# In the matter of Shamken Multifab Limited IA NO.321-2019 in CP (IB) NO.133-ALD-2017

> NCLT judgment dated 2023-06-01. Citation: TCN-2023-NCLT-05501. The application was filed seeking directions to the Members of the CoC to disclose the reasons…

- **Court:** NCLT
- **Order date:** 1 Jun 2023
- **Citation:** TCN-2023-NCLT-05501
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/shamken-multifab-limited-ia-no321-2019-in-cp-ib-no133-ald-2017-f3c8f5ec

## Summary

### Background

The application was filed seeking directions to the Members of the CoC to disclose the reasons for rejection of the Resolution Plan of the Applicant.

## Facts

The applicant sought directions for the CoC members to disclose reasons for rejecting the Resolution Plan.

The applicant submitted a Resolution Plan on 19.02.2019, which was not considered by the RP initially.

The Tribunal directed the RP to examine the Resolution Plan and present it to the CoC.

The CoC rejected the request for waiver of the earnest money deposit.

The applicant's counsel conceded that the application was filed only to seek reasons for rejection of the Resolution Plan.

Liquidation has already been ordered as per Regulation 32 of IBBI (Liquidation Process) Regulation, 2016.

## Issues and analysis

### Issue 1: Whether the Members of the CoC should be directed to disclose the reasons for rejection of the …

**Ratio:** The application was

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**Reasoning:** The counsel representing the applicant conceded that the application was filed only for

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**Interpretation:** The court interpreted the applicant's lack of pressing the application as an

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**Application:** The principle applied was that if an applicant does not actively pursue an

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Satya Narayan…
- **Respondents:** Shamken Multifab…; Anshul…
- **Other parties:** Asset Reconstructi…
- **Advocates:** Syed Fahim…; Milan Sing…; +2 more

## Timeline

- **2019-02-19 — Resolution Plan…**: Applicant submitted a…
- **2019-05-21 — Tribunal…**: Tribunal directed the RP to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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