# Approval of Resolution Plan - J.D. Aneja Edibles Private Limited IA No. 58-JPR-2018, 44,57,58,63-JPR-2019 IB No. 571 (ND)-2017 TA No. 37-2018

> NCLT judgment dated 2019-06-07. Citation: TCN-2019-NCLT-03023. The case involves an application preferred by the Resolution Professional of the Corporate…

- **Court:** NCLT
- **Order date:** 7 Jun 2019
- **Citation:** TCN-2019-NCLT-03023
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-jd-aneja-edibles-private-limited-ia-no-58-jpr-2018-4-00aee5d3

## Summary

### Background

The case involves an application preferred by the Resolution Professional of the Corporate Debtor, J.D. Aneja Edibles Private Limited, for approval of a resolution plan under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated based on a petition filed by the Financial Creditors. An Interim Resolution Professional (IRP), Mr. Madhusudan Sharma, was appointed. The Corporate Debtor was managed by Mr. Rahul Aneja, Mrs. Ruchika Aneja, and Mr. Pawan Aneja. The IRP received six claims from Financial Creditors and three claims from Operational Creditors. The IRP constituted a Committee of Creditors (CoC) with Oriental Bank of Commerce (OBC) as the sole member with 100% voting share. The CoC appointed the IRP as the Resolution

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## Facts

The Corporate Debtor, J.D. Aneja Edibles Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by Financial Creditors. Mr. Madhusudan Sharma was appointed as the Interim Resolution Professional (IRP). The IRP received claims from Financial and Operational Creditors. The Committee of Creditors (CoC) was formed with Oriental Bank of Commerce (OBC) as the sole member. The CoC appointed the IRP as the Resolution Professional (RP). Three Expressions of Interest (EOIs) were received from prospective Resolution Applicants, including Rahul Aneja and Pradeep Kumar Dawra Consortium, Rahul and Ruchika Consortium, and Sukh Shanti Estates Pvt. Ltd. The EOI of Sukh Shanti Estates Pvt. Ltd. was rejected. The CoC approved a resolution plan submitted by

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s Rahul and Ruchika Consortium should be approved under …

**Ratio:** Section 31 of the IBC, 2016, provides for the approval of a resolution plan by the

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**Reasoning:** The Tribunal considered the resolution plan submitted by M/s Rahul and Ruchika

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**Interpretation:** Section 31 of the IBC requires the Adjudicating Authority to be satisfied that

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**Application:** The Tribunal approved the resolution plan, subject to certain directions,

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## Parties

- **Judges:** R. VARADH…
- **Appellants:** Sushant…
- **Respondents:** J.D Aneja Edibles…
- **Advocates:** Prateek Ka…; Susshil…; +2 more

## Timeline

- **2017-01-01 — IB No. 571 (N…**: Filing of IB No. 571…
- **2018-06-04 — Petition Ad…**: Petition filed by the Financial Creditors…

## 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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