# In the matter of Paramount Wheels Pvt. Ltd. IA No. 773,1020 & 1021 of 2020 in CP (IB) 1328-(MB) of 2019

> NCLT judgment dated 2020-06-24. Citation: TCN-2020-NCLT-01119. The case involves IA No. 773 of 2020 in [CP (IB) 1328/(MB) of 2019] concerning Shri Krishna…

- **Court:** NCLT
- **Order date:** 24 Jun 2020
- **Citation:** TCN-2020-NCLT-01119
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/paramount-wheels-pvt-ltd-ia-no-7731020-1021-of-2020-in-cp-ib-1328-mb-of-2019-eea3ce01

## Summary

### Background

The case involves IA No. 773 of 2020 in [CP (IB) 1328/(MB) of 2019] concerning Shri Krishna Enterprises as the Operational Creditor versus Paramount Wheels Pvt. Ltd. as the Corporate Debtor. The Tribunal's work was closed due to the Covid-19 pandemic, but urgent matters were heard via video conference. IA No. 1020 of 2020 was filed by Rajeev Arora (Suspended Director of C.D.), and IA No. 1021 of 2020 was filed by Rajendra K Bhuta (RP of CD).

## Facts

Shri Krishna Enterprises is the Operational Creditor, and Paramount Wheels Pvt. Ltd. is the Corporate Debtor. Rajeev Arora, the Suspended Director of the Corporate Debtor, and Rajendra K Bhuta, the Resolution Professional (RP) of the Corporate Debtor, are also involved. The Successful Resolution Applicant wishes to submit a revised proposal before the Committee of Creditors (COC). IA No. 1021 of 2020 was filed for expeditious hearing of IA No. 773 of 2020. The Tribunal directed the Successful Resolution Applicant to submit a revised proposal/Resolution Plan before the CoC and the RP. The RP and the COC are directed to submit their decision/response to the revised proposal before the Authority on or before 20th July 2020. The COC may undertake revaluation of the assets

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## Issues and analysis

### Issue 1: Whether the Successful Resolution Applicant should be allowed to submit a revised proposal before …

**Ratio:** The court has the power to direct parties to take certain actions to facilitate the

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**Reasoning:** The court reasoned that allowing the submission of a revised proposal would potentially

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**Interpretation:** This implies that the court interprets its powers broadly to ensure the smooth

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**Application:** The court applied this principle by directing the Successful Resolution

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## Parties

- **Judges:** Janab Mohammed…; RavikumarDu…
- **Appellants:** Krishna Enterprise…
- **Respondents:** Paramount Wheels…

## Timeline

- **2020-03-22 — Tribunal…**: The work of the Tribunal has been closed due to the Covid-19 pandemic as per letter dated…
- **2020-04-20 — Hearing Allowe…**: The Principal Bench vide Notice dated 20.04.2020, had allowed hearing of the urgent…

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