# Rajendra Jain vs. Kimaya Industries Private Limited

> NCLT judgment dated 2025-09-17. Citation: TCN-2025-NCLT-01407. The application was filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016, by the…

- **Court:** NCLT
- **Order date:** 17 Sept 2025
- **Citation:** TCN-2025-NCLT-01407
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/rajendra-jain-vs-kimaya-industries-private-limited-5cbzz

## Summary

### Background

The application was filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016, by the Resolution Professional of the corporate debtor, seeking approval of the Resolution Plan dated 16.08.2023 of Resolution Applicant Mr. Rakesh Omprakash Bhandari, as agreed upon by the requisite majority of the CoC.

## Facts

The application was filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016.

The Resolution Plan dated 16.08.2023 was submitted by Resolution Applicant Mr. Rakesh Omprakash Bhandari.

The CoC approved the resolution plan by 100% votes.

The IRP collated the claims and constituted the Committee of Creditors ("CoC") on 27.02.2023.

The CoC comprised of sole Financial Creditor i.e. Khodiyar Krupa Fabrics.

The 1st CoC meeting was held on 04.03.2023.

The 2nd CoC meeting was held on 31.03.2023, wherein the members of CoC inter alia resolved to initiate the process of Expression of Interest ("Eol") by publishing Form-G.

During the 3rd CoC meeting dated 16.06.2023, the RP apprised the members of CoC that he has published Form G i.e. Expression of Interest on 01.04.2023.

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## Issues and analysis

### Issue 1: Whether the application can be admitted given the …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016 specifies the requirements that

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**Reasoning:** The court found that the resolution plan was not in compliance with section 30(2) of the

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**Interpretation:** Section 30(2) is interpreted to require the resolution plan to consider all

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**Application:** Since the resolution plan contravened Section 30(2), the application could not

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Rajendra…
- **Respondents:** Kimaya Industries…
- **Other parties:** Khodiyar Krupa…; Gautam D…; +4 more
- **Advocates:** Sumit P…

## Timeline

- **2023-02-03 — Order Da…**: Order admitting the Corporate Insolvency Resolution Process (CIRP) against the Corporate…
- **2023-02-07 — Public Annou…**: Public announcement inviting the claims from creditors of the Corporate Debtor was made…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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