# In the matter of Jaihind Infra Tech Projects Pvt. Ltd. IA 134-2019 in C.P. (IB) No. 134-NCLT-AHM-2017

> NCLT judgment dated 2019-09-20. Citation: TCN-2019-NCLT-01354. The instant application, IA No. 134 of 2019 in CP(IB) No. 134/2017, was filed by the Resolution…

- **Court:** NCLT
- **Order date:** 20 Sept 2019
- **Citation:** TCN-2019-NCLT-01354
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jaihind-infra-tech-projects-pvt-ltd-ia-134-2019-in-cp-ib-no-134-nclt-ahm-2017-1d20f920

## Summary

### Background

The instant application, IA No. 134 of 2019 in CP(IB) No. 134/2017, was filed by the Resolution Professional of Corporate Debtor Jayhind Infra Tech Projects Private Limited, under Section 30(6) read with 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for submission and approval of the Resolution Plan submitted by Respondents No. 2 in respect of the Corporate Debtor with the prayer to approve the Resolution Plan dated 18.06.2018 along with addendum to the Plan dated 26.10.2018 with or without modifications as this Tribunal may deem fit. CP(IB)No. 134/2017 was filed by Punjab National Bank, the Financial Creditor (Original

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## Facts

Punjab National Bank filed CP(IB) No. 134/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Jaihind Infratech Projects Private Limited. The application was admitted on 16.01.2018, and Sunit Jagdishchandra Shah was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 17.01.2018, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 01.02.2018, and in its fourth meeting on 25.04.2018, the minimum criteria and evaluation matrix were finalized. An invitation for Resolution Plans was published on 18.05.2018, and only one resolution plan was submitted by Divyansh Constructions Private Limited. The RP convened

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Divyansh Constructions Private Limited meets the …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the criteria that a

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

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**Interpretation:** The interpretation of Sections 30(2) and 31 of the IBC requires the

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**Application:** The Adjudicating Authority, upon reviewing the Resolution Plan, determined that

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** CA Sunit Jagdishch…
- **Respondents:** Jaihind Infratech…; The Committee of…

## Timeline

- **2017-01-01 — Filing of CP(IB) No.…**: Punjab National Bank filed CP(IB)No. 134/2017 under section 7 of the Code read with Rule…
- **2018-01-16 — Admission of CP(IB) No.…**: The Adjudicating Authority admitted CP(IB) No. 134/2017 and proposed the appointment of…

## 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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