# In the matter of Yogeshkumar Jashwantilal Thakkar & Ors. vs. George Samuel, RP of Jason Dekor Private Limited & Ors.

> NCLAT judgment dated 2024-12-05. Citation: TCN-2024-NCLAT-00722. The appeal was filed by two Suspended Directors of Jason Dekor Private Limited challenging…

- **Court:** NCLAT
- **Order date:** 5 Dec 2024
- **Citation:** TCN-2024-NCLAT-00722
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/yogeshkumar-jashwantilal-thakkar-ors-vs-george-samuel-rp-of-jason-dekor-private-fb3409b6

## Summary

### Background

The appeal was filed by two Suspended Directors of Jason Dekor Private Limited challenging the order dated 10.05.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad) in I.A. 36/NCLT/AHM/2021 in CP (IB) No.257/NCLT/AHM/2019, which approved the Resolution Plan submitted by Respondent No. 3.

## Facts

Corporate Insolvency Resolution Process (CIRP) against Jason Dekor Private Limited commenced on 19.12.2019.

The Committee of Creditors (CoC) initially decided to file an application for liquidation due to the lack of a viable Resolution Plan.

Respondent No. 3 filed an application seeking direction for consideration of its plan, which was initially rejected on 09.12.2020.

The Appellate Tribunal set aside the rejection order and directed reconsideration of the Revised Resolution Plan.

The CoC approved the Resolution Plan of Respondent No. 3 with 100% vote share on 05.01.2021.

The Adjudicating Authority approved the Resolution Plan, finding it compliant with Section 30(2) of the Insolvency and Bankruptcy Code, 2016.

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## Issues and analysis

### Issue 1: Whether the Resolution Professional violated Regulation 37(ba) of the Insolvency and Bankruptcy …

**Ratio:** Regulation 37(ba) requires a resolution plan to provide for restructuring of the

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**Reasoning:** The Tribunal reasoned that the use of the expression “as may be necessary” indicates that

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**Interpretation:** The Tribunal interpreted Regulation 37(ba) to mean that restructuring clauses

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**Application:** The Tribunal applied this interpretation to the facts of the case, finding that

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## Parties

- **Judges:** Ashok Bh…; Arun Ba…
- **Appellants:** Yogeshkumar…; Jayeshkumar…
- **Respondents:** Jason Dekor…; George S…; +2 more
- **Other parties:** Indian Overseas…
- **Advocates:** Dhruvit…; Diwaker…; +3 more

## Timeline

- **2019-12-19 — Commencement…**: Corporate Insolvency Resolution Process (CIRP)…
- **2020-12-09 — Rejection of Resolution…**: The Adjudicating Authority rejected the…

## 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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