# In the matter of Mohan Aromatics Private Limited MA 496-2018 In CP No. 1288-IBC-NCLT-MAH-2017

> NCLT judgment dated 2018-07-25. Citation: TCN-2018-NCLT-01067. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 25 Jul 2018
- **Citation:** TCN-2018-NCLT-01067
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mohan-aromatics-private-limited-ma-496-2018-in-cp-no-1288-ibc-nclt-mah-2017-0083f158

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Mr. Abdullabhai Abdul Kader, an unsecured financial creditor, against M/s. Mohan Aromatics Private Limited, the corporate debtor. The petition was admitted on 18.10.2017, and Mr. Jitesh Gupta was appointed as the Interim Resolution Professional (IRP). The IRP received two claims, one from a secured financial creditor and another from the unsecured financial creditor. The IRP then formed a Committee of Creditors (CoC) consisting of these two creditors. The CoC convened and appointed the IRP as the Resolution Professional (RP). The RP invited expressions of interest and received a resolution plan from Mr. Sumit Khandelwal, a director of the corporate debtor. The CoC approved

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## Facts

Mr. Abdullabhai Abdul Kader, an unsecured financial creditor, initiated insolvency proceedings against M/s. Mohan Aromatics Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor is an industrial aromatic manufacturer and trader incorporated on 05.11.1993, with three shareholders: Mr. Mahesh Khandelwal, Ms. Sarla Khandelwal, and Mr. Sumit Khandelwal, holding 41.66%, 41.67%, and 16.67% of shares, respectively. The unsecured financial creditor claimed ₹8,82,83,295/-, including principal and interest. The petition was admitted on 18.10.2017, and Mr. Jitesh Gupta was appointed as the IRP. The IRP received two claims: ₹1,82,25,000/- from Bassein Catholic Co-Operative Bank Limited (secured financial creditor)

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by a Promoter/Director of the Corporate Debtor is admissible …

**Ratio:** Section 29A of the Insolvency and Bankruptcy Code disqualifies certain individuals from

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**Reasoning:** The NCLT relied on its previous decision in "M/s. Wig Associates Private

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**Interpretation:** Section 29A should be interpreted prospectively, meaning it applies to

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**Application:** Since the insolvency proceedings were initiated before the introduction of

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Abdullabhai Abdul…
- **Respondents:** M/s. Mohan…
- **Advocates:** Ajay Pan…; Amit K…

## Timeline

- **1993-11-05 — Corporate Debtor…**: M/s. Mohan Aromatics Private…
- **2017-08-07 — Petition…**: The Petition was filed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31(1) — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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