# Approval of Resolution Plan -JEKPL Private Limited

> NCLT judgment dated 2017-12-15. Citation: TCN-2017-NCLT-00044. The case pertains to an application filed by JEKPL Private Limited under Section 10 of the…

- **Court:** NCLT
- **Order date:** 15 Dec 2017
- **Citation:** TCN-2017-NCLT-00044
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-jekpl-private-limited-76dbbde6

## Summary

### Background

The case pertains to an application filed by JEKPL Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating a corporate insolvency resolution process. The application was admitted, and an Interim Resolution Professional (IRP) was appointed. Subsequently, a Resolution Professional (RP) was appointed based on the recommendation of the Committee of Creditors (COC). The RP published an Expression of Interest (EOI) for resolution plans, and several parties expressed interest. Ultimately, the COC approved a resolution plan submitted by Atyant Capital India Fund I.

## Facts

JEKPL Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process. The application was admitted, and Mr. Dinkar T. Venkatasubramanian was appointed as the Interim Resolution Professional (IRP). Later, Mr. Mukesh Mohon replaced him as the Resolution Professional (RP). The RP published an Expression of Interest (EOI) for resolution plans, and 13 parties expressed interest. However, only Atyant Capital India Fund-I and Hindustan Oil Exploration Company Limited submitted resolution plans. The Committee of Creditors (COC) requested revisions to the resolution plans, including a minimum net worth requirement and a rate of interest of at least 12% on deferred payments. An inter-se

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Atyant …

**Ratio:** The approval of a resolution plan requires compliance with Section 30(2) and 30(4) of the

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**Reasoning:** The court considered the voting pattern of the COC, which approved the resolution plan

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**Interpretation:** The Insolvency and Bankruptcy Code, 2016, provides a framework for the

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**Application:** In this case, the resolution plan submitted by Atyant Capital India Fund I was

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## Parties

- **Judges:** SH. HARIHAR…
- **Respondents:** JEKPL Private…

## Timeline

- **2017-03-17 — Admission of Ap…**: Application CP. No.24/ALD/2017 admitted by the Bench, appointing Mr. Dinkar T.…
- **2017-06-01 — Appointment…**: Mr. Mukesh Mohon appointed as Resolution Professional, replacing Mr. Dinkar T.…

## 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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