# In the matter of Globecon Commercial Services Private Limited IA.NO.1696-MB-C-II-2021 In CP(IB)No. 3927-MB-C-II-2019

> NCLT judgment dated 23 Nov 2021. Citation: TCN-2021-NCLT-00430. The present interlocutory application was filed by Mr. Ajit Gyanchand Jain, the Resolution…

- **Court:** NCLT
- **Order date:** 23 Nov 2021
- **Citation:** TCN-2021-NCLT-00430
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/globecon-commercial-services-private-limited-iano1696-mb-c-ii-2021-in-cpibno-392-a5e7b4e1

## Summary

### Background

The present interlocutory application was filed by Mr. Ajit Gyanchand Jain, the Resolution Professional of Globecon Commercial Services Private Limited, the Corporate Debtor. The application sought approval of a resolution plan under sections 30(6), 31, and 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The resolution plan had been duly approved by the requisite majority of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against Globecon Commercial Services Private Limited by Hangji Global Limited, an Operational Creditor, under Section 9 of the Code. The CIRP was admitted by an order dated January 25, 2021, and Mr. Ajit Gyanchand Jain was

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## Facts

Mr. Ajit Gyanchand Jain, the Resolution Professional (RP) of Globecon Commercial Services Private Limited, the Corporate Debtor, filed an application seeking approval of a resolution plan. This plan was submitted under sections 30(6), 31, and 60(5) of the Insolvency and Bankruptcy Code, 2016 (Code), read with Rule 11 of the National Company Law Tribunal Rules, 2016. The resolution plan had received the requisite majority approval from the Committee of Creditors (CoC).

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Professional complies with the provisions…

**Ratio:** A Resolution Plan must comply with all the requirements specified in Section 30(2) of the…

**Reasoning:** The Adjudicating Authority examined the Resolution Plan against the requirements of…

**Interpretation:** The court interpreted Section 30(2) of the Code as a comprehensive checklist…

**Application:** The Resolution Plan in question provided for the full payment of CIRP costs in…

## Parties

- **Judges:** Ashok Kumar…; Shyam Babu…
- **Advocates:** For the Resolution…; Prajakta Menezes,…

## Timeline

- **January 25, 2021 — CIRP Admissio…**: The Corporate Insolvency Resolution Process (CIRP) against Globecon Commercial Services…
- **January 29, 2021 — Public Annou…**: A Public Announcement in Form A was published on the IBBI website and in Free Press…

## 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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