# In the matter of Videocon Industries Limited MA 1092-2018 In CP No. 02-IBC-MB-MAH-2018

> NCLT judgment dated 2018-10-05. Citation: TCN-2018-NCLT-00661. This is a Miscellaneous Application (MA 1092/2018) filed in CP No. 02/IBC/NCLT/MB/MAH/2018…

- **Court:** NCLT
- **Order date:** 5 Oct 2018
- **Citation:** TCN-2018-NCLT-00661
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/videocon-industries-limited-ma-1092-2018-in-cp-no-02-ibc-mb-mah-2018-5a929571

## Summary

### Background

This is a Miscellaneous Application (MA 1092/2018) filed in CP No. 02/IBC/NCLT/MB/MAH/2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant, Venugopal Dhoot, sought a temporary prevention of the Insolvency Resolution Professional (IRP) from acting on a notice dated 25th September, 2018, regarding resolution plans, pending consolidation of Corporate Insolvency Resolution Proceedings (CIRP) of all Obligor/Co-Obligor Companies, including Videocon Industries. The applicant argued that multiple admissions of petitions made it impractical to convene meetings of the Committee of Creditors.

## Facts

Venugopal Dhoot, an applicant and also a Promoter Director of Videocon Industries Ltd, which is under insolvency, filed a Miscellaneous Application seeking to prevent the IRP, Mr. Anuj Jain, from acting on a notice regarding resolution plans. State Bank of India (SBI) had filed 13 petitions against Obligors/co-obligors related to loan facilities granted to Videocon Group. The main Insolvency Petition was filed by SBI against Videocon Industries Limited under Section 7 of the Insolvency Code, which was admitted on 6th June, 2018. Multiple petitions of co-obligors have been admitted, leading to the appointment of multiple IRPs. The applicant argued that it was impractical to convene meetings of the Committee of Creditors due to the multiple admissions. The applicant

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## Issues and analysis

### Issue 1: Whether the Insolvency Resolution Professional should be temporarily prevented from acting on the …

**Ratio:** The court has the power to direct the IRP to defer proceedings to avoid multiplicity of

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**Reasoning:** The court considered the unique circumstances and the need to avoid multiplicity of

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**Interpretation:** This issue involves the interpretation of the powers of the NCLT to manage the

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**Application:** The court applied this ratio to the specific facts of the case by directing the

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Venugopal…
- **Respondents:** Videocon Industrie…

## Timeline

- **2018-10-01 — Miscellaneous…**: The Miscellaneous Application…
- **2018-09-25 — Notice Issued…**: The Insolvency Resolution Professional (IRP) issued a notice dated 25th September, 2018,…

## 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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