# In the matter of Say India Jewellers Pvt. Ltd. MA 464,1318-2018 in TCP (IB)-600-MB-2017

> NCLT judgment dated 2019-02-07. Citation: TCN-2019-NCLT-04977. The National Company Law Tribunal, Mumbai Bench, heard a case regarding MA 464/2018 and MA…

- **Court:** NCLT
- **Order date:** 7 Feb 2019
- **Citation:** TCN-2019-NCLT-04977
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/say-india-jewellers-pvt-ltd-ma-4641318-2018-in-tcp-ib-600-mb-2017-14ef3c8b

## Summary

### Background

The National Company Law Tribunal, Mumbai Bench, heard a case regarding MA 464/2018 and MA 1613/2018 in TCP (IB)-600/MB/2017. The tribunal had previously approved a resolution plan with certain modifications, as detailed in their order dated 2019-01-29. The order stipulated that the resolution plan required further acceptance from the Resolution Applicant, who was granted time to accept the modified plan and submit their consent by 2019-02-06.

## Facts

The National Company Law Tribunal (NCLT), Mumbai Bench, was hearing MA 464/2018 and MA 1613/2018 in TCP (IB)-600/MB/2017. The NCLT had previously approved a resolution plan with certain modifications on 2019-01-29. The order mandated that the Resolution Applicant needed to accept these modifications. The Resolution Applicant was given time to accept the modified resolution plan and submit their consent by 2019-02-06. The Resolution Applicant filed its acceptance, stating that it was accepting the modification in the Resolution Plan irrevocably and unconditionally, without prejudice to its rights and contentions. The approved Resolution plan is effective from today with modification as ordered on 2019-01-29.

## Issues and analysis

### Issue 1: Whether the Resolution Applicant's acceptance of the …

**Ratio:** The principle of consent is fundamental to contract law and insolvency proceedings. A

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**Reasoning:** The court reasoned that the Resolution Applicant's filing of acceptance, wherein it

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**Interpretation:** This issue involves interpreting the requirements for valid consent in the

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**Application:** In this case, the Resolution Applicant's filing of acceptance, explicitly

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** D. CHHAGANLAL &…
- **Respondents:** SAY INDIA…

## Timeline

- **2019-01-29 — Approval of Resolution…**: The tribunal approved the resolution plan with certain modifications. Details of the…
- **2019-02-06 — Deadline for…**: The Resolution Applicant was given time until 2019-02-06 to submit their consent to the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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