# in the matter of Vikash Gautamchand Jain, RP of Care Office Equipment Limited Vs. Hemant Shantilal Shah & Ors. CA (AT) (Ins) No. 33 of 2021

> NCLAT judgment dated 2021-01-28. Citation: TCN-2021-NCLAT-00391. The case involves an appeal against an order by the Adjudicating Authority (National Company…

- **Court:** NCLAT
- **Order date:** 28 Jan 2021
- **Citation:** TCN-2021-NCLAT-00391
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vikash-gautamchand-jain-rp-of-care-office-equipment-limited-vs-hemant-shantilal-02e724d9

## Summary

### Background

The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) dated December 15, 2020. The order directed the Resolution Professional to file a liquidation value and valuation report and provide a copy to Respondent Nos. 1 and 2, who are stated to be the promoters/erstwhile Directors. The appellant contends that the liquidation value and valuation report cannot be provided to the promoters/erstwhile Directors within the scope of relevant IBBI Regulations and jurisdiction of the Adjudicating Authority.

## Facts

The Adjudicating Authority ordered the Resolution Professional to file a liquidation value and valuation report and provide a copy to Respondent Nos. 1 and 2, who are the promoters/erstwhile Directors. The appellant complied with filing the report but disputed providing copies to Respondent Nos. 1 and 2, citing IBBI Regulations. The Resolution Plan approved by the COC with 99.6% voting shares is pending consideration before the Adjudicating Authority. Respondent Nos. 1 and 2 are neither MSME nor members of the COC or Resolution Applicants. The key fact is whether the promoters/erstwhile directors are entitled to receive the liquidation value and valuation report.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's order to provide the liquidation value and valuation report to …

**Ratio:** The ratio is based on the interpretation of the I&B Code and IBBI Regulations

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**Reasoning:** The court reasons that the Adjudicating Authority should reconsider its order because the

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**Interpretation:** The interpretation involves understanding the scope and applicability of the

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

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## Parties

- **Judges:** Bansi Lal…; Ashok Kumar…; +1 more
- **Appellants:** Vikash Gautamchand…
- **Respondents:** Care Office…; Hemant Shantilal…
- **Advocates:** Gaurav…; Honey S…; +2 more

## Timeline

- **2020-12-15 — Impugned Ord…**: The Adjudicating Authority (NCLT, Ahmedabad Bench) issued an order directing the…
- **2021-01-28 — Order Da…**: The NCLAT heard the appeal and directed the Adjudicating Authority to re-look at the…

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