# In the matter of Ajaz Nanda Designs Pvt. Ltd. (IB)-1739(PB)-2018

> NCLT judgment dated 2019-07-02. Citation: TCN-2019-NCLT-02708. The case pertains to an application under Section 7 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 2 Jul 2019
- **Citation:** TCN-2019-NCLT-02708
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ajaz-nanda-designs-pvt-ltd-ib-1739pb-2018-d9897c50

## Summary

### Background

The case pertains to an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (CIRP). The status report along with the minutes of the first Committee of Creditors (CoC) meeting was taken on record, subject to all exceptions. The office was directed to maintain the record and present it before the Bench at the time of the final hearing.

## Facts

Jammu & Kashmir Bank Ltd. filed a petition against Ajaz nanda Designs Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The court reviewed the status report and the minutes of the first meeting of the Committee of Creditors (CoC). The CoC resolved to continue with Mr. Neeraj Bhatia as the Resolution Professional. The court then approved the appointment of Mr. Neeraj Bhatia as the Resolution Professional.

## Issues and analysis

### Issue 1: Whether the appointment of Mr. Neeraj Bhatia as the Resolution Professional should be approved …

**Ratio:** The decision of the Committee of Creditors regarding the appointment of the Resolution

…

**Reasoning:** The Committee of Creditors, being the primary decision-making body in the CIRP process,

…

**Interpretation:** This reflects the principle that the CoC has the primary responsibility for

…

**Application:** The court applied this principle by approving the appointment of Mr. Neeraj

…

## Parties

- **Judges:** M. M. K…; DEEPTI M…
- **Appellants:** Jammu & Kashmir…
- **Respondents:** Ajaz Nanda…

## Timeline

- **2019-06-14 — CoC Meet…**: The Committee of Creditors held its first meeting and resolved to continue with Mr.…
- **2019-07-02 — Order Del…**: The NCLT approved the appointment of Mr. Neeraj Bhatia as the Resolution Professional and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/ajaz-nanda-designs-pvt-ltd-ib-1739pb-2018-d9897c50