# Mr. Jigar Tarunkumar Bhatt, RP of Raninga Paper Mills Pvt. Ltd vs. M/s. Deep Chemical

> NCLT judgment dated 2026-09-24. Citation: TCN-2026-NCLT-01038. An application (IA(Plan)/9(AHM)/2026) was filed by Mr. Jigar Tarunkumar Bhatt, Resolution…

- **Court:** NCLT
- **Order date:** 24 Sept 2026
- **Citation:** TCN-2026-NCLT-01038
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/mr-jigar-tarunkumar-bhatt-rp-of-raninga-paper-mills-pvt-ltd-vs-raninga-paper-mil-allk4

## Summary

### Background

An application (IA(Plan)/9(AHM)/2026) was filed by Mr. Jigar Tarunkumar Bhatt, Resolution Professional (RP) of Raninga Paper Mills Pvt. Ltd (Corporate Debtor), seeking approval of a Resolution Plan dated 07.04.2026 submitted by Mr. Chandresh Lalitbhai Soni (Successful Resolution Applicant - SRA). The plan was approved by the sole member of the Committee of Creditors (CoC), State Bank of India, with 100% voting share. M/s. Deep Chemical, an admitted Operational Creditor and unsuccessful Resolution Applicant, filed objections alleging statutory non-compliance, ineligibility of the SRA, material procedural irregularity in the CIRP, issues with transaction audit, valuation, and the induction of a funding partner.

## Facts

An application IA(Plan)/9(AHM)/2026 was filed on 23.05.2026 by Mr. Jigar Tarunkumar Bhatt, RP of Raninga Paper Mills Pvt. Ltd, seeking approval of a Resolution Plan.

The Resolution Plan dated 07.04.2026 was submitted by Mr. Chandresh Lalitbhai Soni, the Successful Resolution Applicant (SRA).

The Resolution Plan was approved by the sole member of the Committee of Creditors (CoC), State Bank of India, with 100% voting share, on 21.05.2026.

Raninga Paper Mills Pvt. Ltd (Corporate Debtor) is an MSME.

The Corporate Insolvency Resolution Process (CIRP) commenced on 29.07.2025 upon admission of an application filed by State Bank of India.

M/s. Deep Chemical, an admitted Operational Creditor and unsuccessful Resolution Applicant, filed objections to the Resolution Plan.

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## Issues and analysis

### Issue 1: Whether M/s. Deep Chemical has locus to …

**Ratio:** An unsuccessful Resolution Applicant has no vested right to have its plan accepted or

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**Reasoning:** The Adjudicating Authority, relying on Supreme Court precedents (M.K. Rajagopalan,

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**Interpretation:** While the commercial wisdom of the CoC is paramount and not subject to judicial

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**Application:** M/s. Deep Chemical, as an admitted Operational Creditor and an unsuccessful

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## Parties

- **Judges:** SHAMMI KHAN,…; SANJEEV SHARMA,…
- **Appellants:** Jigar Tarunkumar…; Jigar Tarunkumar…; +2 more
- **Respondents:** Raninga Paper…; M/s. Deep C…
- **Other parties:** Chandresh…; Jay S…; +1 more
- **Advocates:** Arjun S…; Priyam…; +3 more

## Timeline

- **2025-07-29 — CIRP Commen…**: This Adjudicating Authority admitted the Corporate Debtor into CIRP in C.P.…
- **2025-07-31 — Public Annou…**: Public announcement in Form A was made in Financial Express (English and Gujarati) and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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