# In the matter of Jadoun International Pvt. Ltd. IA No. 03-JPR-2020 in CP No. (IB) 707(PB)-2018

> NCLT judgment dated 2021-07-16. Citation: TCN-2021-NCLT-01688. The case pertains to an application filed by Mr. Ajit Kumar, the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 16 Jul 2021
- **Citation:** TCN-2021-NCLT-01688
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jadoun-international-pvt-ltd-ia-no-03-jpr-2020-in-cp-no-ib-707pb-2018-17dedc79

## Summary

### Background

The case pertains to an application filed by Mr. Ajit Kumar, the Resolution Professional (RP) of M/s Jadoun International Pvt. Ltd. (Corporate Debtor), seeking approval of a resolution plan under Sections 30(6) and 31 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Process of Corporate Persons) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by the Financial Creditor, M/s Indus Container Lines Pvt. Ltd., under Section 7 of the Code. The application was admitted by the Adjudicating Authority on 25.01.2019. The RP was appointed as the Interim Resolution Professional (IRP) and subsequently as the RP. The RP constituted the

…

## Facts

M/s Indus Container Lines Private Limited initiated CIRP against M/s Jadoun International Private Limited under Section 7 of IBC, which was admitted on 25.01.2019. Ajit Kumar was appointed as the Resolution Professional (RP). The RP constituted the Committee of Creditors (CoC) on 12.02.2019. Several CoC meetings were held to discuss the resolution plan. An application was moved against Tata Motors Finance Pvt. Ltd. for violation of the moratorium period. The RP placed the resolution plan of Mr. Yusuf Khan and Mr. Vibhash Kumar for consideration, but Mr. Vibhash Kumar was disqualified. Mr. Yusuf Khan submitted a revised resolution plan on 21.10.2019. The CoC approved the resolution plan on 22.11.2019 with a majority of 82.2% on 19.12.2019. The resolution plan includes

…

## Issues and analysis

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

**Ratio:** Section 30(2) of the IBC specifies the mandatory requirements that a resolution plan must

…

**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure that it complies with

…

**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan is fair and

…

**Application:** The Adjudicating Authority found that the resolution plan provides for the

…

## Parties

- **Judges:** Ajay Kumar…; RaghuNa…
- **Appellants:** Ajit K…
- **Respondents:** Jadoun Internation…; Indus Container…

## Timeline

- **2019-01-25 — Admission of Insolvency…**: The Adjudicating Authority admitted the insolvency application filed by M/s Indus…
- **2019-02-12 — Constitution of…**: The Resolution Professional constituted…

## 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/jadoun-international-pvt-ltd-ia-no-03-jpr-2020-in-cp-no-ib-707pb-2018-17dedc79