is based on the interpretation of the Insolvency and Bankruptcy Code, 2016 and

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**Reasoning:** The court's reasoning will depend on the specific provisions of the law and the facts of

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**Interpretation:** The interpretation involves understanding the balance between the rights of

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**Application:** The application involves examining the specific terms of the 'Resolution Plan'

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Sunil…
- **Respondents:** Punjab National…
- **Advocates:** Gautam…; Rajesh Kumar…; +5 more

## Timeline

- **2018-04-24 — Order Da…**: The court issued an order regarding the…
- **2018-04-25 — Filing De…**: Deadline for filing…

## 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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