# In the matter of JEKPL Pvt. Ltd. CA No. 55-2020 in CP No. (IB)24-ALD-2017

> NCLT judgment dated 2020-02-04. Citation: TCN-2020-NCLT-02085. The case involves a corporate insolvency resolution process (CIRP) initiated against JEKPL…

- **Court:** NCLT
- **Order date:** 4 Feb 2020
- **Citation:** TCN-2020-NCLT-02085
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jekpl-pvt-ltd-ca-no-55-2020-in-cp-no-ib24-ald-2017-f6b3b775

## Summary

### Background

The case involves a corporate insolvency resolution process (CIRP) initiated against JEKPL Private Limited. The CIRP was initiated on 17.03.2017 following an application by the Corporate Debtor under Section 10 of the Insolvency and Bankruptcy Code (IBC). Mr. Dinkar T. Venkatasubramanian was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Mukesh Mohan Gupta. The statutory period for the CIRP was extended, and during the process, Exim Bank's claim as a financial creditor was rejected by the Resolution Professional, leading to litigation. The resolution plan submitted by Atyant Capital India Fund-I was approved on 15 December 2017, but its implementation was stayed due to pending appeals. The NCLAT recognized Exim Bank as a

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against JEKPL Private Limited on 17.03.2017 following an application under Section 10 of the IBC. Mr. Dinkar T. Venkatasubramanian was the initial IRP, later replaced by Mr. Mukesh Mohan Gupta. The CIRP period was extended. Exim Bank's claim as a financial creditor was rejected, leading to litigation. A resolution plan by Atyant Capital India Fund-I was approved on 15 December 2017 but stayed due to pending appeals. The NCLAT recognized Exim Bank as a financial creditor and directed reconsideration of plans. The current Resolution Professional was subsequently appointed. The CoC sought exclusion of time consumed in litigation. Revised resolution plans were submitted by Atyant Capital India Fund -I and

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## Issues and analysis

### Issue 1: Whether the typographical error in the order …

**Ratio:** The tribunal has the power to correct inadvertent errors in its orders to ensure accuracy

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**Reasoning:** The learned counsel for the RP stated that the application was filed seeking

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**Interpretation:** This confirms the court's inherent power to rectify errors to maintain the

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**Application:** The order dated 17.01.2019 is corrected in terms of the prayer clause, and the

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## Parties

- **Judges:** Rajesh Daya…
- **Respondents:** JEKPL Private…

## Timeline

- **2017-03-17 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2017-04-19 — Appointment…**: CoC resolved to appoint Mr. Mukesh…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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