# Approval of Resolution Plan - Jaryal Motor Finance Company Limited

> NCLT judgment dated 2026-04-17. Citation: TCN-2026-NCLT-00407. The case pertains to an application filed by Mr. Deepankur Sharma, the Resolution Professional,…

- **Court:** NCLT
- **Order date:** 17 Apr 2026
- **Citation:** TCN-2026-NCLT-00407
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-jaryal-motor-finance-company-limited-5f658c80

## Summary

### Background

The case pertains to an application filed by Mr. Deepankur Sharma, the Resolution Professional, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by Narendra Kumar Srivastava for Jaryal Motor Finance Company Limited.

## Facts

The Corporate Debtor, Jaryal Motor Finance Company Limited, was incorporated on 29.01.1991.

Company Petition CP(IB) No. 178/CH/HP/2023 was filed by 133 Financial Creditors led by Sh. Chandu Ram and was admitted on 24.04.2024.

Mr. Deepankur Sharma was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional.

The CoC was constituted on 15.05.2024, comprising Financial Creditors in a class admitted as Unsecured Financial Creditor.

Narendra Kumar Srivastava submitted the Resolution Plan, which was approved by the CoC with 100% voting share.

The Resolution Applicant proposed to acquire 100% stake in the Corporate Debtor for Rs. 15,00,000/-.

The Resolution Applicant has submitted a Performance Guarantee amounting to Rs. 3 lakhs.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan satisfies the requirements of Section 30(2) of the Insolvency and …

**Ratio:** The Adjudicating Authority must ensure that the Resolution Plan complies with Section

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and found that it met the

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**Interpretation:** Section 30(2) sets out the mandatory requirements that a Resolution Plan must

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**Application:** The Resolution Plan was found to have provisions for payment of CIRP costs,

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## Parties

- **Judges:** KHETRABASI…; SHISHIR A…
- **Appellants:** Deepankur…
- **Respondents:** Jaryal Motor…
- **Other parties:** Sh. Chandu Ram…; Rajeev S…
- **Advocates:** Viren S…; Yash Sriv…; +2 more

## Timeline

- **2024-04-24 — Admission of Company…**: Company Petition CP(IB) No. 178/CH/HP/2023 was admitted, ordering commencement of CIRP…
- **2024-05-24 — Appointment…**: Mr. Deepankur Sharma was appointed as the Resolution Professional in the first CoC…

## 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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