# Approval of Resolution Plan - J P Engineers Private Limited

> NCLT judgment dated 2025-03-18. Citation: TCN-2025-NCLT-00353. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of J.P. Engineers…

- **Court:** NCLT
- **Order date:** 18 Mar 2025
- **Citation:** TCN-2025-NCLT-00353
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-j-p-engineers-private-limited-5de24cf7

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of J.P. Engineers Private Limited. Worldwide Metals Private Limited initiated the CIRP under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commenced on 26.02.2020. Several resolution plans were submitted but rejected by the Committee of Creditors (CoC). An application for liquidation was initially filed but later withdrawn. Subsequently, Mr. Jatinder Pal Singh Hanjra submitted a resolution plan, which was approved by the CoC with 97.56% voting share. This approval followed a series of legal proceedings and appeals before the NCLAT regarding the extension of the CIRP period and the consideration of resolution plans.

## Facts

Worldwide Metals Private Limited initiated CIRP against J.P. Engineers Private Limited under Section 9 of IBC in CP(IB) No. 1048/ND/2019. CIRP commenced on 26.02.2020. Sumit Bansal was appointed as IRP, later replaced by Vivek Raheja as RP. The CoC was formed, with Union Bank of India holding 84.90% voting share. The RP obtained asset valuations from Crest Valuation and G. Tech. Form G was published on 06.11.2021, leading to three resolution plans, all of which were rejected. An application for liquidation was filed but later withdrawn. Jatinder Pal Singh Hanjra submitted a resolution plan after an appeal to NCLAT, which was approved by the CoC with 97.56% vote share. A letter of intent was issued to Hanjra on 17.03.2023, requiring a performance security of Rs.

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Jatinder Pal Singh Hanjra complies with the …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must provide for the payment of

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure that it complied with

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum requirements for a

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**Application:** The Adjudicating Authority found that the resolution plan submitted by Mr.

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## Parties

- **Judges:** Sh. Ashok Kumar…; ANIL RAJ C…
- **Appellants:** Worldwide Metals…
- **Respondents:** J.P. Engineers…

## Timeline

- **2019-01-01 — CP(IB) No. 1048/ND/2019…**: CP(IB) No. 1048/ND/2019 was filed by Worldwide Metals Private Limited against J.P.…
- **2020-02-26 — CIRP Commen…**: The Corporate Debtor was admitted to CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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