# In the matter of R. K. Jain Construction (India) Pvt. Ltd. I.A (IB) No. 27-CB-2021 in C.P (IB) No. 54-CTB-2019

> Read the full IBC case summary for In the matter of R. K. Jain Construction (India) Pvt. Ltd. I.A (IB) No. 27-CB-2021 in C.P (IB) No. 54-CTB-2019. NCLT…

- **Court:** NCLT
- **Order date:** 27 Jul 2022
- **Citation:** TCN-2022-NCLT-04569
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/r-k-jain-construction-india-pvt-ltd-ia-ib-no-27-cb-2021-in-cp-ib-no-54-ctb-2019-9e982ca1

## Summary

### Background

The application was filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 for approval of the Resolution Plan submitted by the successful Resolution Applicant, Shanti GD Ispat & Power Pvt. Ltd. The underlying company petition was filed by ASREC (India) Limited against R.K Jain Construction (India) Pvt. Ltd. under Section 7 of the IBC, 2016, which was admitted on October 3, 2019.

## Facts

The Resolution Professional filed an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval for the Resolution Plan submitted by Shanti GD Ispat & Power Pvt. Ltd. The Corporate Debtor, R.K. Jain Construction (India) Pvt. Ltd., was admitted into Corporate Insolvency Resolution Process (CIRP) on October 3, 2019, following an application by ASREC (India) Limited under Section 7 of the Code. Mr. Vinod Kumar Ambavat was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) in the first Committee of Creditors (CoC) meeting on November 1, 2019.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Shanti GD Ispat & Power Pvt. Ltd. complies with the…

**Ratio:** A Resolution Plan must comply with the provisions of the IBC, 2016, and the CIRP…

**Reasoning:** The Tribunal reviewed the Resolution Plan against the requirements of Sections 30 and 31…

**Interpretation:** The court interpreted the statutory provisions to mean that a Resolution Plan…

**Application:** The Resolution Plan was found to be in accordance with the Code and…

## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Advocates:** KunalKa…; Tanushree…; +1 more

## Timeline

- **October 3, 2019 — CIRP Admi…**: The Company Petition in CP (IB) No. 54/CTB/2019 filed by ASREC (India) Limited against…
- **November 1, 2019 — IRP Confirmati…**: In the 1st Committee of Creditors (CoC) meeting, Mr. Vinod Kumar Ambavat, the Interim…

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