# In the matter of Jeevan Jyoti Vanijya Ltd. C.A. No. 432-C-III-ND-19

> NCLT judgment dated 2020-01-21. Citation: TCN-2020-NCLT-02239. The case involves an order passed by the Hon'ble NCLAT in Company Appeal No. 710 of 2019, which…

- **Court:** NCLT
- **Order date:** 21 Jan 2020
- **Citation:** TCN-2020-NCLT-02239
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jeevan-jyoti-vanijya-ltd-ca-no-432-c-iii-nd-19-6b716bef

## Summary

### Background

The case involves an order passed by the Hon'ble NCLAT in Company Appeal No. 710 of 2019, which set aside a previous order and directed the NCLT to close the main petition, IB 464 of 2017. The NCLAT order also addressed the handover of assets and records by the Interim Resolution Professional/RP to the Promoter/Board of Directors of the Corporate Debtor, Jeevan Jyoti Vanijya Ltd., and the settlement of IRP/RP and CIRP costs.

## Facts

M/s. Nimit Builders Pvt. Ltd. filed an application against M/s. Jeevan Jyoti Vanijya Ltd. under Section 7 of the IBC code 2016. The Hon'ble NCLAT passed an order in Company Appeal No. 710 of 2019, setting aside the order impugned and directing the NCLT to close the main petition (IB 464 of 2017). The NCLAT order also stipulated that the Interim Resolution Professional/RP should hand over the assets and records of the company to the Promoter/Board of Directors of the Corporate Debtor, Jeevan Jyoti Vanijya Ltd. The fee of the IRP/RP and the CIRP cost incurred will be settled by the authority and paid by the Financial Creditor, who initiated the Section 7 application. The NCLT directed the registry to issue notice to the Financial Creditor, M/s Nimit Builders Pvt. Ltd.,

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## Issues and analysis

### Issue 1: Whether the order passed by the Hon'ble NCLAT in Company Appeal No. 710 of 2019 is valid and …

**Ratio:** Orders passed by appellate tribunals like the NCLAT are binding on the lower tribunals,

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**Reasoning:** The NCLAT, being an appellate authority, has the power to review and set aside orders

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**Interpretation:** This legal principle underscores the hierarchical structure of the judicial

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**Application:** In this case, the NCLAT's order setting aside the previous order and directing

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## Parties

- **Judges:** CH. MOHD SHARIEF…; SMT SAROJ R…
- **Appellants:** M/s. Nimit…
- **Respondents:** Jeevan Jyoti…; M/s. Jeevan Jyoti…

## Timeline

- **2017-01-01 — Main Petitio…**: IB 464 of 2017, the…
- **2019-11-21 — NCLAT Or…**: The Hon'ble NCLAT passed an order in Company Appeal No. 710 of 2019, setting aside the…

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