# In the matter of Jasper Engineers Private Limited Company Application No. 175 (ND)-2019 in Company Petition No. (IB)-821(ND)-2018

> NCLT judgment dated 2019-09-17. Citation: TCN-2019-NCLT-01412. The case pertains to the approval of a resolution plan for M/S Jasper Engineers Private…

- **Court:** NCLT
- **Order date:** 17 Sept 2019
- **Citation:** TCN-2019-NCLT-01412
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jasper-engineers-private-limited-company-application-no-175-nd-2019-in-company-p-b82269d6

## Summary

### Background

The case pertains to the approval of a resolution plan for M/S Jasper Engineers Private Limited, the Corporate Debtor, under Section 31 of the Insolvency and Bankruptcy Code, 2016. An application was filed by the Resolution Professional, Mr. Hemant Gupta, seeking this approval. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 9 of the Code by an Operational Creditor, Mr. Shanti Lal Jain. The application was admitted on September 5, 2018, and Mr. Hemant Gupta was appointed as the Interim Resolution Professional. Public announcements were made, and the Committee of Creditors (CoC) was formed. The CoC approved a resolution plan submitted by M/s BCH Electric Limited with a 100% majority vote.

## Facts

Mr. Shanti Lal Jain, an Operational Creditor of M/s Jasper Engineers Private Limited (the Corporate Debtor), initiated the Corporate Insolvency Resolution Process (CIRP) by filing an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on September 5, 2018, leading to the imposition of a moratorium. Mr. Hemant Gupta was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. The first meeting of the Committee of Creditors (CoC) was held on October 6, 2018, where Mr. Hemant Gupta was appointed as the Resolution Professional (RP). Two registered valuers, M/s Crest Capital and M/s Sapient Services Private Limited, were engaged to determine the fair value and

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## Issues and analysis

### Issue 1: Whether the Resolution Plan approved by the Committee of Creditors (CoC) meets the requirements of …

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

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and found that it complied with

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** In this case, the Resolution Plan was found to have met all the requirements of

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## Parties

- **Judges:** DEEPTI M…; HEMANT KUMAR…
- **Respondents:** M/S JASPER…; Vipin S…

## Timeline

- **2018-09-05 — Admission of Application…**: Application under Section 9 of the Code by Mr. Shanti Lal Jain admitted, initiating CIRP…
- **2018-10-06 — First Meeting…**: First Meeting of COC held, wherein Mr. Hemant Gupta was appointed as the Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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