# In the matter of Anil Syal, CP IB-589(PB)/2019

> NCLT judgment dated 2022-06-09. Citation: TCN-2022-NCLT-02310. The case pertains to an application under Section 94 read with Section 114(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 9 Jun 2022
- **Citation:** TCN-2022-NCLT-02310
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anil-syal-cp-ib-589pb2019-a39db416

## Summary

### Background

The case pertains to an application under Section 94 read with Section 114(1) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) was appointed by an order dated 18.09.2020. The RP invited claims from creditors, prepared a list of creditors, and formulated a repayment plan based on the claims received. The RP also prepared a statement of affairs reflecting the debtor's lack of sustainable income. The repayment plan was ultimately rejected by the creditors.

## Facts

An application was filed under Section 94 read with Section 114(1) of the Insolvency and Bankruptcy Code, 2016. A Resolution Professional was appointed on 18.09.2020. The RP invited claims from the creditors of the debtor and prepared a list of creditors as per Section 104 of IBC, 2016. Based on the claims received, the RP prepared a repayment plan on 07.12.2020, which was shared with the creditors. The RP also prepared a statement of affairs, including income tax returns, indicating that the debtor had no sustainable income for the past few years. The creditors rejected the repayment plan proposed by the debtor. The court then considered whether to direct the RP to reconvene a meeting of creditors to reconsider the repayment plan.

## Issues and analysis

### Issue 1: Whether directing the Resolution Professional to reconvene a meeting of creditors for reconsidering …

**Ratio:** The court has the discretion to determine whether further actions by the Resolution

…

**Reasoning:** The court reasoned that since the creditors had already rejected the repayment plan and

…

**Interpretation:** The court interpreted the situation as one where further efforts to revive the

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**Application:** Given the creditors' rejection of the repayment plan and the debtor's

…

## Parties

- **Judges:** BACHU VENKAT…; Virendra Kumar…
- **Respondents:** Anil…

## Timeline

- **2020-09-18 — RP Appoin…**: Resolution Professional appointed by…
- **2020-11-01 — Public Annou…**: Resolution Professional caused public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94 — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

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