# In the matter of Tomorrows Sales Agency Pvt. Ltd. Vs. Rajiv Khurana, RP for Power Himalayas Ltd. & Ors. CA (AT) No. 162-2018

> NCLAT judgment dated 2018-07-05. Citation: TCN-2018-NCLAT-00223. The Appellant, a Successful Resolution Applicant, challenged an order dated April 20, 2018,…

- **Court:** NCLAT
- **Order date:** 5 Jul 2018
- **Citation:** TCN-2018-NCLAT-00223
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/tomorrows-sales-agency-pvt-ltd-vs-rajiv-khurana-rp-for-power-himalayas-ltd-ors-c-a54b5c42

## Summary

### Background

The Appellant, a Successful Resolution Applicant, challenged an order dated April 20, 2018, passed by the Adjudicating Authority (National Company Law Tribunal) Chandigarh Bench, which refused to approve its Resolution Plan. The rejection was based on the grounds that the consent of shareholders for the transfer of shares had not been obtained, there was discrimination in payment to Promoters and Operational Creditors, and two directors of the Corporate Debtor were allowed to be retained by the Resolution Applicant.

## Facts

The Appellant, Tomorrows Sales Agency Pvt. Ltd., was a Successful Resolution Applicant whose Resolution Plan was rejected by the Adjudicating Authority (NCLT Chandigarh) on April 20, 2018. The rejection was based on three grounds: lack of shareholder consent for share transfer, discrimination in payment between Promoters and Operational Creditors, and retention of two directors of the Corporate Debtor by the Resolution Applicant. The Appellant claimed to have 94.5% shareholder consent and had revised the payment plan to offer 100% upfront payment to Operational Creditors. The Committee of Creditors approved the Resolution Plan with 100% voting share. The Adjudicating Authority rejected the plan, stating it lacked the power to revisit its order. The Resolution

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in rejecting the Resolution Plan based on the …

**Ratio:** The Adjudicating Authority should not reject a Resolution Plan that is in consonance with

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**Reasoning:** The NCLAT held that the Adjudicating Authority erred in rejecting the Resolution Plan, as

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**Interpretation:** Section 30(2) of the I&B Code outlines the requirements for a Resolution

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**Application:** The NCLAT applied the ratio by considering that the Resolution Plan had been

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Tomorrows Sales…
- **Respondents:** Power Himalayas…; Rajiv Kh…

## Timeline

- **2018-04-20 — Order by Adjudicating…**: The Adjudicating Authority (NCLT Chandigarh) passed an order rejecting the Resolution…
- **2018-03-09 — Resolution Plan…**: The Committee of Creditors…

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